Hirsch reports continued improvement in Q1 net sales

02 May '07

3 min read

Leading provider of advanced commercial embroidery, screenprinting, and laser systems and related support services to the North American decorated apparel marketplace, Hirsch International Corp. reported its financial results for the three months ended March 31, 2007. Hirsch has changed its fiscal year end from January 28th to December 31st, and the first quarter ended March 31, 2007, is thus compared with the two months ended March 31, 2006.

Highlights for the first quarter March 31, 2007 results are as follows:

Net sales were $14.0 million for the three months ended March 31, 2007, as compared to $8.6 million for the two months ended March 31, 2006, an increase of $5.4 million.

Gross profit margin, as a percentage of sales, improved to 38.1% for the three months ended March 31, 2007, as compared to 35.5% for the two months ended March 31, 2006.

Gross profit for the quarter ended March 31, 2007, was $5.4 million, as compared to $3.1 million for the two months ended March 31, 2006, an increase of $2.3 million.

Operating expense was $4.5 million for the three months ended March 31, 2007, as compared to $2.8 million for the two months ended March 31, 2006, an increase of $1.7 million.

Operating income for the quarter ended March 31, 2007, was $811,000, as compared to $260,000 for the two months ended March 31, 2006, an increase of $551,000.

Net income for the quarter ended March 31, 2007, was $817,000, as compared to $292,000 for the two months ended March 31, 2006, an increase of $525,000.

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