Hirsch International Corp a leading provider of advanced embroidery, screen-printing, and laser systems, as well as related support services to the North American decorated apparel marketplace, reported its financial results for the three and six months ended June 30, 2007.
Hirsch has changed its fiscal year end from January 28th to December 31st, thus the six months ended June 30, 2007 are compared with the five months ended June 30, 2006.
Highlights for the three and six months ended June 30, 2007, and for the three and five months ended June 30, 2006, are as follows: • Net sales were $12.2 million for the three months ended June 30, 2007, as compared to $13.6 million for the three months ended June 30, 2006. Net sales increased to $26.2 million for the six months ended June 30, 2007, as compared to $22.3 million for the five months ended June 30, 2006. • Gross profit margin improved to 37.3% for the three months ended June 30, 2007, as compared to 33.4% for the three months ended June 30, 2006. Gross profit margin also improved for the current six-month period, to 37.8% as compared to 34.2% for the five months ended June 30, 2006. • Gross profit remained constant at $4.6 million for the three months ended June 30, 2007, as compared to the three months ended June 30, 2006. Gross profit increased to $9.9 million for the six months ended June 30, 2007, as compared to $7.6 million for the five months ended June 30, 2006. • Operating expenses decreased to $3.8 million for the three months ended June 30, 2007, as compared to $4.0 million for the three months ended June 30, 2006. Operating expenses increased to $8.4 million for the six months ended June 30, 2007, as compared to $6.8 million for the five months ended June 30, 2006. • Operating income increased to $732,000 for the three months ended June 30, 2007, as compared to $547,000 for the three months ended June 30, 2006. Operating income also increased to $1.5 million for the six months ended June 30, 2007, as compared to $828,000 for the five months ended June 30, 2006. • Included in operating income for both the three-month and six-month periods ended June 30, 2007 is the recognition of a litigation settlement of $450,000 with Sheridan Square • Entertainment which was entered into at the end of June 2007and paid after the end of the quarter. • Net income increased to $761,000 for the three months ended June 30, 2007, as compared to $581,000 for the three months ended June 30, 2006. Net income also increased to $1.6 million for the six months ended June 30, 2007, as compared to $873,000 for the five months ended June 30, 2006.
Net income for both the three-month and six-month periods ended June 30, 2007 includes the aforementioned settlement with Sheridan Square Entertainment.
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