Ironclad Performance Q1 net sales decline 4.5% to $5.1mn

12 May '14

4 min read

Ironclad's Chief Executive Officer, Jeffrey Cordes, commented, "The 2014 first quarter performance simply calls out the ups and downs that smaller companies like Ironclad are susceptible to where significant customer concentrations often create dramatic highs and lows quarter to quarter. This is why for the remainder of 2014 we are so focused on expanding our base of distributors and retailers.

While hidden by the quarter's top and bottom line totals, there were actually solid wins this quarter in new business landed, initial shipments on new programs, and recoveries from prior year declines by other key customers. Our international business was up more than 90% and our private label business increased more than 120%."

Mr. Cordes added, "We believe the decline of revenues with ORR Safety this quarter is primarily timing related and will be recovered during the next three quarters. We are excited that we are beginning to roll out this quarter our new KONG glove for Quanta Services. This is a major new KONG program that ORR Safety and Ironclad worked together on. While the loss of the Snap-on business at AutoZone was unfortunate, the fact remains that we have a good opportunity to build our retail business going forward with AutoZone and many additional customers.

This quarter's results further validates our view that this Company continues to succeed on the strength of its product and brand reputation, and with proper execution on further line development, sales team development and supply chain, can be very successful. We continue to view 2014 as a rebuilding year for the Company. We are already aggressively making changes to put us on the road to profitable growth in 2015."

Ironclad Performance Wear

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