My Vintage Baby Inc, a public children's apparel company, announced its financial results for the six months ended June 30, 2008.
Second Quarter Highlights: Gross sales increased 43% from $535,829 to $766,247 from the six months ended June 30, 2007 vs. June 30, 2008, and related margins increased 16% from $382,033 to $444,850 for the same periods.
This represents a gross margin percent increase from clothing and accessories of 32% to 45% year over year. Operating and overhead expenses increased slightly from $515,182 to $542,948.
Net loss attributable to common stockholders decreased to $278,439 compared to a loss of $388,172 in the prior year period.
“We are very pleased with our second quarter results, which mark another quarter of strong gross profit growth and demonstrate a measurable improvement in profitability,” commented CFO Jeff Welsh. The Company expects to continue to narrow their loss by also reducing operating and overhead expenses.
In addition to a stronger income statement, the Company has reduced debt resulting in a stronger balance sheet. Current Liabilities decreased 25% from $662,174 to $494,753 for the six months ended June 30, 2007 vs. June 30, 2008. Long term loans, exclusive of officer loans, decreased 25% from $253,505 to $190,796 year over year.
marketing@alchempro.com
