Sportswear retailer Next Inc declares Q2 earning guidance
10 Jul '06
3 min read
Thompson further commented, "Importantly, the Company had positive cash flow from operations for the six months ended 2006, of $1.1 million as compared to negative cash flow from operation of $665,000 for the six months period of 2005. This is a total positive cash flow increase in excess of $1.7 million."
Mr. Robert Budd, the Company's CEO, stated, "Based on our return to profitability in the quarter, I am extremely pleased with the progress we've made since implementing our turnaround plan. This quarter marks only the second time in company history that we've reported a profit in the second quarter. From a financial perspective, I believe this quarter's results provide tangible evidence of the viability of our turnaround plan. More importantly, it shows that we are executing that plan."
Budd further commented, "We had previously budgeted for a second quarter loss of $203,000. This budget was developed in December and was based on 2005 cost trends. For us to be in a profit position this early in the turnaround is a testament to the strong management team we now have in place and the employees that are executing the business on a day to day basis. I am extremely proud of their passion and dedication to our business."
Next Inc is a creative and innovative sales and marketing organization that designs, develops, markets, and distributes licensed and branded promotional products and imprinted sportswear primarily through major college and university, motor sports and other major promotional key licensing agreements and the Company's own proprietary designs.
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