Next Inc an emerging leader in the sportswear and promotional products industry announced its fiscal third quarter earnings for the three months ended September 1, 2006.
Core sales, (Collegiate, Automotive, Wildlife, and American Biker) increased to $8,876,376 for the three months ended September 1, 2006 from $8,133,644 for the three months ended August 31, 2005.
Total Sales grew 5% to $8,876,376 in the third quarter of 2006 from $8,449,548 in 2005, as the prior year quarter included $315,904 of none-core sales which are no longer part of the Company's business focus. Gross profit (after cost of sales) was $2,605,032 compared to prior year of $2,183,472.
The Company had operating income of $638,855 for the third quarter of 2006 compared to prior year of $350,510.The Company had a net income of $219,917 for the third quarter of 2006 compared to $103,444 of net income in the prior year.
Mr. Charles L. Thompson, the Company's CFO stated," The Company's cash flow's have improved significantly from last year. Net cash provided from operating activities for the nine months ended were $2,172,620 compared to the same period last year which the Company used cash for operating activities of $2,017,976, a positive swing of $4,190,596. Inventory reduction contributed $2,380,082 of this cash flow improvement."
"The Company's total debt has been reduced by $2,313,760 for period ending September 1, 2006 compared to same period prior year, which is a function of a lower balance on the Company's revolving line of credit.”
marketing@alchempro.com
