-- An increase in the net loss for the three and six-months ended June 30, 2005 of $1.3 million;
-- An increase in the revenues for the three months ended September 30, 2005 of $400,000, and a reduction of revenues for the nine-months ended September 30, 2005 of $2.4 million;
-- A reduction in the net loss for the three months ended September 30, 2005 of $50,000, and an increase in the net loss for the nine-months ended September 30, 2005 of $1.2 million.
Tag-It has not completed its analysis of the restatement adjustments, and, accordingly, the effect of the restatement on all prior periods is preliminary and subject to change.
The Company intends to file an amended Form 10-Q/A reflecting the restatement for each of the quarterly periods ended June 30, 2005 and September 30, 2005 on or before April 17, 2006. The filing of Tag-It's Annual Report on Form 10-K for fiscal year 2005 will be delayed pending completion of the restated financial statements and is also expected to be filed on or before April 17, 2006.
Tag-It distributes zippers under its Talon brand name to manufacturers for apparel brands and retailers such as Levi Strauss & Co., Wal-Mart and JCPenney. Tag-It also supplies a full range of trim products to manufacturers of fashion apparel, specialty retailers, mass merchandisers, brand licensees and major retailers, including Levi Strauss & Co., Motherworks, Express, The Limited, New York & Co., Victoria's Secret and House of Dereon, among others.
marketing@alchempro.com
