Blue Holdings Inc, a designer, manufacturer and distributor of high-end fashion jeans and denim apparel, announced financial results for the three months ended March 31st 2006.
The net sales for the first quarter of 2006 were $11.9 million, a 137 percent increase over the $5.0 million reported in the prior year period. Sales in the quarter consisted of 44.5 percent from the Taverniti So Jeans brand, 39.5 percent from Antik Denim and 16 percent from Yanuk.
The net income for the quarter was $0.68 million versus net income of $0.47 million for the first quarter of 2005. Basic and diluted earnings per share were $0.03 on 26,057,200 weighted average shares outstanding versus $0.02 on the same number of shares for the first quarter of 2005.
Blue Holdings' gross profit increased to $5.9 million in the first quarter of 2006 compared to $1.7 million in the prior year period. First quarter gross margins increased to 50.1 percent from 33.2 percent in the prior year period. The company expects to maintain approx. a 50 percent gross margin in the future.
"We continued to make excellent progress in the first quarter. In April, our stock became listed on The NASDAQ Capital Markets under the ticker BLUE, signifying further evidence of our commitment and focus on increasing shareholder value. We successfully launched our kids business, and signed a letter of intent with Global Fashion Group to distribute all our brands throughout Europe. Additionally, we continued to see strong product sell-throughs, in particular from our Taverniti and Antik brands, said Paul Guez, Blue Holdings' Chairman and CEO.
marketing@alchempro.com
