Apparel retailer Tag-It Pacific Inc reports Q1 sales up 28.5%
17 May '05
5 min read
Fashion apparel retailer Tag-It Pacific Inc announced financial results for the Company's first quarter ended March 31, 2005.
For the quarter, the Company reported revenue of $13.1 million, a 28.5 percent increase compared to the $10.2 million reported for the first quarter last year. Cost of goods sold was $9.8 million, up 36.8 percent compared to the $7.2 million for the same quarter last year. Gross profit was $3.3 million, or 24.9 percent of sales, compared to gross profit of $3.0 million, or 29.4 percent of sales, for the first quarter last year.
Total operating expenses were $4.5 million, a 23.2 percent increase compared to the $3.6 million for the first quarter one year ago. The increase was due to a 52.6 percent increase in general and administrative expenses, reflecting investments in the Company's new management and sales personnel additions including the recently opened zipper manufacturing facility in Kings Mountain North Carolina and the expansion of the Company's Asian operations. Loss from operations for the quarter was $1.2 million, up 91.1 percent from the $637,206 reported for the first quarter one year ago.
Net loss applicable to shareholders was $1.6 million, or $0.09 per basic and fully diluted share, compared to a net loss of $582,535, or $0.04 per basic and fully diluted share for the first quarter last year. Shares used in the calculation of earnings per share were 18.2 million for the first quarter of 2005 and 14.9 million for the first quarter of 2004.
marketing@alchempro.com
