Apparel retailer Tag-It Pacific Inc shows revenue growth in Q2
16 Aug '05
3 min read
California based fashion apparel retailer Tag-It Pacific Inc announced preliminary and unaudited revenues for the Company's second quarter ended June 30, 2005. The Company will file an extension, delaying the filing of its second quarter 2005 Form 10-Q, due to an ongoing review of the Company's reserves.
The Company anticipates announcing its second quarter operating results on August 22nd in conjunction with filing its Form 10-Q.
For the quarter, the Company expects to report revenue of approximately $18 million, an increase of approximately 21 percent compared to the $14.9 million reported for the second quarter of last year and up approximately 37 percent sequentially from the $13.1 million reported for the Company's first fiscal quarter. The Company also anticipates reporting a significant operating loss during the quarter, due in part to an increase in reserves for accounts receivable, inventory and net deferred tax asset.
Colin Dyne, Chief Executive Officer of Tag-It Pacific, commented, "We are pleased with our revenue growth for the second quarter and believe we have made progress in improving our operations. Our continuing evaluation of reserves, however, will result in a significant operating loss for the quarter. We look forward to discussing our results in more detail on August 22nd, including an update on our cost cutting strategies and growth in both our TrimNet and Talon business lines."
Teleconference Information
Management will host a conference call at 4:30 p.m. EST on Monday, August 22, 2005, to discuss 2005 second quarter results. To participate in the conference call, please dial 877-297-4509 five to ten minutes prior to the scheduled conference call time. International callers should dial 973-935-2404. There is no pass code required for this call. If you are unable to listen to the live teleconference at its scheduled time, there will be a replay available through August 29, 2005, and can be accessed by dialing 877-519-4471 (U.S.), 973-341-3080 (Int'l), passcode 6349952.
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