Embroidery machines dealer Tajima-Hirsch announced its financial results for the fourth quarter and year ended January 28, 2006.
For the year ended January 28, 2006 net sales from continuing operations were $51.1 million compared with $44.4 million for the 2005 fiscal year, an increase of $6.7 million or 15.1 percent.
Gross profit dollars increased $3.4 million for the same period and gross margin improved from 30.9 percent in fiscal 2005 to 33.5 percent in fiscal 2006.
Operating expenses increased $0.6 million or 3.8 percent from fiscal 2005. Included in fiscal 2006 was a non-recurring charge for severance of $147,000.
This resulted in the company having operating income of $622,000 for fiscal 2006 as compared to an operating loss of $2.1 million for fiscal 2005 or a $2.7 million improvement for the year.
Income from continuing operations was $0.1 million for fiscal 2006 as compared to loss from continuing operations of $2.1 million for the previous fiscal year.
Included in other expense for fiscal 2006, was a write off of $0.6 million of transaction costs associated with the termination of the merger with Sheridan Square Entertainment.
Net income was $0.5 million or an improvement $2.3 million for the year as compared to a net loss of $1.8 million in the previous fiscal year.
Included in this fiscal year's net income was income from discontinued operations of $447,000 associated with Hometown Threads and the wind down of the HAPL Leasing. Net loss for the fiscal 2005 included income from discontinued operations of $376,000.
marketing@alchempro.com
