Ironclad Performance Wear Corporation expects to report sales for the fourth quarter of 2007 of approximately $5.2 million, an increase of 35.3% over $3.9 million a year ago. The full-year net sales for 2007 is expected to rise 36.7% to $13.1 million from $9.6 million. The company expects to report a net loss for 2007 of approximately $3.5 – 4 million.
“During 2007, Ironclad was successful in diversifying its sales channel to include significant penetration into the industrial market,” said Ed Jaeger, President and CEO of Ironclad. “Combined with continued strength in the sale of our core glove line, we have been able to cushion any impact by the downturn in the construction & DIY markets, which now accounts for only 30% of our sales, while maintaining a healthy growth rate.”
In addition to the preview of 2007 financials, Ironclad released its revenue guidance for 2008, indicating that management expects Net Sales to be in the range of $15.7 million to $17.6 million, representing an increase of 20% – 34% over expected net sales in 2007. In addition to continued net sales growth, the company plans to achieve positive cash flow and profitability in 2008.
Jaeger concluded, “We expect to see significant sales growth in our domestic U.S. apparel line, leveraging the early traction we experienced in 2007; as well as growth in our international presence, where we are expanding both our glove and apparel sales. We are also penetrating new retail chains and introducing several new gloves, including a highly anticipated cut-resistant glove for the industrial market.”
The company expects to report its final financial results for the fourth quarter and full-year 2007 on March 31, 2008.
