Ironclad Performance Wear reported that net sales for the third quarter of 2009 decreased 11.6% to $3.6 million from $4.1 million a year ago as special promotions in the prior year did not coincide with the third quarter of 2009. Net income for the company was $9.4 million compared to a net loss of $40.9 million in the year-ago period.
The improvement was attributed to the company’s “ongoing efforts toward achieving operating income break-even in 2009 and building a sustainably profitable business in 2010 and beyond.”
Basic and diluted net profit per share for the third quarter of 2009 were $0.00 on a weighted average common shares outstanding of 72.95 million compared to a net loss of $(0.00) on a weighted average common shares outstanding of 42.46 million in the prior year period
Third quarter gross margin increased slightly to 38.7% from 38.4%.
Operating expenses decreased by $130,000 during the third quarter of 2009 to $1.36 million, compared to $1.49 million in the prior year period, a direct result of an increased focus on cost containment and control and a “rationalization of general operating expenses to match sales”
Cash as of Sept. 30 was $212,240 compared to $215,203 at Dec. 31, 2008. Inventory and deposits on inventory were $5.2 million compared to $3.4 million at the prior year end, primarily reflecting a planned increase in inventory on-hand and in-transit to support the company’s busiest build and ship season.
Cash as of Sept. 30 was $212,240 compared to $215,203 at Dec. 31, 2008. Inventory and deposits on inventory were $5.2 million compared to $3.4 million at the prior year end, primarily reflecting a planned increase in inventory on-hand and in-transit to support the company’s busiest build and ship season.
