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.
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%.
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.