Talon International, Inc. Reports Third Quarter and Nine Months 2011 Financial Results
(firmenpresse) - LOS ANGELES, CA -- (Marketwire) -- 11/10/11 -- Talon International, Inc. (OTCQB: TALN), a leading global supplier of zippers, apparel fasteners, trim and interlining products, reported financial results for the quarter and nine months ended September 30, 2011.
Net Income for the nine months of $129,000 - a $1.6 million improvement over the same period in 2010.
Total sales for the third quarter of $9.4 million - a slight increase over the same period in 2010.
Trim sales for the third quarter of $4.4 million - 16.6% higher than the same period in 2010.
Sales for the quarter ended September 30, 2011 were $9.4 million, reflecting an increase of $127,000 from the third quarter of 2010. Zipper sales for the third quarter of 2011 were $5.0 million as compared to $5.5 million for the same quarter in 2010, and Trim product sales for the quarter ended September 30, 2011 were $4.4 million, an increase of $620,000 from the same quarter in 2010. Sales for the nine months ended September 30, 2011 were $31.4 million reflecting a decline of 3.4% from the same period in 2010. Zipper sales for the first nine months of 2011 were $17.8 million, compared to $20.2 million for the same period in 2010. Trim product sales were $13.6 million for the nine months ended September 30, 2011, reflecting an increase of 10.6% compared to the same period last year. "Our sales performance for the quarter and year-to-date reflect a mixture of important strategic wins, overshadowed by competitive and economic challenges," noted Lonnie Schnell, Talon's CEO. "During 2011 we have seen solid growth in sales from our Trim Products, and we have added more than a dozen new customers to our approved zipper nominations representing in excess of 10% of our zipper sales year-to-date. Our year-to-date zipper sales to mass merchandise retailers however have declined by over $3.0 million from the same period in 2010 as a consequence of increased competition from newly approved low-cost Asian manufacturers."
The gross profit for the quarter ended September 30, 2011 was $2.8 million or 30.1% of sales, as compared to $2.7 million or 29.3% of sales for the same quarter in 2010. Gross profit for the nine months ended September 30, 2011 was $9.8 million or 31.2% of sales, as compared to $9.5 million or 29.2% of sales for the same period in 2010. The gross profit margin improvements (2.0 percentage-points) for the first nine months of 2011 as compared to the same period in 2010 resulted in increased gross profit in the current year, despite the decline in sales for the nine month period. The margin improvements were principally attributable to higher margins on new brand sales, a greater mix of higher-margin trim sales, and lower costs for freight, manufacturing and inventory.
Operating expenses for the third quarter of 2011 were $3.0 million as compared to $2.8 million for the same quarter in 2010. Operating expenses for the first nine months of 2011 were $9.2 million as compared to $8.1 million for the same period in 2010. The increase in operating spending is mainly associated with the strategic expansion of our sales force in the U.S. and Asia, to significantly expand our presence in select product categories and geographically within Europe and Asia. Additionally, operating expenses in the first nine months of 2010 benefited by $275,000 from the sale of a note receivable that had previously been written-off as a bad debt. Operating expenses for 2011 also include non-cash compensation costs of approximately $738,000 associated with the recapitalization transaction completed in July 2010. Sales and marketing expenses for the quarter ended September 30, 2011 were $1.1 million as compared to $0.8 million for the same quarter in 2010. Sales and marketing expenses for the nine months ended September 30, 2011 were $3.1 million as compared to $2.3 million for the same period in 2010. General and administrative expenses for the quarter ended September 30, 2011 were $1.8 million as compared to $2.0 million for the same quarter in 2010. General and administrative expenses for the nine months ended September 30, 2011 were $6.1 million as compared to $5.8 million for the same period in 2010.
Interest expense for the quarter ended September 30, 2011 was $25,000 as compared to $161,000 the same quarter in 2010. Interest expense for the nine months ended September 30, 2011 was $67,000 as compared to $1.8 million for the same period in 2010. The interest expense decline in 2011 was directly associated with the full extinguishment of our debt and notes payable to CVC Capital, LLC on July 30, 2010.
The net loss for the quarter ended September 30, 2011 was $126,000 as compared to a net loss of $1.2 million for the same quarter in 2010. The net income for the nine months ended September 30, 2011 was $129,000 as compared to a net loss of $1.4 million for the same period in 2010.
Talon International will hold a conference call on Thursday, November 10, 2011, to discuss its third quarter 2011 financial results. Talon's CEO Lonnie D. Schnell will host the call starting at 4:30 P.M. Eastern Time. A question and answer session will follow the presentation.
To participate, dial the appropriate number 5-10 minutes prior to the start time, request the Talon International conference call and provide the conference ID.
Date: Thursday, November 10, 2011
Time: 4:30 pm Eastern (1:30 pm Pacific)
Domestic callers: 1-877-317-6789
International callers: 1-412-317-6789
A replay of the call will be available later that evening and will be accessible until December 10, 2011. The replay call-in number is 1-877-870-5176 for domestic callers and 1-858-384-5517 for international. Pin number 10006666.
Talon International, Inc. is a global supplier of apparel fasteners, trim and interlining products to manufacturers of fashion apparel, specialty retailers, mass merchandisers, brand licensees and major retailers. Talon manufactures and distributes zippers and other fasteners under its Talon® brand, known as the original American zipper invented in 1893. Talon also designs, manufactures, engineers, and distributes apparel trim products and specialty waistbands under its trademark names, Talon, Tag-It and TekFit, to major apparel brands and manufacturers worldwide including Kohl's, J.C. Penney, Wal-Mart, Abercrombie and Fitch, V.F. Corporation, Express, Tom Tailor, Polo Ralph Lauren, Eddie Bauer, Fat Face, et al. The company has offices and facilities in the United States, United Kingdom, Hong Kong, China, India and Bangladesh.
Talon International, Inc.
Rayna Hernandez
Tel (818) 444-4128
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Datum: 10.11.2011 - 21:02 Uhr
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News-ID 86737
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