FUSA doing well.
Excellent conference call at link below.
webevents.broadcast.com
SAN DIEGO--(BUSINESS WIRE)--Oct. 26, 1999--Fotoball USA Inc.
(Nasdaq:FUSA) today reported record third quarter results for the
quarter ended Sept. 30, 1999.
The company reported its sixth consecutive quarter of increased
sales, net income and EPS over the corresponding prior year quarter.
The sales, net income and EPS results were all the highest levels
achieved in any third quarter of the company's history.
Sales during the third quarter of 1999 increased to $9.8 million,
up 110% from $4.7 million recorded during the third quarter of 1998.
For the nine months ended Sept. 30, 1999, sales grew to $21.7
million, up 74% from $12.5 million for the comparable period in 1998.
Fotoball reported net income of $1.3 million, or $0.40 per
diluted share, during the third quarter ($0.18 per diluted share on a
proforma fully taxed basis). Net income for the corresponding prior
year period was $144,000, or $0.05 per diluted share. For the nine
months ended Sept. 30, 1999, the company reported net income of
$2.1 million, or $0.70 per diluted share ($0.38 per diluted share on a
proforma fully taxed basis), as compared to net income of $295,000 or
$0.11 per diluted share, for the same prior year period. The company
recognized an income tax benefit during the third quarter that was due
primarily to the elimination of a deferred tax valuation allowance
established in a prior year for uncertainty relating to the
utilization of a net operating loss carryforward.
Michael Favish, Fotoball's president and chief executive officer
stated, "We are pleased with our record third quarter earnings as well
as the sequential growth pattern we have exhibited thus far in 1999.
As expected, our retail sales increases have fueled our earnings while
our growing portfolio of licenses continue to diversify our product
lines and open doors to new distribution outlets." Favish continued,
"Earnings aside, the third quarter has been pivotal for our company in
many ways. We have strengthened our key personnel on every level from
finance to marketing to our board of directors. In addition, our
balance sheet is stronger due to the $2.7 million raised through our
late summer warrant exercise. In short, Fotoball is positioned to
enhance value for our shareholders as we look ahead toward fiscal
2000."
Fotoball is a leading provider of custom/specialty sports and
non-sports related balls. These products are sold in the licensed
product retail market through a nationwide network of over 3,000
retailers including Target, Sears, Wal-Mart, Toys R Us, and JC Penney.
Additionally, the company provides custom sports and non-sports
related products for corporate promotions and non-licensed specialty
sports products to corporations for resale, including sales to
amusement parks and entertainment related companies.
The company currently holds licenses with Major League Baseball
Properties and Major League Baseball Players Association, NHL
Enterprises and National Hockey League Players Association, National
Football League Properties and NFL Players Inc., over 300 NCAA
colleges and certain entertainment properties including Warner Bros.
Looney Tunes(R), Nickelodeon's "Rugrats" and "Blue's Clues"
characters, United Media's "Peanuts" and Disney's ESPN(R).
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