Footmaxx Holdings Inc.: 2001 Six Months Financial Results
biz.yahoo.com
Wednesday July 18, 4:03 pm Eastern Time
Footmaxx released the financial results today for its second quarter operations ended June 30, 2001
The company substantially improved its operating performance in the first half, to an operating profit of $431,640 as compared to $121,773 in 2000. The dramatic improvements are a result of continued improvement in margins and containment of expenses as part of an overall restructuring plan commenced in January 2000.
With these results, Footmaxx was cash positive on operations for the half. This is the fifth consecutive quarter of increased cash flow positive results for Footmaxx.
Sales in the second quarter were $ 3,451.400 compared to sales of $3,710,300 for the similar period in 2000. The gross profit in the second quarter increased to $ 1,920,600 from $1,698,300 over 2000. Operating expenses for the quarter decreased to $1,771,000 compared to $ 1,815,800 in the same period of 2000. The net loss was $ 467,100 for the second quarter compared to a net loss of $ 433,200 for the same period in 2000. This loss was mainly due to interest costs of $ 445,900 and an increase in foreign exchange of $149,500.
Sales for the first six months of 2001 were $6.8 million, compared to $7.4 million for the same period in 2000. Gross profit increased 8.5% to $3.8 million (56% of sales) compared to $3.5 million (47% of sales) for the same period in 2000. Operating expenses decreased for the first six months to $3.6 million versus $3.8 million for the same period in 2000.
The loss per common share was $0.02 cents for the half compared to a loss of $0.03 cents per common share for the same period of 2000. |
