Littlefield, Adams & Company September Sales Exceed Projections by 20%
Preliminary third quarter sales are $12.2 million, versus $61,000
The Simpsons' and 'King of the Hill' licenses extended
HUBER HEIGHTS, Ohio, Oct. 12 /PRNewswire/ -- Littlefield, Adams & Company (OTC Bulletin Board: FUNW) announced today that sales for September, 1998 were approximately $6 million, 20 percent higher than the $5 million the Company had projected for the month as reported in a September 14, 1998 news release. September sales were up 76 percent from August sales of $3.4 million and almost equaling the combined July and August sales of $6.2 million, to bring preliminary third quarter sales of the Company to approximately $12.2 million. Third quarter sales in 1997 were $61,000.
"Greater than anticipated sales for September were largely due to last minute orders to replenish inventories which were depleted by stronger than expected back to school sales of our WCW products," said Michael Balber, Chief Executive Officer. "As our products continue to gain momentum in popularity, we project fourth quarter sales to surpass third quarter sales as we previously reported."
Separately, the Company announced that it has received one year extensions from Twentieth Century Fox on the licenses for "The Simpsons" and "King of the Hill". According to Mr. Balber, Fox extended the two licenses to allow Littlefield to continue with its development of the properties.
Littlefield, Adams & Company, headquartered in Huber Heights, Ohio, designs, prints, and sells T-shirts, sweatshirts, and other casual apparel which are screen printed with licensed or proprietary artwork. Littlefield markets its products primarily to retailers throughout the United States. The Company's principal licenses include World Championship Wrestling, "WCW" and "nWo", (a Time Warner Company); "The Simpsons" and "King of the Hill" (Twentieth Century Fox); "Pepsi" and "Mountain Dew" (PepsiCo); Miller Brewing Company, and Kawasaki Motors Corp., USA. "Stix-n-Stones" is Littlefield's branded proprietary product.
The foregoing discussion includes projections and forward-looking statements. The forward-looking statements were prepared on the basis of certain assumptions which relate, among other things, to the market acceptance of the Company's products, including the Company's licensed and proprietary products; the cost of producing and marketing the Company's products; the prices at which the Company's products may be sold; and the Company's market share for its products. Such assumptions may prove not to be accurate or appropriate, and even if such assumptions do prove to be accurate and appropriate, the actual results of the Company's operations in the future may vary widely due to increased competition in the industry, an increase in interest rates, general economic conditions and other risks and uncertainties. Not all "bookings" constitute contractual commitments, and may therefore be subject to cancellation or modification by customers. Accordingly, the actual results of the Company's operations in the future may vary widely from the forward-looking statements included herein.
SOURCE Littlefield, Adams & Company |
