Paul , here's one to put on your radar: OPCO
recent press release:
OurPet's Releases Second Quarter Results [FHSJWWK]
FAIRPORT HARBOR, Ohio--(Business Wire)--Aug. 1, 2005--
OurPet's Company (OTCBB:OPCO)
-- Sales Increase 44%
-- Gross Profit Increases 86%
-- Net Income Increases By $169,697
-- New Web Site Introduced
OurPet's Company (OTCBB:OPCO) today reported financial results for its second quarter and six months ended June 30, 2005. Net sales for the second quarter were $1,784,001, an increase of 44% compared to $1,235,442 for the prior year second quarter. Gross profit for the quarter was $499,964, an increase of 86% compared to $269,479 for the prior year quarter. Gross profit as a percent of net sales increased to 28% as compared to 22% in the prior year. The income from operations was $97,195 compared to a loss from operations for the prior year of $80,868 for an improvement of $178,063. Net income for the quarter was $74,875 compared to a net loss for the prior year of $94,822 for an improvement of $169,697.
For the six months of 2005 net sales were $3,358,960, an increase of 31% compared to $2,560.023 for the prior year six months. Gross profit for the six months was $929,087, an increase of 45% compared to $638,771 for the prior year six months. Gross profit as a percent of net sales increased to 28% as compared to 25% in the prior year. The income from operations was $165,925 compared to a loss from operations for the prior year of $60,020 for an improvement of $225,945. Net income for the six months was $127,431 compared to a net loss for the prior year of $87,091 for an improvement of $214,522.
The following table summarizes financial highlights: -0- *T
Second Quarter Six Months
----------------------- -----------------------
2005 2004 2005 2004
----------- ----------- ----------- ----------- Net Sales $1,784,001 $1,235,442 $3,358,960 $2,560,023 Gross Profit 499,964 269,479 929,087 638,771 Income (Loss) From
Operations 97,195 (80,868) 165,925 (60,020) Net Income (Loss) 74,875 (94,822) 127,431 (87,091) Earnings (Loss) Per
Share(1) 0.01 (0.01) 0.01 (0.01)
(1) Basic and diluted net income per common share after dividend
requirements for preferred stock. *T
Dr. Steven Tsengas, President and CEO of OurPet's stated, "We were able to increase our sales in the second quarter and six months through new product introductions, new customer additions in our traditional market segments as well as alternative markets and through creative marketing and promotional programs. Our customers have enthusiastically accepted and ordered our new products including the Groovy Dog Toys, Store-N-Feed To Go, Play-N-Squeak product extensions and Catnip Sticks and Flippers. Our net income increased from last year due to the sales increase and controlling our expenses."
Effective August 1st, OurPet's has completely revised its web site at www.ourpets.com to give improved information to customer and investors about its products, business and financial results. "We are very excited and proud of our new Website and encourage everyone to visit it," said Dr. Steven Tsengas. Action has also been initiated to identify an Investor Relations firm to improve communications with the investment community.
OurPet's designs, produces and markets in the USA and overseas a broad line of innovative, high-quality accessory and consumable pet products. The APPMA(a) estimates that the pet industry will expand to $35.9 billion in 2005 vs. 17 billion in 1994, making it the seventh largest industry in the USA and 60 percent larger than the toy industry.
(a) APPMA, 2005/2006 National Pet Owners Survey -0- *T
OURPET'S COMPANY AND SUBSIDIARIES
CONSOLIDATED OPERATING RESULTS
(unaudited)
For the Six Months Ended For the Quarter Ended
June 30, June 30,
------------------------ ------------------------
2005 2004 2005 2004
------------------------ ------------------------
Net revenue $3,358,960 $2,560,023 $1,784,001 $1,235,442 Less: Costs and
expenses
Cost of goods sold 2,429,873 1,921,252 1,284,037 965,963
Selling, general
and administrative
expenses 763,162 698,791 402,769 350,347
Other income and
expense 6,199 2,297 5,179 2,298
Interest expense 32,295 24,774 17,141 11,656
------------ ----------- ------------ ----------- Net income (loss) $127,431 $(87,091) $74,875 $(94,822)
============ =========== ============ ===========
Basic and Diluted Net
Income (Loss) Per
Common Share After
Dividend Requirements
For Preferred Stock $0.01 $(0.01) $0.01 $(0.01)
======================== ========================
CONSOLIDATED BALANCE SHEETS
June 30, December 31,
2005 2004
------------- ------------
(unaudited) (audited)
ASSETS
Cash and
equivalents $37,033 $28,989
Receivables, net 864,391 701,033
Inventories 1,774,950 1,425,652
Prepaid expenses 108,405 112,752
------------- ------------
Total current
assets 2,784,779 2,268,426
Property and
equipment, net 711,888 744,348
Other 217,592 222,722
------------- ------------
Total assets $3,714,259 $3,235,496
============= ============
LIABILITIES AND
STOCKHOLDERS' EQUITY
Short-term
borrowings and
current maturities
of long-term debt $988,252 $711,920
Accounts payable 758,328 631,534
Accrued expenses 136,575 93,903
------------- ------------
Total current
liabilities 1,883,155 1,437,357
Long-term debt 40,158 134,624
Stockholders'
Equity 1,790,946 1,663,515
------------- ------------
Total liabilities
and stockholders'
equity $3,714,259 $3,235,496
============= ============ *T
This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements contain the words "projects," "anticipates," "believes," "expects," "intends," "will," "may" and similar words and expressions. Each such statement is subject to uncertainties, risks and other factors that could cause actual results or performance to differ materially from the results or performance expressed in or implied by such statements. The forward-looking statements in this news release that contain projections of the company's expected financial performance and other projections regarding future performance are inherently subject to change, given the nature of projections, and the company's actual performance may be better or worse than projected. Uncertainties, risks and other factors that may cause actual results or performance to differ materially from any results or performance expressed or implied by forward-looking statements in this news release include: (1) the company's ability to manage its operating expenses and realize operating efficiencies, (2) the company's ability to maintain and grow its sales with existing and new customers, (3) the company's ability to retain existing members of its senior management team and to attract additional management employees, (4) the company's ability to manage fluctuations in the availability and cost of key materials and tools of production, (5) general economic conditions that might impact demand for the company's products, (6) competition from existing or new participants in the pet products industry, (7) the company's ability to design and bring to market new products on a timely and profitable basis, (8) challenges to the company's patents or trademarks on existing or new products, or (9) the company's ability to secure access to sufficient capital on favorable terms to manage and grow its business. A discussion of other risk factors that may cause actual results to differ from the results expressed in or implied by these forward-looking statements can be found in the company's periodic filings with the SEC. The company disclaims any duty to provide updates to the forward-looking statements and projections made in this news release.
OurPet's Company Dr. Steven Tsengas or John G. Murchie, 440-354-6500
_______________________
im gonna watch for growth in revs, eps, and NAV ... if they continue on a growth path --- i will add more.
Lazarus |
