Looks like Jay's taking his quotes verbatim from press releases of year's past. Same old crap, different deliverer.
Daddy's boy is doing worse than I ever imagined.
Whatever happened to the word"profit"? I bet if Jay's mortgage was dependant on his performance, he'd be selling instead of sitting on his ass cashing in his options.
Innovo Group Inc. Reports Results for the Second Quarter of Fiscal 1999
KNOXVILLE, Tenn., July 16 /PRNewswire/ -- INNOVO GROUP INC. (Nasdaq: INNO - news), a manufacturer and supplier to national and international retailers, including Wal-Mart, Target, K-Mart, Michael's, Hobby Lobby, Dollar General, Profitt's, and Goody's, today announced revenues and earnings for the second quarter of the 1999 fiscal year.
For the quarter ended May 31, 1999, the company incurred a net loss of $427,000 or $.07 per share compared to a net loss of $580,000 or $.13 per share for the second quarter of fiscal 1998. Net sales in the second quarter of 1999 were $1,026,000 compared to $1,568,000 in the second quarter of fiscal 1998.
The second quarter reduction in sales was primarily the result of the timing of the Company's back-to-school orders and a decrease in sales from the Company's international division, Nasco Products International, Inc. The Company's back-to-school orders, which typically begin shipping during the Company's second quarter, have been delayed due to the late delivery of product from the Company's overseas manufacturers. Those back-to-school orders have not been canceled and should be reflected in sales for the third quarter.
Nasco Products International, Inc. experienced decreased sales for the second quarter due to the fact that the Company's German distributor is no longer in business. The Company has since established a relationship with a new German distributor but second quarter international sales were effected due to the transition.
The Company believes that the increased demand for the Company's products, combined with the late commencement of the Company's back-to-school shipments, will result in revenues for the third quarter 1999 substantially exceeding the revenues earned for the same period in 1998. In light of this revenue increase, the Company currently anticipates that operations will be profitable in the third quarter of 1999.
Jay Furrow, Vice President, stated that ''with the delayed shipments of the back-to-school orders and the decrease in international sales the second quarter revenues suffered. As we have moved into the third quarter, however, sales have significantly increased due to an enhanced sales and marketing campaign and an expanded product line. The volume of orders received from new and existing customers has been very promising. With the increase in demand for the Company's products, the third quarter should result in increased revenues and a profitable quarter for the Company.''
Innovo Group Inc. designs, markets, manufactures and distributes fashion and sports licensed nylon and canvas products for the multi-billion dollar crafts industry and retail sector in the United States and Europe. Under licensing agreements, the Company's sports lines feature the designs of the NBA, NFL, Major League Baseball, NHL, numerous collegiate teams, Walt Disney and Warner Brothers. Innovo also has certain exclusive and non-exclusive manufacturing and distribution rights for NASCAR licensed products. This press release may contain forward-looking statements made pursuant to the ''safe harbor'' provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties, including, without limitation, continued acceptance of the Company's product, product demand, competition, capital adequacies, access to additional capital if required and other risks and uncertainties detailed from time to time in the Company's periodic reports including Quarterly Reports on form 10-Q and Annual Reports on form 10-K.
Listed: Nasdaq SmallCap Exchange
Trading Symbol: INNO
SOURCE: Innovo Group Inc.
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