Posted May 12, 2010
Ironclad Performance Wear reports loss
Ironclad Performance Wear Corp.reported net sales for the first quarter of $2.48 million, a decrease of 1.4% percent from the first quarter 2009 of $2.52 million.
Gross profit increased 20.4% to $1.1 million, or 44.0% of sales, compared to $0.9 million, or 36.1% of sales in the first quarter of 2009.
Net loss from operations decreased 29% to ($351,068) compared to ($494,776) during the same period in 2009.
"The company continues to successfully execute on its financial plan for 2010, as evidenced by a significant improvement in the company's bottom-line financial performance," said Scott Jarus, chairman and CEO. "It is important to remember that Ironclad's business has historically been seasonal, with approximately 40% of sales occurring in the first half of the year and 60% in the second half. From a cash and inventory perspective, Ironclad is now at the start of its "build cycle" for deliveries in the third and fourth quarters."
