LOS ANGELES, CA -- (Marketwired) -- 05/14/13 -- Talon International, Inc. (OTCQB: TALN), a leading global supplier of zippers, fasteners, trim and stretch technology products for the apparel industry, reported financial results for the first quarter ended March 31, 2013.
First Quarter 2013 Highlights
•Sales increase 15.9% over the same period in 2012. •Income from operations increases $683,000 over the same period in 2012.
Sales for the first quarter ended March 31, 2013 were $10.1 million, reflecting a 15.9% increase above the same period in 2012. Sales for the quarter included $5.8 million in zipper sales, up 30.2% and $4.3 million in Trim sales, slightly greater than the same period within 2012. The sales gains evidence growth within specialty apparel customers and increased demand from private label brands within our mass merchandise and licensing customers. "During the quarter our sales efforts continued to record positive gains within our specialty apparel customers as well as our mass merchandise customers. Our commitment to exceed our customers' expectations for quality, service, and product value, are evident in these positive results," noted Mr. Schnell.
Gross profit for the quarter ended March 31, 2013 was $3.2 million or 31.3% of sales, as compared to $2.8 million for the same quarter in 2012. The gross profit increase for the quarter ended March 31, 2013 as compared to the same period in 2012 was principally attributable to higher sales volume.
Operating expenses for the first quarter of 2013 were $3.0 million, reflecting a decline of approximately $0.3 million from the operating expenses in the first quarter of 2012. Sales and marketing expenses for the quarter ended March 31, 2013 were $1.3 million and general and administrative expenses for the period totaled $1.7 million. Sales and marketing expenses for the quarter ended March 31, 2013 increased $0.2 million over the same period in 2012 due to our higher sales volume, while general and administrative expenses declined $0.4 million from the same period in 2012. The lower general and administrative expenses were principally the result of a settlement associated with a legal dispute regarding our intellectual property rights.
The benefit from income taxes for the three months ended March 31, 2013 was $0.1 million as compared to $0.3 million for the same period in 2012. The benefit from income taxes for the three months ended March 31, 2013 and 2012 included the elimination of a tax liability of $0.1 million and $0.2 million respectively, recorded in 2007, for a tax position that was subject to reversal upon a regulatory review. The time limit for regulatory assessment of the tax position expired and the liability was removed.
The net income for the quarter ended March 31, 2013 was $280,000 or $0.01 per share as compared to a net loss of $206,000 or ($0.01) per share for the same quarter in 2012.
Talon International will hold a conference call on Tuesday, May 14, 2013, to discuss its first quarter financial results for 2013. Talon's CEO Lonnie D. Schnell will host the call starting at 4:30 P.M. Eastern Time. A question and answer session will follow the presentation.
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