USA: Daniel Green Announces Third Quarter Update
Daniel Green Company's (Nasdaq: DAGR) net sales for the third quarter were approximately $11.2m compared to $3.6m in the corresponding quarter last year. For the first nine months of 2000 net sales amounted to $18.8m compared to $8.8m to last year. Sales for the most recent quarter reflect the merger of Penobscot Shoe Company and other activities into the company.
The company made a profit in the third quarter of $435,352 compared to $43,693 in the corresponding quarter last year.
During the third quarter, significant investments were made in the areas of new system implementations as well as in logistics and warehousing. The installation of a new warehousing facility that started during the second quarter was completed during the third quarter, and is currently operating at full capacity. A new communications system was also installed during the quarter to keep up with the current needs and future demands of the company.
"We have accomplished our objectives in merging our respective operating companies together during the second and third quarters of this year. We have definitely experienced growing pains during the transition of our merging activities. However, the growing pains were necessary in order to have a solid foundation in place for the future.
"We are cautiously optimistic about the fourth quarter. Both the Trotters and SoftWalk brands of the company have continued to perform well at retail during the fall season. All of our brands are currently running ahead of plan in regards to our future order position, which will be delivered during the first and second quarters of 2001," a company representative said.
The company has also appointed a new CFO and treasurer. Robert Weedon had previously worked for Reebok and Rockport.
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