USA: Frisby Improves Second Quarter Performance
Frisby Technologies Inc, the developer of Comfortemp climate control materials, has reduced its net loss for the quarter by nearly 14 per cent to $0.958 million. This compares to a net loss of $1.117 million in the second quarter of 2000.
The net loss for the six-month period ending June 30, 2001, was reduced nearly 14 per cent to $2.118 million, compared to a net loss of $2.450 million, for the six-month period ending June 30, 2000.
The improvement in the year- to-date net loss resulted from a significant increase in gross profit margin coupled with the company's ability to reduce operating expenses by 13 per cent compared to last year.
For the six-month period ending June 30, 2001, the company's gross profit was $1.009 million, or 29.4 per cent of net revenues, compared to $1.090 million or 20.5 per cent of net revenues in the previous year.
The improvement in gross profit margins is attributed to a combination of several factors, including a favourable product mix, lower production costs arising from new licensed manufacturing partners outside of the United States, and a reduction in royalty expenses.
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