USA: Frisby Reports Record First Quarter 2000 Results
Recent business developments at Frisby Technologies include:
The formation of Schoeller Frisby Technologies GmbH, a Switzerland-based joint venture between Frisby Technologies and Schoeller Textil AG, which contributed significantly to the sales for the quarter. Schoeller Frisby Technologies GmbH is the exclusive marketer, seller and distributor of ComforTemp brand foams and fabrics and schoeller®-ComforTemp® textiles to all markets in Europe and to the U.S.-based fashion industry.
Frisby Technologies and Sadesa, one of the world's largest tanneries, developed a process to incorporate ComforTemp into leather footwear products manufactured by Sadesa under the new Thermico(TM) with Comfor Temp DCC brand. Timberland Company and Rocky Shoes and Boots, Inc. will feature new lines containing these products in the fall of 2000.
Bridgestone Corporation, one of the world's top manufacturers of tires and a producer of foam materials for a diverse customer base in the home furnishings and automotive sectors, has begun the joint product development and test marketing of products containing ComforTemp in the Japanese and Asian markets.
Wolverine World Wide, the leading global manufacturer and marketer of branded non-athletic footwear for men, women and children, will introduce selected fall 2000 styles under the Wolverine, Wolverine Sport, Harley Davidson, Bates and HyTest names that will feature ComforTemp materials.
In commenting on the quarter, Greg Frisby, Chairman and Chief Executive Officer stated, "As we continue to aggressively market the ComforTemp brand through our expanding roster of licensees and partners in key markets around the globe, the success of this strategy can be measured by revenue growth at the Company. We have been very pleased with the market acceptance for products containing ComforTemp and plan to generate increased demand for products containing dynamic climate control materials by maintaining our three-pronged approach that comprises building the ComforTemp brand, expanding worldwide distribution and developing new products."
Frisby Technologies is a global leader in the development of dynamic thermal management solutions for the apparel, footwear and sporting goods, packaging, home furnishings, healthcare and electronics industries. ComforTemp warming and cooling foams and fabrics can be found in products from major manufacturers such as Titleist and FootJoy Worldwide, Timberland, Polo Ralph Lauren, Schoeller Textil, Spyder Active Sports, Orvis, Wells Lamont, Wolverine Worldwide, LaCrosse Footwear and Herman Survivors. For more information, contact Frisby Technologies at (877) 444-COMFORT, visit the ComforTemp® Web site at www.comforttemp.com.
This press release contains certain forward-looking statements that relate to Frisby Technologies' future plans and objectives. Those statements are subject to numerous risks and uncertainties that could cause actual results, performance and achievements to differ materially from those described or implied in the forward-looking statements, and reported results should not be considered an indication of future performance. Those potential risks and uncertainties include without limitation the uncertainty of the economic environment for the remainder of this year, the need for further development of certain of Frisby Technologies' products and markets, the development of alternative technologies by third parties, the uncertainty of market acceptance and demand for the company's products in the future, and Year 2000 issues affecting the company and its customers and suppliers. Those potential risks and uncertainties are detailed in Frisby Technologies' filings on Form 10-KSB for 1999 and Forms 10-QSB with the Securities and Exchange Commission.
FRISBY TECHNOLOGIES, INC.
Condensed Statement of Operations
(in $000's, except per share data)
Three Month Ended
PRODUCT SALES $2,406 $831
RESEARCH & DEVELOPMENT 21 101
LICENSES & ROYALTIES 36 95
TOTAL REVENUES 2,463 1,027
TOTAL COST OF SALES 1,973 846
GROSS PROFIT 490 181
SELLING, GENERAL & ADMINISTRATIVE
EXPENSES 1,852 1,664
OPERATING LOSS (1,362) (1,483)
MINORITY INTEREST 46 --
INTEREST (EXPENSE) INCOME (16) 75
PROVISION FOR INCOME TAXES -- --
NET LOSS $(1,332) $(1,408)
LOSS PER SHARE $(0.23) $(0.27)
WEIGHTED AVERAGE SHARES 5,752,663 5,120,613
Selected Balance Sheet Data
March 31, 2000 December 31, 1999
Total Assets $8,955 $8,420
Shareholders' Equity $3,065 $4,280
Ranked as one of Thailand's top three textile producers and the country's seventh largest garment maker with a 2003 sales turnover of US$46 million, the Nan Yang Textile Group is one of only a handful...
Luxury goods group Polo Ralph Lauren Corporation has named Jonathan Drucker as senior vice president, general counsel, as of 18 July 2005....
Luxury goods group Polo Ralph Lauren Corp has reported a dive in first-quarter net income, affected by expenses due to litigation and restructuring....
Footwear marketer Wolverine World Wide Inc has signed a deal with outdoor apparel company Patagonia Inc for a long-term global license agreement to make Patagonia footwear....
Luxury goods group Polo Ralph Lauren Corporation has signed a definitive agreement to buy back its global licensee for footwear, Ralph Lauren Footwear Co Inc, off sportswear giant Reebok International...
Wolverine Boots and Gear, an extension of the Wolverine Boots and Shoes brand, has netted a deal with Paramount Apparel International Inc for a range of Wolverine brand headwear for men....
Luxury goods company Polo Ralph Lauren Corporation has named Scott Bowman as president, international business development....
Universal Studios Consumer Products Group has signed a deal with Von Dutch Originals for an apparel line inspired by the film Cinderella Man....
- Traditional financing is a misfit for fast fashion
- Planning is key to an effective inventory strategy
- US apparel retailers' November 2016 sales roundup
- Why do modern robotics elude sportswear makers?
- Software for financial planning and operations
- US Q3 in brief – Genesco, G-III Apparel, Express
- Esquel efficiency drive continues to boost brands
- Film documents Cambodia garment workers' stories
- Columbia waterproof jacket first made without PFCs
- Pakistan suspends India cotton imports
- Outdoor performance apparel 2016: A broader perspective
- Footwear Top 5 Emerging Markets Industry Guide_2016
- Global market review of lingerie – forecasts to 2022
- Global apparel markets: product developments and innovations, October 2016
- REPORT BUNDLE: Africa-Med, Southeast Asia and Central America strategic sourcing pack