USA: Innovo Reports Profitable Second Quarter
Innovo Group Inc, a sales and marketing organisation designing and selling craft, accessory and apparel products to the retail, specialty and premium markets, reported results today for the three months and six months ending June 2, 2001. For the second quarter of 2001, the company's income from operations increased to $84,000 compared to a loss from operations of $656,000 for the corresponding period of the prior year. For the period, net income increased to $41,000 versus a net operating loss of $740,000 for the same period in 2000. The company's move to profitability is attributable to increased revenues, a reduction in expenses pursuant to the company's recent operational restructuring and benefits associated with the company's improved working capital position.
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