US: Lower waistband sales push Talon to Q3 loss
Zipper and trim supplier Talon International Inc has swung to a third quarter loss on lower sales of its waistband products.
For the three months to 30 September, the company which was formerly known as Tag-It Pacific Inc, posted a net loss of $3.7m, or a loss of $0.18 per share, versus a profit of $339,000, or $0.02 per share, in the same period in 2006.
The net loss includes an impairment charge of $2.1m.
The company, which also makes apparel fasteners, trim and interlining products, said sales for the quarter fell 32.8% to $9.0m, and said the expiration of an exclusive sales contract for its waistband product products in 2006 was to blame.
Sales of waistband products slumped to $43,000 from $3.6m, and are expected to be minimal for the remainder of 2007.
"The company was contractually prohibited from marketing waistband products under the previous exclusive contract until that contract expired in October of 2006," explained Stephen Forte, chief executive officer.
"We are just now beginning to see some tangible positive results as orders for these products are now being received from several customers."
Talon zipper sales were flat at $4.2m for the quarter, and trim product sales fell 17.5% to $4.7m.
For the nine month period, net loss was $4.0m, or $0.21 per share, compared to a net income of $264,000, or $0.01 per share, for the same period in 2006. Sales fell by $6.6m to $31.7m.
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