US: Tag-It Pacific widens Q1 loss on lower Tekfit sales
Zipper and trim supplier Tag-It Pacific Inc has widened its first quarter net loss, blaming seasonal fluctuations, audit costs and the loss of an exclusive contract for its Tekfit stretch waistband product.
For the three months to 31 March, net loss was $795,000, or $0.04 per share, compared to a net loss for the same period in 2006 of $729,000, or $0.04 per share.
"The first quarter is seasonally our lowest operating period, and is also impacted by numerous costs associated with the previous year-end closing, SEC filings, and both domestic and foreign audits that occur during this quarter," commented Stephen Forte, the company's CEO.
"Our first quarter was also significantly impacted by the decline of our Tekfit business compared to 2006, as we now must rebuild sales of this product line after the expiration in late 2006 of an exclusive contract for the product," Mr Forte continued.
The company, which owns the Talon zippers brand and offers a full service outsourced trim management service for fashion apparel makers, said sales fell 14.6% to $9.09m from $10.64m in the same period last year.
Tag-It Pacific says it is now actively marketing the Tekfit waistband to other brands and retailers.
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