US: Talon International Q4 profit jumps on higher sales
- Q4 profit jumps to $7.5m from $26,978
- Sales up 5% to $11.9m
- Company "pleased" with FY performance
Apparel fastener, zipper and trim supplier Talon International has seen its fourth-quarter profit soar on the back of increased sales.
Net income reached US$7.5m for the three months to 31 December, up from $26,978 in the same period of the prior year.
The company said total sales for the period included $5.6m in zipper sales - up 27% on the prior year, and $6.3m in trim sales - down 1.1%.
During the full year, net income stood at $9.7m, up significantly from last year's $679,347. Sales, meanwhile, grew 18% to $52.4m from $44.6m in the previous year.
"We are very pleased with our performance in fiscal year 2013," said CEO Lonnie Schnell.
"We saw solid performance in 2013 from all of our product lines as we continued to strengthen our position with core customers as well as build upon our global brand nominations. We ended the year with our seventh consecutive quarterly increase in revenues and quarterly net income results."
Apparel fastener, zipper and trim supplier Talon International has booked a drop in third-quarter earnings and sales as a result of lower demand and intensified competition....
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