Revenue for the third
quarter of 2010 increased 109.3% to $14.0 million, compared to $6.7
million for the third quarter of 2009. Growth was driven by strong
market demand, increased market and sales efforts, increased production
capacity and higher average selling price. Sales of linen fabric sales
increased 110.9% year-over-year to $12.5 million, which represented
89.0% of sales for the period. Sales of linen yarn increased
significantly from $0.2 million a year ago to $1.5 million in the third
quarter. Sales from new customers contributed to approximately 45% of
total revenue in the third quarter of 2010..
Gross profit for the third quarter of 2010 was $4.4 million, a 114.9%
increase from $2.1 million in the third quarter of 2009. Gross margin
was 31.5% compared to 30.7% in the third quarter of 2009..
Operating expenses for the third quarter of 2010 were approximately
$0.7 million, compared to $0.2 million for the same period a year ago.
The increase was primarily due to increased selling expenses and
increased expenses in connection with its public company compliance
efforts. Operating income for the third quarter of 2010 increased 98.2%
to $3.7 million compared to operating income of $1.9 million in the
third quarter of 2009..
Net income for the third quarter of 2010 increased 74.9% to $2.8
million, compared to $1.6 million for the third quarter of 2009.
Diluted earnings per share increased 74.1% to $0.14 compared to $0.08
for the third quarter of 2009, based upon 20.2 million and 20.1 million
weighted average number of shares outstanding, respectively”
Date:11/30/2010
Source:www.fibre2fashion.com