New ETF Book by Larry Connors - Click here to read more
"The Company generated a loss from continuing operations of $218,561 and $278,440 during the six months ended June 30, and June 30, 2008, respectively. Gross sales decreased from $766,247 to $412,945 for the same six months ended and related gross profit decreased from $264,508 to $193,136. However, gross profit as a percentage of net sales increased from 33.6 percent to 45.5 percent year over year. Overhead expenses decreased 24 percent from $542,948 to $411,697 from 2008 to 2009. The Company's net loss decreased $59,879 or 21.5 percent year over year.
"We have made substantial progress in reducing costs and improving quality by consolidating fabric production, closing the Atlanta show room, outsourcing distribution, and hiring a full time pattern maker. These measures have significantly reduced overhead expenses, allowing us to turn our focus to increasing revenues.
"Our 2009 Fall Line was displayed at August trade shows in eight cities, including New York, San Francisco, and Dallas. New customers placed orders and current customers added to existing orders.
"The 2009 Fall line is also being shown at in-home trunk shows by 18 new My Vintage Baby Direct Sales Reps. My Vintage Baby Direct is a pilot program expected to yield the many benefits of direct sales. Direct selling allows us to reduce prices, yet increase gross margins, providing a competitive advantage. Additionally, direct selling allows for quick expansion over large geographic areas. Boutiques and other retailers will continue to sell our products in areas not covered by Direct Sales Reps.
"We are looking forward to presenting our exciting Spring 2010 line to customers in late September."
Jessica Wiswall, CEO
((Comments on this story may be sent to newsdesk@closeupmedia.com))
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