Talon International, Inc. Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2014
August 11, 2014 at 04:01 pm EDT
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Talon International, Inc. reported unaudited consolidated earnings results for the second quarter and six months ended June 30, 2014. For the quarter, the company reported total sales of $16.0 million, reflecting a 4.1% decrease as compared to $16.64 million for the same period in 2013. Sales for the second quarter of 2014 included Talon Zipper sales of $8.6 million, down 9.3% from the second quarter of 2013, while Talon Trim sales were $7.3 million, up 2.7% from the prior year period. In addition, sales of the company's advanced fabric technology TekFit(R) increased 207% over the same period last year, albeit off a small base. Operating income was $1.5 million, 9.3% of sales, as compared to $1.6 million, 9.6% of sales, for the same period in 2013. Net income applicable for common stockholders was $814,000 or $0.01 per basic and diluted share as compared to net income of $363,000 or $0.01 per basic and diluted share for the same quarter in 2013. Income before provision for income taxes was $1.37 million compared to $1.6 million reported a year ago.
Sales for the six months ended June 30, 2014 were $27.3 million, an increase of 1.9% from $26.78 million for the same period in 2013. Operating income was $1.6 million as compared to $1.8 million for the same period in 2013. Net income applicable for common stockholders was $832,000 or $0.01 per basic and diluted share as compared to a loss of $255,000 or $0.01 per basic and diluted share in the same period in 2013. Income before provision for income taxes was $1.4 million compared to $1.8 million reported a year ago.
Talon International, Inc. is an apparel company, which specializes in the distribution of trim items to manufacturers of fashion apparel, specialty retailers and mass merchandisers. The Company acts as a full-service outsourced trim management department for manufacturers, a specified supplier of trim items to owners of specific brands, brand licensees and retailers, a manufacturer and distributor of zippers under the Talon brand name and a distributor of stretch waistbands that utilize licensed patented technology under the Tekfit/Adjustec brand name. Its products include Zippers, Trim, Packaging, Adjustec and Bonding. The Zippers products include metal, coil, vintage, plastic, KidZip, and others. The Trim products include paper trims, labels, hardware, heat transfer and others. Its Adjustec products provide shirts, pockets, pants and proprietary. Its Packaging product provides boxes, bags and specialties. The Bonding products include seam sealing tape, overlay, adhesives and flex-it.