Message #27 From:
NewsBot Date: February 11, 2008 08:44:53 AM
Next Inc. Announces Fourth Quarter Earnings
Company Reports Year over Year Quarterly Profits Increased More Than
Five Fold to $287,107 or $0.02 in Earnings Per Share on Increasing
Operating Margins
Next Inc. (OTCBB:NXTI),
an emerging leader in the sportswear products industry, today announced
its fiscal fourth quarter earnings for the three months and the year
ended November 30, 2007. The Company will file its Form 10-K for fiscal
year 2007 on Friday, February 15, 2008.
Net sales were $8,576,352 for the three months ended November 30, 2007,
compared to $10,216,836 for the three months ended December 1, 2006. The
Company earned net income of $287,107, or $0.02 per share for the fourth
quarter of 2007 compared to prior year net income of $55,358, or $0.00
per share for the same period. There were no special, one-time credits
associated with either quarter’s results.
For the twelve months ended November 30, 2007, net sales were
$20,217,810 compared to $28,767,253 for last year’s
same period. Net loss for the current year is $471,086 or $0.02 per
share versus income of $46,537, or $0.00 per share last year.
Mr. David Cole, the Company's CFO, stated, "The improvements in our
operating margin that we’ve been calling
attention to in our quarterly reports continued to yield tangible
results as previously forecasted. Our net income earned this quarter was
over five times greater than last year’s net
income on approximately 85% of the net sales volume base.
Cole continued, “We will continue to focus
attention on reducing and controlling costs because it is resulting
favorably on our operating results. We will also continue to manage cash
flow wisely, and it has been the benefactor of the leveraging that is so
apparent in our numbers.”
Mr. Robert Budd, the Company’s CEO, stated, “We
are pleased with the continued substantial improvements in operating
margins resulting in profitability for the quarter. We continue to
remain focused on working towards improving our sales volumes. Our view
of the decrease in sales continues to be that it is not indicative of
future sales growth potential because we have turned away high volume,
marginal profit business that had high potential to turn into negative
profit. We continue to believe that economic factors impacting the
retail apparel segment are playing a material role in our lower sales
volume as confirmed by consistent communications with our customers. We
continue to review new opportunities to diversify sales into new
distribution channels, such as our recent Ladies First announcement made
on February 7, 2008.”
About Next Inc. http://www.nextinc.net
Next, Inc. is a creative and innovative sales and marketing organization
that designs, develops, markets and distributes licensed imprinted
sportswear primarily through major college and university, motor sports
and other major promotional key licensing agreements and the Company's
own proprietary brands. Next is one of the dominant players in the
highly fragmented imprinted sportswear industry.
The company has expanded its distribution to include e-commerce through
which a significant amount of the Company's most popular licensed
products is marketed. The most significant are www.campustraditionsusa.com,
www.rpmsportsusa.com, www.americanbiker.com
and www.americanwildlifeusa.com.
