Message #2 From:
NewsBot Date: December 21, 2005 12:30:00 AM
SEWC News Sew Cal Logo Reports Annual Results
LOS ANGELES--(BUSINESS WIRE)--Dec. 21, 2005--Sew Cal Logo, Inc. (OTCBB:SEWC) has filed its annual report on Form 10KSB with the Securities and Exchange Commission. This report can be found by following the EDGAR link on the SEC's website at http://www.sec.gov or by contacting Sew Cal Logo, Inc. The Company encourages investors to read the annual report for more information concerning its history, business and risk factors.
Total revenue was $2,322,100 for the year ended August 31, 2005 as compared to $3,269,696 for the year ended August 31, 2004, a net decrease of $947,596. The net decrease is primarily due to the loss of a significant surfwear private label customer. The customer elected to source their products overseas. The company discusses overseas competition more thoroughly in Item 1, "Description of Business" of the annual report. A large portion of this net decrease reflected in our annual report occurred in our fiscal fourth quarter of August 2005, the height of surfwear sales season. The Company believes its new wholly owned surfwear line, Pipeline Posse(TM), will result in an increase in our fiscal 2006 revenue, specifically for the upcoming summer season. Total assets were $890,552 at August 31, 2005 as compared to $601,619 at August 31, 2004, a net increase of $288,933. The net increase was primarily due to the addition of equipment used in our continuing operation and an increase of inventory on hand.
Under the same management for 21 years, Sew Cal Logo, Inc. domestically produces custom film wardrobe, headwear, sportswear, and related corporate identification apparel. Original product, brand, and logo designs are available through an in-house full service design center. Current clientele include Fortune 500 Companies, major motion picture and television studios, as well as numerous major surf and skate brand manufacturers. The Company is firmly rooted in cutting edge "California Life Style" and action sports driven endeavors.
Sew Cal Logo, Inc. became a fully reporting public company by registering existing stockholders shares on form SB-2 and amendments in 2004 and early 2005. Management believes its dedication to customer service, patience and execution has contributed to its 21 years of business. Rick Songer, president of Sew Cal Logo, said, "New access to capital markets, dedication to credible investor relations practices, patience and execution will contribute to exponential growth relative to our first 21 years of business."
This press release contains forward looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities and Exchange Act of 1934, as amended, which are intended to be covered by safe harbors created hereby. Such forward-looking statements involve known and unknown risks and uncertainties.
