February 12, 2008
Next Inc, an emerging leader in the sportswear products industry, 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.”
Next Inc
Source @ Fibre2fashion
