ANCASTER, ONTARIO and SAN DIEGO, CALIFORNIA--(Marketwired - April 30, 2013) - Gatorz Inc. (TSX VENTURE:GTZ) ("Gatorz") today reported its financial results for the fourth quarter and fiscal year ended December 31, 2012.
|Fourth Quarter Results: (all amounts in US$)
- Revenue was $327,736, compared to $259,838 in the same quarter last year, an increase of $67,898. The increase is a result of the introduction of 27 Nexcom stores to our retail distribution network towards the end of the third quarter.
- Loss from operations was $97,039, an improvement of $308,091 from the same quarter last year. The improvement is a result of improved gross profit margins ($42,938) and significant reductions in personnel costs ($106,313), advertising costs ($58,727), and professional fees during the quarter.
- Total comprehensive loss for the quarter was $124,077, down from $414,669 in 2011.
|Year-End Results: (all amounts in US$)
- Annual revenue decreased by $130,646 to $1,503,018, due to the loss of No Fear sales, which accounted for $280,001. This was offset by an increase in Nexcom sales of $109,548 and an increase of $34,798 in Internet sales.
- Loss from operations was $492,790, an improvement of $78,548 over the previous year due due to a decrease of operating costs of $63,183.
- Total comprehensive loss for the period was $688,041, or $0.01 per share, compared to the same period last year when the total comprehensive loss was $640,983, or $0.01 per share.
|Business Development since Year End:
- Hired sports investment bank Park Lane IBS, LLC as the exclusive advisor in sourcing new capital and acquisition candidates.
- Hired Robert Reynolds, a veteran of the action sports and retail markets as new CEO.
- Completed the acquisition of Ryderz Compound, a chain of 35 retail stores (see press release dated April 10, 2013)
- Raised an additional $1.5 million in long-term debt to provide funds to continue the Ryderz re-branding initiatives and provide working capital.
"We remain focused on driving Gatorz revenue as a long-term initiative, strengthening the Gatorz brand, diversifying overall sales, and driving operational efficiencies," said Robert Reynolds, Chief Executive Officer of Gatorz Inc. "Gatorz continues to receive excellent exposure in the Military and Outdoor categories due to the success of our key brand ambassadors, who continue to drive brand awareness, which assisted in the growth of our Internet sales. Our focus on sales diversification is evidenced by the acquisition of the Nexcom account. Furthermore, we expect the Gatorz brand to perform well in our X-Ryderz retail chain stores moving forward."
Go to www.sedar.com to view the complete financial statements and MD&A.
Gatorz Inc. (www.gatorz.com) designs, develops, manufactures, and distributes performance eyewear, including sunglasses crafted from 7075 billet aircraft aluminum and from premium injection-moulded Italian frames. Gatorz precision-built aluminum eyewear is proudly made in the USA, offering superior craftsmanship, performance and durability. Gatorz proprietary technologies include the ability to customize the frame to the wearer's specific facial features. In addition, the Company's lens technology, TruRay Optics, offers a comprehensive assortment of ballistic impact-proof lenses which are 100% UV-blocking, optically correct and distortion-free. Gatorz distribution markets include motorcycling, motorsports, skydiving, military, off-road, hunting & fishing, action sports, and youth lifestyle markets.
Certain information in this press release may contain forward-looking statements. This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict. Actual results might differ materially from results suggested in any forward-looking statements. Gatorz Inc. assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward looking-statements unless and until required by securities laws applicable to Gatorz Inc.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.