May 01, 2007 12:54 ET

Option-NFA Inc.: Earnings-Year Ending December 31, 2006

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - May 1, 2007) - Option-NFA Inc. (TSX VENTURE:OPN) announces results for the year ending December 31, 2006.

Total sales for 2006 were $7,281,967 compared to $10,646,105 for 2005, for a year-over-year decrease of 32%. A decline in the general demand for our brands was the primary factor behind the decreasing revenues.

Gross profit margin performance continues to be a challenge at 13.4% of sales versus 20.3% last year.

Selling Expenses were decreased by 19.5% from 2005. This amounted to a $254,000 saving and came largely from reducing advertising and promotion activities.

General and Administrative Expenses were decreased by 19.4% from 2005. The decrease amounted to a $307,000 saving.

Net after tax loss was $1,893,362 compared to a net loss of $1,270,261 for the year ended December 31, 2005. Fully diluted losses per share were $0.17 compared to $0.11 in 2005.

All figures are Canadian dollars.

The information herein contained should be read in conjunction with the Consolidated Financial Statements and Management Discussion and Analysis for the period ended December 31, 2006, available at www.sedar.com.

About Option-NFA Inc.

Our mission is to continue to build on our reputation for producing the highest quality, best performing products available to the snowboarding consumer.

Option-NFA is a Vancouver based designer and manufacturer of hard goods and clothing for the boardsports markets. The Company has sales offices in Europe, Asia, Australia and North America and its products are endorsed by an elite team of high profile professional snowboarders from around the world. The Company went public in 1999 and trades on the TSX Venture Exchange (TSX-V) under the symbol OPN.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.

Contact Information

  • Option-NFA Inc.
    Steve Dewar
    President & CEO
    (604) 255-5594 ext. 121
    Website: www.option-nfa.com