Tatyana Designs Reports First Quarter 2013 Results
01 5월 2013 - 10:00PM
Tatyana Designs, Inc. (the "Company")(OTC
Pink:TATD),a growing designer, manufacturer and retailer of vintage
inspired contemporary designs, today posted financial results for
the first quarter of 2013. The Company owns significant trademarks
and license rights, the most prominent being the exclusive license
for dresses and retail stores carrying the moniker of the iconic
Bettie Page.
For the three months ended March 31, 2013:
- Net sales increased 71% to $3.1 million from the $1.8 million
during the comparable three months of 2012.
- Bettie Page Boutique sales increased 85% and comparable
boutique sales increased 28%.
- E-commerce sales increased 94% to $369,000.
- The number of Company owned Bettie Page Boutiques increased
from eleven at December 31, 2012 to thirteen at March 31, 2013. Two
more boutiques are scheduled to open in Q2.
- Wholesale sales to other boutiques increased 16% to
$473,000.
- Gross profit remains strong at over 70% of sales.
- Generated $158,000 in cash from operating activities --
increased inventories and related deposits by $65,000 to support
boutique openings and wholesale and e-commerce growth.
- As a direct result of absorbing startup expenses for two new
boutiques, non-cash deferred rent of $156,000 and building
infrastructure for 2013 growth, the Company reported a small net
loss from operations of $11,000 in Q1.
The Company ended the quarter at March 31, 2013 with $824,000
cash, working capital of $1.8 million and inventory and inventory
deposits of $3.0 million. The Company financed its growth during
the first quarter from operations along with $196,000 of working
capital bank financing.
"We delivered a very strong first quarter with dramatic sales
growth from expanding our boutique base, growing comparable
boutique sales and expanding our wholesale and e-commerce
divisions," stated Jan Glaser, co-CEO and treasurer of Tatyana
Designs, Inc. "We absorbed significant new boutique startup
expenses in Q1 including a $156,000 non-cash increase in deferred
rent. We also expanded our infrastructure to prepare for additional
growth in 2013. We anticipate the Q1 investments we made in
inventory, leasing and infrastructure, in advance of our typically
busy spring and summer season, will result in continued sales
growth and a profitable 2013."
About the Company - Based in Las Vegas, Nevada,
Tatyana Designs, Inc. is a growing retailer specializing in
contemporary designs inspired by the 1940's and 50's – the "Golden
Age" of fashion. The Company owns significant trademark and
license rights, the most prominent being the exclusive license for
dresses and retail stores carrying the moniker of the iconic Bettie
Page. The merchandise offered through the boutiques, e-commerce and
wholesale divisions offer a diverse mix of high-quality and
attractively priced apparel, jewelry, accessories and gifts. Bettie
Page Boutiques and e-commerce target the 18-35 year-old, fashion
conscious female customer, but women of all ages are attracted to
the unique retro inspired, yet modern, look. New product styles are
presented monthly. For more information on the company please visit
the Web site at www.tatyanadesigns.com.
Trademark Information: Bettie Page is a trademark registered to
Bettie Page, LLC (www.BettiePage.com) and licensed for use by the
Company. All other trade names are either trademarks or registered
trademarks of their respective holders.
Cautionary note on forward-looking statements:
Certain statements in this release are "forward-looking
statements" made pursuant to the safe-harbor provisions of the
Private Securities Litigation Reform Act of 1995. Such
forward-looking statements reflect the Company's current
expectations or beliefs concerning future events and are subject to
various risks and uncertainties that may cause actual results to
differ materially from those that we expected, including: possible
adverse changes in general economic conditions and their impact on
consumer confidence and spending; possible inability to predict and
respond in a timely manner to changes in consumer demand; possible
loss of key management or inability to attract and retain the
talent required for our business; possible inability to maintain
and enhance our brand; possible inability to successfully implement
our growth strategies or manage our growing business; possible
inability to successfully open new boutiques as planned; and
possible inability to sustain levels of comparable-boutique sales.
For a discussion of these and other risks and uncertainties
that could cause actual results to differ materially from those
contained in our forward-looking statements, please refer to the
Company's most recent public corporate documents and risk factors
discussed therein (www.otcmarkets.com/stock/TATD/filings). We
undertake no obligation to publicly update or revise any
forward-looking statement. Future results may differ materially
from the Company's current expectations.
|
|
|
Tatyana Designs,
Inc. |
Condensed Consolidated
Balance Sheets |
(000's omitted except
per share amount) |
(unaudited) |
|
|
|
|
March 31, |
December 31, |
|
2013 |
2012 |
|
$ |
$ |
ASSETS |
|
|
Current |
|
|
Cash |
824 |
608 |
Inventories |
2,816 |
2,553 |
Receivables and other |
265 |
410 |
Total current
assets |
3,905 |
3,571 |
Property and equipment,
net |
584 |
491 |
Deferred income
taxes |
206 |
179 |
Deposits |
394 |
364 |
Total assets |
5,089 |
4,605 |
|
|
|
LIABILITIES AND STOCKHOLDERS'
EQUITY |
|
|
Current |
|
|
Accounts payable and accruals |
1,089 |
948 |
Bank debt |
468 |
272 |
Due stockholder |
533 |
541 |
Total current
liabilities |
2,090 |
1,761 |
Deferred rent |
877 |
721 |
Bank debt - long term |
297 |
305 |
6% Convertible notes |
300 |
300 |
Stockholder debt - long-term |
500 |
500 |
Total liabilities |
4,064 |
3,587 |
Stockholders'
equity |
1,025 |
1,018 |
Total liabilities and
stockholders' equity |
5,089 |
4,605 |
|
|
|
Tatyana Designs,
Inc. |
Condensed Consolidated
Statements of Operations |
(000's omitted except
per share amount) |
(unaudited) |
|
|
|
|
Three Months
Ended |
|
March 31, |
March 31, |
|
2013 |
2012 |
|
$ |
$ |
Net sales |
3,131 |
1,831 |
Cost of revenues |
818 |
496 |
Gross profit |
2,313 |
1,335 |
Selling, general and
administrative |
2,324 |
1,154 |
Income from operations |
(11) |
181 |
Other expenses |
9 |
25 |
Income before income
tax |
(20) |
156 |
Income tax benefit |
(5) |
-- |
Net income |
(15) |
156 |
|
|
|
Basic and diluted earnings per common
share |
($0.00) |
$0.02 |
|
|
|
Weighted average shares outstanding: |
|
|
Basic and diluted shares |
11,935 |
10,000 |
|
|
|
Pro forma net income
data: |
|
|
Income before income tax expense |
|
154 |
Pro forma adjustments for income tax
expense |
|
59 |
Pro forma net income |
|
95 |
|
|
|
Pro forma basic and diluted
earnings per common share |
$0.01 |
CONTACT: Jan Glaser
702.458.1632 Ext 5
Tatyana Designs (GM) (USOTC:TATD)
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