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Torpedo Sports USA, Inc.
Torpedo Sports Announces First Quarter Financial Results.
12/24/2002
Palm Beach Gardens, Florida ? Torpedo Sports USA, Inc. (OTC/BB: TPDO) announced today its unaudited financial results for the first quarter ended October 31, 2002. The financial statements presented for the quarter ended October 31, 2002 are those of our subsidiary Torpedo Sports, Inc. on a consolidated basis with those of Torpedo Sports USA, Inc., while the financial results presented for the quarter ended October 31, 2001 are those of Torpedo Sports, Inc.
Overall sales decreased during the quarter ended October 31, 2002 as compared to the quarter ended October 31, 2001 primarily due to retailers being substantially in stock at the beginning of the 2002/2003 winter selling season, resulting in customers buying fewer products in the fall of 2002. In an effort to provide greater brand depth within its snow goods product lines, the Company announced on December 23, 2002 that it signed a five year license agreement for an exclusive license to the Flexible Flyer and Mongoose brand names, and a non-exclusive license to the Schwinn brand name, to market all ?snow products? including metal runner sleds, toboggans and snowboards.
Historically, approximately 95% of the Company?s sales occurred in the first two fiscal quarters. To help alleviate Torpedo?s reliance on its winter goods product lines, the Company has introduced a wide range of spring and summer products including trikes, bikes, wagons and summer inflatables, and has received initial product orders for delivery in February through April 2003.
?Although our revenues came down from the year ago comparable quarter, income from operations of $304,513 includes about $257,000 in non-cash charges this year as compared to non-cash charges of just over $68,000 on the $727,555 income from operations last year,? commented Ed Shake, President and Chief Operating Officer. ?We are also very encouraged about future sales and growth based upon the introduction of our new spring/summer product lines as well as the recent signing of the license agreement for the Flexible Flyer, Mongoose and Schwinn brand names. Flexible Flyer, a brand established in 1889, is one of the oldest and most recognizable brand names in winter snow products, while the Mongoose and Schwinn brands enjoy wide distribution in various sporting goods categories.?
?In reading the financial statements, a reader should note the disparity in the number of outstanding shares for the current quarter versus the 2001 quarter, taking into account the shares issued as a result of the merger completed in 2002,? stated Barry Hollander, Chief Financial Officer of Torpedo.
Torpedo Sports USA, Inc., through its wholly-owned subsidiary Torpedo Sports, Inc., was founded in 1942 in St-Narcisse, Quebec, Canada and is a manufacturer and distributor of outdoor recreational products for children such as toboggans, baby sleds, snowboards, tricycles, scooters and skateboards. Torpedo Sports? products, manufactured in two factories in Quebec, are sold through a well-established and diversified customer base located throughout Canada and the United States in the value-for-money segment of their respective markets. A market leader in many of its product categories, Torpedo Sports? products are sold through the larger hardware, sports specialty, mass merchant, toy and department stores.
Torpedo Sports USA, Inc. and Subsidiary
Selected Consolidated Financial Data
Quarters ended October 31, 2002 and 2001
(Unaudited)
2002 2001
Net sales $ 3,189,306 $ 4,608,491
Cost of sales 1,913,208 3,045,513
Gross profit 1,276,098 1,562,978
Operating expenses (853,980) (764,536)
Income from operations 422,118 798,442
Other income (expense) (117,605) (70,887)
Income (loss) before income taxes 304,513 727,555
Income tax expense (165,886)
Net income (loss) 138,627 72
12/24/2002
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citalopram and alcohol withdrawal goOverall sales decreased during the quarter ended October 31, 2002 as compared to the quarter ended October 31, 2001 primarily due to retailers being substantially in stock at the beginning of the 2002/2003 winter selling season, resulting in customers buying fewer products in the fall of 2002. In an effort to provide greater brand depth within its snow goods product lines, the Company announced on December 23, 2002 that it signed a five year license agreement for an exclusive license to the Flexible Flyer and Mongoose brand names, and a non-exclusive license to the Schwinn brand name, to market all ?snow products? including metal runner sleds, toboggans and snowboards.
Historically, approximately 95% of the Company?s sales occurred in the first two fiscal quarters. To help alleviate Torpedo?s reliance on its winter goods product lines, the Company has introduced a wide range of spring and summer products including trikes, bikes, wagons and summer inflatables, and has received initial product orders for delivery in February through April 2003.
?Although our revenues came down from the year ago comparable quarter, income from operations of $304,513 includes about $257,000 in non-cash charges this year as compared to non-cash charges of just over $68,000 on the $727,555 income from operations last year,? commented Ed Shake, President and Chief Operating Officer. ?We are also very encouraged about future sales and growth based upon the introduction of our new spring/summer product lines as well as the recent signing of the license agreement for the Flexible Flyer, Mongoose and Schwinn brand names. Flexible Flyer, a brand established in 1889, is one of the oldest and most recognizable brand names in winter snow products, while the Mongoose and Schwinn brands enjoy wide distribution in various sporting goods categories.?
?In reading the financial statements, a reader should note the disparity in the number of outstanding shares for the current quarter versus the 2001 quarter, taking into account the shares issued as a result of the merger completed in 2002,? stated Barry Hollander, Chief Financial Officer of Torpedo.
Torpedo Sports USA, Inc., through its wholly-owned subsidiary Torpedo Sports, Inc., was founded in 1942 in St-Narcisse, Quebec, Canada and is a manufacturer and distributor of outdoor recreational products for children such as toboggans, baby sleds, snowboards, tricycles, scooters and skateboards. Torpedo Sports? products, manufactured in two factories in Quebec, are sold through a well-established and diversified customer base located throughout Canada and the United States in the value-for-money segment of their respective markets. A market leader in many of its product categories, Torpedo Sports? products are sold through the larger hardware, sports specialty, mass merchant, toy and department stores.
Torpedo Sports USA, Inc. and Subsidiary
Selected Consolidated Financial Data
Quarters ended October 31, 2002 and 2001
(Unaudited)
2002 2001
Net sales $ 3,189,306 $ 4,608,491
Cost of sales 1,913,208 3,045,513
Gross profit 1,276,098 1,562,978
Operating expenses (853,980) (764,536)
Income from operations 422,118 798,442
Other income (expense) (117,605) (70,887)
Income (loss) before income taxes 304,513 727,555
Income tax expense (165,886)
Net income (loss) 138,627 72
Torpedo Sports Announces First Quarter Financial Results