DAC Technologies Announces Second Quarter 2009 Results
Second Quarter Profits Increase 1489%
Press Release
Source: DAC Technologies Group International, Inc.
On Monday August 17, 2009, 7:00 am EDT
Companies:DAC Technologies Group International Inc.
LITTLE ROCK, AR--(Marketwire - 08/17/09) - DAC Technologies (OTC.BB:DAAT - News)
-- Positive Trends Continue
-- Gross Margins Continue to Increase
-- FY2009 Guidance Increased
DAC Technologies (OTC.BB:DAAT - News) today announced net income for the quarter ending June 30, 2009 of $128,566 versus $8,090 for the same period in 2008. This is an increase of $120,476, or 1489%. Net sales for the second quarter 2009 were $3,143,041 versus $2,724,258 for the second quarter 2008. This is an increase of $418,783, or 15%.
David A. Collins, Chairman and CEO, stated, "The Company continues to benefit from a positive trend in firearm accessories and concentrating on its core business of gun cleaning kits, gun locks and firearm accessories. The Company also continued to increase its gross margins, from 25% in the second quarter of 2008 to 30.2% for the second quarter of 2009, an increase of 5.2%. Gross margins also increased in the first quarter by 3.5% over 2008. The Company is also benefiting from lower shipping costs, elimination of low gross margin products such as fireplace equipment and game processing items, and lower commodity prices. We expect this trend to continue through 2009 into 2010, even as commodity prices go to average levels."
Collins also stated, "Net sales were $6,676,498 for the first six months of 2009, an increase of 23% over 2008. Net income for the first six months of 2009 was $312,865, almost equal to the full year's net income of $356,694 for 2008. It will be difficult to maintain the large sales increases we have enjoyed in the first six months, mainly due to the fact that most of the low gross margin products we have eliminated were fall sales items. We do expect to maintain large sales increases in our core business of gun accessories, both through existing customers and increased market share. Due to these facts, the Company is raising guidance on EPS from 12 to 14 cents per share to 14 to 16 cents per share."
About DAC:
DAC Technologies Group International, Inc. is an outsource manufacturer of high quality, reasonably priced security safes, gunlocks, gun cleaning kits, sporting goods, household cleaning products and various hardware items. DAC distributes its products through mass merchandisers such as Wal-Mart and Kmart, and sporting goods retailers and distributors such as Cabela's, Acusport, Jerry's, RSR, Maurice, Academy Sports, Sports Authority and others. DAC also provides gunlocks to OEM gun manufacturers such as Glock, SigArms, Savage, Weatherby, as well as others. Also, DAC's products are distributed through catalog companies.
The Private Securities Reform Act of 1995 provides a "safe harbor" for forward-looking statements. Certain information included in this press release (as well as information included in written statements to be made) contains statements that are forward looking, such as those relating to consummation of the transaction, anticipated future revenue of the Company's and success of current public offerings. Such forward-looking information involves important risks and uncertainties that could significantly affect anticipated results in the future and, accordingly, such results may differ materially from those expressed in any forward-looking statements.
DAC TECHNOLOGIES GROUP INTERNATIONAL, INC. Condensed Consolidated Balance Sheet June 30, 2009 and December 31, 2008 Assets June 30 December 31 2009 2008 ----------- ----------- (unaudited) Current assets Cash $ 69,026 $ 599,103 Accounts receivable 610,838 495,718 Due from factor 524,170 1,542,918 Inventories 5,399,082 2,742,563 Prepaid expenses and deferred charges 108,184 72,068 Current deferred income tax benefit 31,019 31,019 ----------- ----------- Total current assets 6,742,319 5,483,389 ----------- ----------- Property and equipment, net 269,943 266,011 ----------- ----------- Other assets 480,726 430,586 ----------- ----------- Total assets $ 7,492,988 $ 6,179,986 =========== =========== Liabilities and Stockholders' Equity Current liabilities Notes payable $ 80,155 $ 104,609 Accounts payable 1,838,194 795,136 Accrued expenses 70,281 118,369 Income taxes payable 148,240 89,700 ----------- ----------- Total current liabilities 2,136,870 1,107,814 ----------- ----------- Deferred income tax liability 66,574 66,574 ----------- ----------- Stockholders' equity Common stock 6,323 6,323 Additional paid-in capital 1,963,102 1,963,102 Treasury stock, at cost (401,043) (372,124) Retained earnings 3,721,162 3,408,297 ----------- ----------- Total stockholders' equity 5,289,544 5,005,598 ----------- ----------- Total liabilities and stockholders' equity $ 7,492,988 $ 6,179,986 =========== =========== DAC TECHNOLOGIES GROUP INTERNATIONAL, INC. Condensed Consolidated Statements of Operations For The Three Months Ended June 30, 2009 and 2008 Unaudited Percent Increase 2009 2008 (Decrease) ----------- ----------- Net sales $ 3,143,041 $ 2,724,258 15% Cost of sales 2,195,174 2,043,077 7% ----------- ----------- Gross profit 947,867 681,181 28% ----------- ----------- Operating expenses Selling 399,352 336,131 19% General and administrative 298,514 287,764 4% ----------- ----------- Total operating expenses 697,866 623,895 12% ----------- ----------- Income from operations 250,001 57,286 336% ----------- ----------- Other income (expense) Interest expense (41,265) (43,579) ----------- ----------- Total other income (expense) (41,265) (43,579) -5% ----------- ----------- Income before income tax provision 208,736 13,707 1423% Provision for income taxes 80,170 5,617 1327% ----------- ----------- Net income $ 128,566 $ 8,090 1489% =========== =========== Basic and diluted earnings per share $ 0.02 $ - =========== =========== Weighted average number of common shares: Basic and diluted 5,793,699 6,032,899
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