RESULTS OF OPERATIONS
Net Sales: Net sales for 2012 decreased by $1,570,107 or 11.43%, to $12,162,046, from $13,732,153 in 2011. Sales decreased during the year of 2012 primarily due to a lower amount of bookings and projects executed by the Company during the year and overall decrease in market demand during the year.
Gross Profit: Gross profits for 2012 decreased $701,284 or 32.90% to $1,430,128, which was 11.76% of net sales, from $2,131,412 in 2011, which was 15.52% of net sales. The decrease in gross margin in 2012 was a direct results of the lower gross margin projects executed by the Company in this fiscal year. In 2011, the higher gross margin was a result of the high gross margin of projects executed during that year.
Operating Expenses: Operating expenses for 2012 decreased $344,035 or 33.48%, to $683,372 from $1,027,407 in 2011. Operating expenses as percentage of sales decreased in 2012 to 5.62% from 7.48% in 2011. The percentage decrease in operating expenses percentage was primarily due to lower sales in 2012 as compared to 2011. The 33.48% decrease in operating expenses in 2012 was due to less selling and general expenses as a result of poor market conditions.
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they are just floating. little CEO just coasts along getting paid with OPM. no drive to boost sales, no announced contracts, no follow-thru on any PR that was put out in the last year. the only positive is that there was a slight boost to stockholder's equity, but not by much. JMHO
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