Tatyana Designs Posts Results for Nine Months Ended September 30, 2012
27 Novembre 2012 - 3:00PM
Tatyana Designs, Inc. (the "Company") (OTC
Pink:TATD), a growing retailer specializing in contemporary designs
inspired by the iconic Bettie Page, today posted financial results
for the nine months ended September 30, 2012. Represents first
financial report following reverse capitalization completed in
August 2012.
For the nine months ended September 30, 2012:
- Net sales increased 35% to $7.2 million from the $5.3 million
during the comparable nine months of 2011. Nine-month 2012 sales
exceeded total sales for the twelve months of 2011.
- Boutique sales increased 36%.
- Comparable boutique sales increased 7.5%.
- The number of Company owned boutiques increased from six to
nine. The tenth boutique opened in Boston in October and the first
New York City boutique opens this week.
- Wholesale sales to other boutiques increased 43% to $1.67
million.
- E-commerce sales increased 15% to $662,000.
- Gross profit remains steady at 70% of sales.
- Income from operations was $561,000 – during which Company
absorbed startup expenses for four new boutiques.
- Generated $230,000 in cash from operating activities --
increased inventories by $622,000 to support boutique openings and
wholesale and e-commerce growth.
- Net income was $677,000 or $0.07 per share. Included a deferred
tax benefit of $159,000 upon becoming a corporate taxable entity in
August 2012.
The Company ended the nine months at September 30, 2012 with
$743,000 cash, working capital of $1.2 million and inventory of
$1.6 million. The Company financed its growth during the period
from operations along with $560,000 of working capital bank
financing and $150,000 cash from the reverse capitalization. A
total of $600,000 due the Company's majority stockholder for taxes
prior to reverse capitalization has been retained to help finance
growth.
"We are delivering on our announced growth strategy of expanding
our boutique base, managing comparable boutique sales and growing
our wholesale and e-commerce divisions," stated Jan Glaser, Co-CEO
and Treasurer of Tatyana Designs. "We increased sales and
maintained profitability for the nine months, while absorbing new
boutique startup expenses, including a $212,000 non-cash increase
in deferred rent. The performance of our new boutiques in the East
is proving the success of our retro-themed contemporary design
business model. We believe there are many prime 'street' or
up-scale mall locations for boutique growth and we are focused on
delivering against that opportunity while maintaining
profitability."
About the Company - Based in Las Vegas, Nevada,
Tatyana Designs, Inc. is a growing retailer specializing in
contemporary designs inspired by the 50's and the iconic Bettie
Page. The merchandise offered through ten boutiques and active
e-commerce and wholesale divisions is a diverse mix of high-quality
and attractively priced apparel, jewelry, accessories and gifts.
Bettie Page collections target the 18-35 year-old, fashion
conscious, female customer, but women of all ages are attracted to
the unique retro 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
Mark A. Roesler, dba 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.
The Tatyana Designs, Inc. logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=15348
Cautionary note on forward-looking statements:
This press release includes forward-looking information and
statements. Except for historical information contained in this
release, statements in this release may constitute forward-looking
statements relating to future transactions, performance and
developments that may affect future results and the future
viability of the company. Actual results could be affected or
differ materially from those projected in the forward-looking
statements as a result of risks, uncertainties and other factors
identified and discussed in the Company's most recent public
corporate documents
(www.otcmarkets.com/stock/TATD/filings). These forward-looking
statements are based on information and management's expectations
as of the date hereof. Future results may differ materially from
the Company's current expectations.
Tatyana Designs, Inc.
and Affiliates |
Condensed Consolidated
Balance Sheets |
(000's omitted except
per share amount) |
(unaudited) |
|
September 30, |
December 31, |
|
2012 |
2011 |
|
$ |
$ |
ASSETS |
|
|
Current |
|
|
Cash |
743 |
359 |
Inventories |
1,686 |
1,064 |
Other |
422 |
73 |
Total current
assets |
2,851 |
1,496 |
Property and equipment,
net |
490 |
421 |
Deferred income
taxes |
217 |
-- |
Deposits |
317 |
126 |
Licenses and trademarks,
net |
50 |
53 |
Total assets |
3,925 |
2,096 |
|
|
|
LIABILITIES AND STOCKHOLDERS'
EQUITY |
|
|
Current |
|
|
Accounts payable and accruals |
809 |
169 |
Bank debt |
234 |
-- |
Due stockholder |
600 |
500 |
Total current
liabilities |
1,643 |
669 |
Deferred rent |
507 |
295 |
Bank debt - long term |
323 |
-- |
Stockhoder debt - long-term |
500 |
-- |
Total liabilties |
2,973 |
964 |
Stockholders'
equity |
952 |
1,132 |
Total liabilities and
stockholders' equity |
3,925 |
2,096 |
|
|
|
Tatyana Designs, Inc.
and Affiliates |
Condensed Consolidated
Statements of Operations |
(000's omitted except
per share amount) |
(unaudited) |
|
|
|
|
Nine Months |
Year |
|
Ended |
Ended |
|
September 30, |
December 31, |
|
2012 |
2011 |
|
$ |
$ |
Net sales |
7,248 |
7,236 |
Cost of revenues |
2,158 |
2,204 |
Gross profit |
5,090 |
5,032 |
Selling, general and
administrative |
4,529 |
4,009 |
Income from operatons |
561 |
1,023 |
Other expenses |
42 |
64 |
Income before income
tax |
519 |
959 |
Income tax benefit |
(159) |
-- |
Net income |
678 |
959 |
|
|
|
Basic and diluted earnings per common
share |
$0.07 |
$0.10 |
|
|
|
Weighted average shares outstanding: |
|
|
Basic shares |
10,381 |
10,000 |
Diluted shares |
10,412 |
10,000 |
|
|
|
Pro forma net income
data: |
|
|
Income before income tax expense |
519 |
959 |
Pro forma adjustments for income tax
expense |
203 |
355 |
Pro forma net income |
316 |
604 |
|
|
|
Pro forma basic and diluted earnings
per common share |
$0.03 |
$0.06 |
|
|
|
CONTACT: Jan Glaser
702.458.1632 Ext 5
Tatyana Designs (GM) (USOTC:TATD)
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