HOPKINS, Minn., Nov. 8 /PRNewswire-FirstCall/ --
(Unaudited) (Unaudited)
For the three months ended For the six months ended
September 30, September 30,
2007 2006 2007 2006
Net sales $3,069,762 $2,315,781 $7,940,405 $7,836,896
Gross
profit 759,209 479,708 1,773,250 1,914,532
Net income (loss)
attributable to
common shareholders $68,969 $447,020 $(94,467) $867,252
The Company's net sales of $3,069,762 for the third quarter ended
September 30, 2007 increased by 33% or $753,981 from $2,315,781 for the
same period in 2006. The Company's net sales of $7,940,405 for the nine
months ended September 30, 2007 increased by 1% or $103,509 from $7,836,896
for the same period in 2006. Gross profit was $759,209 or 25% for the third
quarter ended September 30, 2007, compared to $479,708 or 21% for the same
period in 2006. Selling, general and administrative expenses were $640,882
or 21% of net sales for the third quarter of 2007 compared to $(17,556) or
(1)% of net sales for the same period in 2006. The increase for the quarter
ended September 30, 2007 of $658,438 or 3,751% is due to a decrease in the
recognized gain from the sale of building of $494,100, with the remaining
increase of $164,338 primarily due to increased selling expenses
attributable to commissions and travel, and increased administrative
expenses due to legal and professional fees attributable to the filing of
Schedule 13E-3 with the Securities and Exchange Commission in connection
with a "going private" transaction. Net income attributable to common
shareholders for the third quarter of 2007 was $68,969 or $0.01 per basic
and diluted share, compared to a net income attributable to common
shareholders of $44
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