Quarterly Revenue up 89%; Gross Profit up 138%
2006-07-26 16:34 ET - News Release
NEW YORK -- (Business Wire) -- July 26, 2006
IGIA, Inc., (OTCBB: IGAI), announced today its financial
results for the fiscal first quarter ended May 31, 2006, including
quarterly revenue of $3,458,885, a 89.5% increase compared to
$1,825,208 in revenues for the quarter ended May 31, 2005. Gross
profit for the quarter was $2,689,377, a 138.3% increase compared to
gross profit of $1,128,721 for the quarter ended May 31, 2005. IGIA, a
designer, developer, and worldwide direct marketer and distributor of
innovative personal and home care items, significantly increased its
purchases of television and Internet advertising to generate the
increases in quarterly revenue and gross profit.
IGIA's quarterly net income was $16,377,174 or $0.44 per share
(basic) and $0.22 per share (diluted), as compared to a net loss of
$2,879,886 or $0.16 per share (basic and diluted) for the quarter
ended May 31, 2005. Primarily contributing to IGIA's net income was
$13,989,024 or $0.37 per share (basic) and $0.19 (diluted) in income
realized from the extinguishment of liabilities of IGIA's Tactica
International, Inc. subsidiary, in connection with its business
restructuring and reorganization plan. Net income also included a
$6,091,309 or $0.16 per share (basic) and $0.08 (diluted) unrealized
gain resulting from a change in IGIA's common stock value which
effects the valuation of securities underlying IGIA's outstanding note
and warrant obligations.
About IGIA: IGIA, Inc., through its wholly-owned subsidiaries, is
a designer, developer, and worldwide direct marketer and distributor
of innovative personal and home care items. Its globally recognized
portfolio of brands includes IGIA(R) and the registered proprietary As
Seen On TV(TM) logo. The IGIA name ranks amongst the most recognizable
personal care brands as cited by an industry publication. In addition,
IGIA markets and sells products through TV infomercials, mass-market
retailers, specialty retailers, catalogs and through
www.igia.com.
This press release contains forward-looking statements. The words
or phrases "may," "intends," "expects," "estimate," "indicate,"
"plans," "anticipates," "could," "if," "will," "should" or similar
expressions are intended to identify "forward-looking statements."
Actual results could differ materially from those projected in
forward-looking statements as a result of a number of risks and
uncertainties. These risks and uncertainties include: (a) whether IGIA
and/or Tactica will obtain additional financing to operate and resolve
its working capital deficiency, including post-petition administrative
expense claims following Tactica's reorganization plan becoming
effective on March 28, 2006 and other company liabilities; (b) whether
IGIA will have adequate credit card processing capacity and terms with
major credit card companies and a credit card processor upon which
IGIA's direct response sales operation is dependent; (c) other factors
set forth in IGIA's periodic reports and registration statements filed
with the Securities and Exchange Commission, which may be reviewed by
accessing the SEC's EDGAR system at www.sec.gov. Statements made
herein are as of the date of this press release and should not be
relied upon as of any subsequent date. IGIA cautions readers not to
place undue reliance on such statements. Unless otherwise required by
applicable law, IGIA does not undertake, and IGIA specifically
disclaims any obligation to update any forward-looking statements to
reflect occurrences, developments, unanticipated events or
circumstances after the date of such statement.
Contacts:
For IGIA, Inc.
Paul Greenfield, 212-575-0500 ext. 134
