Gruss E.
chart.bigcharts.com/bc3/quickchart/...09&mocktick=1&rand=9882"
Kleiner Rückblick auf die Quartalszahlen von Februar, aus einem Verlust von 0,42 wurde ein Gewinn von 0,08 gezaubert.
Zindart Improves Revenue, Sustains Profitability In Q3; Strong Gross Margins in all Divisions Contribute to Positive 9 Month Result
WEDNESDAY, FEBRUARY 19, 2003 8:04 AM
- BusinessWire
HONG KONG, Feb 19, 2003 (BUSINESS WIRE) -- Zindart Limited (ZNDT) today reported revenues of $29.2 million and net profit of $0.7 million, or $0.08 per share (diluted), for Zindart's third quarter of fiscal 2003, which ended Dec. 31, 2002, an increase in both revenues and profit when compared to revenues of $27.6 million and a net loss of $3.7 million, or $0.42 per share (diluted), for the same period in fiscal 2002.
Revenues for the nine months ended Dec. 31, 2002 were $91.3 million, with net profit of $0.8 million, or $0.09 per share (diluted), compared to revenues of $93.6 million and a net loss of $6.0 million, or $0.68 per share (diluted), for the same period in fiscal 2002.
Profit before taxes for the nine months ended Dec. 31, 2002 was $1.8 million. This represents a favorable swing of $8.8 million in profit before tax for the same period a year ago.
Company Recovery on Track, Says Chairman
"All the figures indicate we're headed the right way. All business units are showing favorable improvement, reflected in better numbers across the board, a fundamental indicator that our recovery is on track," Peter Gardiner, chairman, Zindart, said.
All divisions were profitable before and after tax, for the first nine months of fiscal 2003. This improvement was a direct function of management action to cut costs across the entire company, a move that resulted in a $3.1 million reduction in SG&A expenses against the equivalent period of a year ago, Gardiner said. Customer and product mix have also been improved, resulting in an increase of 4.7 percent in year to date gross margin against last year, according to Gardiner.
Both the Hua Yang and Zindart Manufacturing business units added contracts from the makers of Cranium, one of the world's most popular board games. Zindart Manufacturing also won new contracts for promotional premiums, gained new customers in its traditional toy markets and diversified into bathroom and kitchen plumbing and fixtures. Hua Yang added several printing contracts and expanded its position in the luxury goods packaging market. Corgi Classics continued to grow its revenues in the specialty collector channel as well as increasing the number of general consumer outlets carrying a range of new products specifically designed for the mass market channel.
Gardiner said new customers and new products in each unit have helped to offset the inherently cyclical nature of Zindart's traditional business.
Zindart is adding new lending facilities to cover the company's short-term debt, in anticipation of a growth in revenues, Gardiner said. Long term debt incurred for the acquisition of Corgi has now been reduced from $30 million to $3.8 million. This, together with new operations and financial controls, has favorably impacted the balance sheet as well as reducing the interest burden.
Board Changes
Zindart has added two new members to its Board of Directors. Iain Gray, a Scottish chartered accountant who runs a private investment group headquartered in Sydney, Australia, and Ted Ohya, recently retired Vice Chairman of Chekiang First Bank of Hong Kong. These new directors replace Monique Lau and Christopher Guest, both of whom have resigned from the Board.
Both new directors were named to the Company's Audit Committee. Gray will serve as chair. Gray and Ohya, both independent directors, add significant financial expertise to the Company's Audit Committee, which also includes Victor Yang, a prominent Hong Kong based attorney.
About Zindart
Zindart is a global national manufacturer, supplying a wide range of plastic, die-cast and paper products, both under its own brands and for large consumer products companies.
Gruss E.
Kleiner Rückblick auf die Quartalszahlen von Februar, aus einem Verlust von 0,42 wurde ein Gewinn von 0,08 gezaubert.
Zindart Improves Revenue, Sustains Profitability In Q3; Strong Gross Margins in all Divisions Contribute to Positive 9 Month Result
WEDNESDAY, FEBRUARY 19, 2003 8:04 AM
- BusinessWire
HONG KONG, Feb 19, 2003 (BUSINESS WIRE) -- Zindart Limited (ZNDT) today reported revenues of $29.2 million and net profit of $0.7 million, or $0.08 per share (diluted), for Zindart's third quarter of fiscal 2003, which ended Dec. 31, 2002, an increase in both revenues and profit when compared to revenues of $27.6 million and a net loss of $3.7 million, or $0.42 per share (diluted), for the same period in fiscal 2002.
Revenues for the nine months ended Dec. 31, 2002 were $91.3 million, with net profit of $0.8 million, or $0.09 per share (diluted), compared to revenues of $93.6 million and a net loss of $6.0 million, or $0.68 per share (diluted), for the same period in fiscal 2002.
Profit before taxes for the nine months ended Dec. 31, 2002 was $1.8 million. This represents a favorable swing of $8.8 million in profit before tax for the same period a year ago.
Company Recovery on Track, Says Chairman
"All the figures indicate we're headed the right way. All business units are showing favorable improvement, reflected in better numbers across the board, a fundamental indicator that our recovery is on track," Peter Gardiner, chairman, Zindart, said.
All divisions were profitable before and after tax, for the first nine months of fiscal 2003. This improvement was a direct function of management action to cut costs across the entire company, a move that resulted in a $3.1 million reduction in SG&A expenses against the equivalent period of a year ago, Gardiner said. Customer and product mix have also been improved, resulting in an increase of 4.7 percent in year to date gross margin against last year, according to Gardiner.
Both the Hua Yang and Zindart Manufacturing business units added contracts from the makers of Cranium, one of the world's most popular board games. Zindart Manufacturing also won new contracts for promotional premiums, gained new customers in its traditional toy markets and diversified into bathroom and kitchen plumbing and fixtures. Hua Yang added several printing contracts and expanded its position in the luxury goods packaging market. Corgi Classics continued to grow its revenues in the specialty collector channel as well as increasing the number of general consumer outlets carrying a range of new products specifically designed for the mass market channel.
Gardiner said new customers and new products in each unit have helped to offset the inherently cyclical nature of Zindart's traditional business.
Zindart is adding new lending facilities to cover the company's short-term debt, in anticipation of a growth in revenues, Gardiner said. Long term debt incurred for the acquisition of Corgi has now been reduced from $30 million to $3.8 million. This, together with new operations and financial controls, has favorably impacted the balance sheet as well as reducing the interest burden.
Board Changes
Zindart has added two new members to its Board of Directors. Iain Gray, a Scottish chartered accountant who runs a private investment group headquartered in Sydney, Australia, and Ted Ohya, recently retired Vice Chairman of Chekiang First Bank of Hong Kong. These new directors replace Monique Lau and Christopher Guest, both of whom have resigned from the Board.
Both new directors were named to the Company's Audit Committee. Gray will serve as chair. Gray and Ohya, both independent directors, add significant financial expertise to the Company's Audit Committee, which also includes Victor Yang, a prominent Hong Kong based attorney.
About Zindart
Zindart is a global national manufacturer, supplying a wide range of plastic, die-cast and paper products, both under its own brands and for large consumer products companies.
Gruss E.
