Tatyana Designs Reports Second Quarter 2013 Results
August 12 2013 - 9:00AM
Tatyana Designs, Inc. (the "Company") (Pink
Sheets:TATD), a growing designer, manufacturer and retailer of
vintage inspired contemporary designs, today posted financial
results for the second quarter of 2013. The Company owns
significant trademarks and license rights, the most prominent being
the exclusive license for dresses and retail stores carrying the
moniker of the iconic Bettie Page.
For the three and six months ended June 30, 2013:
- Net sales increased in Q2 by 45% to $3.8 million from $2.6
million during Q2 of 2012. Net sales for the six months ended June
30, 2013 increased 55% to $6.9 million.
- Bettie Page Boutique sales increased 74% in Q2 and 79% in the
first half of 2013. Comparable boutique sales increased 15% during
the first half of 2013.
- E-commerce sales increased 50% to $638,000 in the first half of
2013.
- The number of Company owned Bettie Page Boutiques increased
from eleven at December 31, 2012 to fifteen at June 30, 2013.
- Gross profit remained strong at over 70% of sales in Q2 and the
first half of 2013.
- Selling, general and administrative costs increased due to the
significant increase in the national scope of operations with
boutiques in twelve states. Results for the first half of 2013
included officer salaries whereas the prior year had no comparable
officer salaries as prior year results were taxable to the member
and treated as distributions.
- During the first half of 2013 generated $464,000 in cash from
operating activities -- increased inventories and related deposits
by $61,000 to support boutique openings and wholesale and
e-commerce growth.
- While absorbing startup expenses for four new boutiques,
non-cash deferred rent of $237,000 and building infrastructure for
continued 2013 growth, the Company reported a profit for Q2 and for
the first half of 2013.
The Company ended the quarter at June 30, 2013 with $892,000
cash, working capital of $1.8 million and inventory and inventory
deposits of $2.8 million. The Company financed its growth during
the first half of 2013 from operations along with $196,000 of
working capital bank financing.
"We delivered strong results in the first half of 2013 with
dramatic sales growth from expanding our boutique base, growing
comparable boutique sales and expanding our e-commerce divisions,"
stated Jan Glaser, co-CEO and treasurer of Tatyana Designs, Inc.
"We absorbed significant new boutique startup expenses including a
$237,000 non-cash increase in deferred rent. We also expanded our
infrastructure to prepare for additional growth in 2013. We are
generating cash from operations to support growth and we are
optimistic about the balance of the year."
About the Company - Based in Las Vegas, Nevada,
Tatyana Designs, Inc. is a growing retailer specializing in
contemporary designs inspired by the 1940's and 50's – the "Golden
Age" of fashion. The Company owns significant trademark and
license rights, the most prominent being the exclusive license for
dresses and retail stores carrying the moniker of the iconic Bettie
Page. The merchandise offered through the boutiques, e-commerce and
wholesale divisions offer a diverse mix of high-quality and
attractively priced apparel, jewelry, accessories and gifts. Bettie
Page Boutiques and e-commerce target the 18-35 year-old, fashion
conscious female customer, but women of all ages are attracted to
the unique retro inspired, yet modern, 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
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.
Cautionary note on forward-looking statements:
Certain statements in this release are "forward-looking
statements" made pursuant to the safe-harbor provisions of the
Private Securities Litigation Reform Act of 1995. Such
forward-looking statements reflect the Company's current
expectations or beliefs concerning future events and are subject to
various risks and uncertainties that may cause actual results to
differ materially from those that we expected, including: possible
adverse changes in general economic conditions and their impact on
consumer confidence and spending; possible inability to predict and
respond in a timely manner to changes in consumer demand; possible
loss of key management or inability to attract and retain the
talent required for our business; possible inability to maintain
and enhance our brand; possible inability to successfully implement
our growth strategies or manage our growing business; possible
inability to successfully open new boutiques as planned; and
possible inability to sustain levels of comparable-boutique sales.
For a discussion of these and other risks and uncertainties
that could cause actual results to differ materially from those
contained in our forward-looking statements, please refer to the
Company's most recent public corporate documents and risk factors
discussed therein (www.otcmarkets.com/stock/TATD/filings). We
undertake no obligation to publicly update or revise any
forward-looking statement. Future results may differ materially
from the Company's current expectations.
|
|
Tatyana Designs,
Inc. |
Condensed Consolidated
Balance Sheets |
(000's omitted except
per share amount) |
(unaudited) |
|
June 30, |
December 31, |
|
2013 |
2012 |
|
$ |
$ |
ASSETS |
|
|
Current |
|
|
Cash |
892 |
608 |
Inventories |
2,800 |
2,553 |
Receivables and other |
363 |
410 |
Total current
assets |
4,055 |
3,571 |
Property and equipment,
net |
701 |
491 |
Deferred income
taxes |
202 |
179 |
Deposits |
425 |
364 |
Total
assets |
5,383 |
4,605 |
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY |
Current |
|
|
Accounts payable and
accruals |
1,300 |
948 |
Bank debt |
519 |
272 |
Due stockholder |
483 |
541 |
Total current
liabilities |
2,302 |
1,761 |
Deferred rent |
958 |
721 |
Bank debt - long term |
216 |
305 |
6% Convertible notes |
300 |
300 |
Stockholder debt -
long-term |
500 |
500 |
Total
liabilities |
4,276 |
3,587 |
Stockholders'
equity |
1,107 |
1,018 |
Total liabilities and
stockholders' equity |
5,383 |
4,605 |
|
Tatyana Designs,
Inc. |
Condensed Consolidated
Statements of Operations |
(000's omitted except
per share amount) |
(unaudited) |
|
|
|
|
|
|
Three Months
Ended |
Six Months
Ended |
|
June 30, |
June 30, |
|
2013 |
2012 |
2013 |
2012 |
|
$ |
$ |
$ |
$ |
Net sales |
3,758 |
2,590 |
6,889 |
4,421 |
Cost of revenues |
869 |
780 |
1,687 |
1,276 |
Gross profit |
2,889 |
1,810 |
5,202 |
3,145 |
Selling, general and
administrative |
2,762 |
1,411 |
5,086 |
2,567 |
Income from operations |
127 |
399 |
116 |
578 |
Other expenses |
35 |
14 |
45 |
38 |
Income before income
tax |
92 |
385 |
71 |
540 |
Income tax benefit |
38 |
-- |
33 |
-- |
Net income |
54 |
385 |
38 |
540 |
|
|
|
|
|
Basic and diluted earnings per common
share |
$0.00 |
$0.04 |
$0.00 |
$0.05 |
|
|
|
|
|
Weighted average shares outstanding: |
|
|
|
|
Basic and diluted shares |
11,935 |
10,000 |
11,935 |
10,000 |
|
|
|
|
|
Pro forma net income
data: |
|
|
|
|
Income before income tax
expense |
|
385 |
|
540 |
Pro forma adjustments for
income tax expense |
|
147 |
|
206 |
Pro forma net income |
|
238 |
|
334 |
|
|
|
|
|
Pro forma basic and diluted earnings per
common share |
|
$0.02 |
|
$0.03 |
CONTACT: Jan Glaser
702.458.1632 Ext 5
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