DAC Technologies (OTCBB: DAAT) today announced results for the
quarter ending September 30, 2009. For the nine months ending
September 30, 2009 the Company reported net income of $386,241 on
net sales of $9,774,701, as compared to net income of $133,548 and
net sales of $9,360,487 for the same period in 2008. This is an
increase in net income of $252,693, or 189%. Earnings per share for
the nine months ending September 30, 2009 were seven cents per
share as compared to two cents per share in 2008, an increase of
250%.
For the three months ending September 30, 2009 the Company
reported net income of $73,375 and net sales of $3,098,204 as
compared to $83,484 and $3,920,460, respectively, in 2008.
David A. Collins, Chairman and CEO, stated, "As discussed in
previous press releases, the Company is not manufacturing the low
gross margin items, such as fireplace accessories and game
processing equipment. This business was all done in the 3rd and 4th
quarters of 2008 and totaled $4,796,387 in revenue during that
period. Although we knew this would affect sales in 2009, the
Company has chosen to concentrate on its core business of gun
cleaning kits and gun accessories and in increasing its gross
margins. The Company has increased its core business in 2009 by
$1,901,049, or 32%. Gross margins have increased from 25% in 2008
to 30% in 2009. Although sales for the nine months increased only
4%, the Company's net income has increased 189%, in large part due
to the increase in gross margins. The Company has introduced a new
line of Winchester® gun cleaning kits into Wal-Mart in 2009 and
looks forward to expanding its Winchester® products in both
Wal-Mart and other retailers in 2010."
About DAC:
DAC Technologies Group International, Inc. is an outsource
manufacturer of high quality, reasonably priced security safes,
gunlocks, gun cleaning kits, sporting goods, household cleaning
products and various hardware items. DAC distributes its products
through mass merchandisers such as Wal-Mart and Kmart, and sporting
goods retailers and distributors such as Cabela's, Acusport,
Jerry's, RSR, Maurice, Academy Sports, Sports Authority and others.
DAC also provides gunlocks to OEM gun manufacturers such as Glock,
SigArms, Savage, Weatherby, as well as others. Also, DAC's products
are distributed through catalog companies.
The Private Securities Reform Act of 1995 provides a "safe
harbor" for forward-looking statements. Certain information
included in this press release (as well as information included in
written statements to be made) contains statements that are forward
looking, such as those relating to consummation of the transaction,
anticipated future revenue of the Company's and success of current
public offerings. Such forward-looking information involves
important risks and uncertainties that could significantly affect
anticipated results in the future and, accordingly, such results
may differ materially from those expressed in any forward-looking
statements.
DAC TECHNOLOGIES GROUP INTERNATIONAL, INC.
Condensed Consolidated Balance Sheet
September 30, 2009 and December 31, 2008
Assets
Sept. 30 Dec. 31
2009 2008
----------- -----------
(unaudited)
Current assets
Cash $ 212,325 $ 599,103
Accounts receivable, less allowance for
doubtful accounts of $20,000 in 2009 and 2008 682,479 495,718
Due from factor 4,913 1,542,918
Inventories 6,502,796 2,742,563
Prepaid expenses and deferred charges 73,095 72,068
Current deferred income tax benefit 31,019 31,019
----------- -----------
Total current assets 7,506,627 5,483,389
----------- -----------
Property and equipment, net 266,359 266,011
----------- -----------
Other assets 518,317 430,586
----------- -----------
Total assets $ 8,291,303 $ 6,179,986
=========== ===========
Liabilities and Stockholders' Equity
Current liabilities
Notes payable $ 417,611 $ 104,609
Accounts payable 2,174,836 795,136
Accrued expenses 73,738 118,369
Income taxes payable 195,625 89,700
----------- -----------
Total current liabilities 2,861,810 1,107,814
----------- -----------
Deferred income tax liability 66,574 66,574
----------- -----------
Stockholders' equity
Common stock 6,323 6,323
Additional paid-in capital 1,963,102 1,963,102
Treasury stock, at cost (401,043) (372,124)
Retained earnings 3,794,537 3,408,297
----------- -----------
Total stockholders' equity 5,362,919 5,005,598
----------- -----------
Total liabilities and stockholders' equity $ 8,291,303 $ 6,179,986
=========== ===========
DAC TECHNOLOGIES GROUP INTERNATIONAL, INC.
Condensed Consolidated Statements of Operations
For The Nine Months Ended September 30, 2009 and 2008
Unaudited
Percent
Increase
2009 2008 (Decrease)
---------- ----------
Net sales $9,774,700 $9,360,487 4%
Cost of sales 6,878,764 7,029,159 -2%
---------- ----------
Gross profit 2,895,936 2,331,328 24%
---------- ----------
Operating expenses
Selling 1,253,450 1,061,411 18%
General and administrative 882,198 848,629 4%
---------- ----------
Total operating expenses 2,135,648 1,910,040 12%
---------- ----------
Income from operations 760,288 421,288 80%
---------- ----------
Other income (expense)
Interest expense (129,987) (170,349)
Other income 14 0
---------- ----------
Total other income (expense) (129,973) (170,349) -24%
---------- ----------
Income before income tax provision 630,315 250,939 151%
Provision for income taxes 244,075 117,391 108%
---------- ----------
Net income $ 386,240 $ 133,548 189%
========== ==========
Basic and diluted earnings per share $ 0.07 $ 0.02 250%
========== ==========
Weighted average number of common shares:
Basic and diluted 5,814,802 6,033,985
For Shareholder Information please call: 1-800-920-0098 or email
at Email Contact
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