NewsBlaze logo
Newsletter logo   Search News     Daily News   
web2.0 logo   win logo
Published:

DAC Technologies Announces Six Months Results Ending June 30, 2006

DAC Technologies (OTCBB: DAAT) today announced net sales for the six months ending June 30, 2006 of $5,480,336 as compared to $4,527,240 for the same period in 2005. This is an increase of $953,126, or 21%. Income from operations for the six months was $770,512 versus $654,754, an increase of $115,758, or 18% over 2005. Net income for the six month period was $403,078 versus $353,092 for the same period in 2005. This is an increase of $49,986, or 14%. Earnings per share for the six month period were $0.07 as compared to $0.06 for 2005. This is an increase of $0.01, or 17%.

For the three month period ending June 30, 2006, net sales were $2,717,169 as compared to $2,264,162 for the same period in 2005. This is an increase of $453,007, or 20%. Income from operations for the three month period was $386,784 versus $335,934, an increase of $50,850, or 15%. Net income for the three months was $205,896 as compared to $186,650 in the prior year. This is an increase of $19,246, or 10%.

David A. Collins, Chairman and CEO, stated, "The Company's inventory is considerably higher this year due to the Company bringing in goods earlier, primarily to meet customers' demands and service Wal-Mart with electric meat grinders and the new game processing kit. The Company incurred extra freight and borrowing costs, primarily in the second quarter, which affected earnings, but should be beneficial in the third and fourth quarters. The Company has also installed a totally new computer system to accommodate growth and Wal-Mart. This has required the Company to employ a computer analyst and an additional assistant, but will service the Company, its customers and growth in the years to come."

Collins also stated, "The Company is developing new products for the sporting goods market and products outside of the sporting goods market. The Company will continue to grow revenues and tightly control expenses. The Company has also received a large, special holiday order from Wal-Mart for its TBX Firearm Wooden Tool Box to begin shipping the end of October, beginning of November, for the Christmas holiday season."

                         DAC TECHNOLOGIES GROUP INTERNATIONAL, INC.
                      Condensed Statements of Operations (Consolidated)
                       For The Six Months Ended June 30, 2006 and 2005

                                                      $ Increase % Increase
                                  2006        2005    (Decrease) (Decrease)
                                  ----        ----

Net sales                      $5,480,366  $4,527,240  $  953,126   21%
Cost of sales                   3,540,411   2,911,277     629,134   22%
                               ----------  ----------  ----------
Gross profit                    1,939,955   1,615,963     323,992   20%
                               ----------  ----------  ----------

Operating expenses
   Selling                        659,331     517,890     141,441   27%
   General and administrative     510,112     443,319      66,793   15%
                               ----------  ----------  ----------
Total operating expenses        1,169,443     961,209     208,234   22%
                               ----------  ----------  ----------

Income from operations            770,512     654,754     115,758   18%

Other income (expense)
   Interest expense              (110,871)    (76,608)     34,263   45%
                               ----------  ----------  ----------

Income before income tax
 provision                        659,641     578,146      81,495   14%

Provision for income taxes        256,563     225,054      31,509   14%
                               ----------  ----------  ----------

Net income                     $  403,078  $  353,092  $   49,986   14%
                               ==========  ==========  ==========

Basic and diluted earnings
 per share                     $     0.07  $     0.06  $     0.01   17%
                               ==========  ==========  ==========


                             Key Balance Sheet Information
                           June 30, 2006 and December 31, 2005

                                June 30,    Dec. 31,  $ Increase % Increase
                                  2006        2005    (Decrease) (Decrease)

Cash                           $  356,024  $  130,886  $  225,138  172%
Accounts receivable             1,420,850     692,690     728,160  105%
Due from factor                   552,638   1,313,618    (760,980) -58%
Inventories                     3,691,108   2,704,310     986,798   36%
Total current assets            6,215,210   4,920,677   1,294,533   26%
Total assets                    6,794,521   5,499,502   1,295,019   24%
Current liabilities             2,632,380   1,658,106     974,274   59%
Retained earnings               2,360,949   1,957,871     403,078   21%
Total stockholders' equity     $4,129,041  $3,825,896  $  303,145    8%

About DAC:

DAC Technologies Group International, Inc. is an outsource manufacturer of high quality, reasonably priced security safes, gunlocks, gun cleaning kits and security products, as well as accessory items for the sporting goods market. DAC distributes its products through mass merchandisers such as Wal-Mart and Kmart, and sporting goods retailers and distributors such as Dick's, Big Five, Cabela's, Acusport, Jerry's, RSR and others. DAC also provides gunlocks to OEM gun manufacturers such as Glock, SigArms, Savage, Marlin and Taurus, 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) contain 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.


Tags: ,Manufacturing and Production:ForestandPaperProducts, ManufacturingandProduction:MachineryandTools, ManufacturingandProduction:MiningandMetals, ManufacturingandProduction:PackagingandContainers, ManufacturingandProduction:Textiles, ,OTCBULLB,OTCBULLB,AR,LITTLE ROCK, AR
   _   _

  care2 logo   digg logo   blogger logo   newsfeeder logo   netscape logo  
Is your favorite bookmark site missing? Ask for it.
marker


Sponsor Links:

Writers Wanted
Help NewsBlaze provide daily news, including top stories, Home and Garden, Technology, The Environment and more. NewsBlaze Writer
Relevant Sites:

NewsBlaze 

Copyright © 2004-2008 NewsBlaze LLC
Use of this website is subject to our Terms of Service and Privacy Policy       Support    Press Room