Ironclad Performance Wear sales and earnings fall
Ironclad Performance Wear reported net sales for the first quarter were $5.1 million, a decrease of 4.5% percent from $5.3 million for the same time last year.
The decline primarily resulted from reduced sales to ORR Safety in the industrial/safety segment and AutoZone in the retail automotive segment. The company expects sales to ORR Safety to rebound during the second quarter.
The maker of work gloves reported a loss in the quarter of $484,000, or 1 cent per share, compared to a loss of $112,000, or 1 cent, during the same period in 2013.
"The 2014 first quarter performance simply calls out the ups and downs that smaller companies like Ironclad are susceptible to where significant customer concentrations often create dramatic highs and lows quarter to quarter. This is why for the remainder of 2014 we are so focused on expanding our base of distributors and retailers," said chief executive Jeffrey Cordes.
He added that international business was up more than 90% and private label business increased more than 120%.
INDUSTRIAL SUPPLY MAGAZINE
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