Attached files
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8-K - LAKELAND INDUSTRIES INC | v205180_8k.htm |
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701-7
Koehler Avenue, Suite 7 - Ronkonkoma, NY 11779
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(631) 981-9700 - www.lakeland.com
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FOR IMMEDIATE
RELEASE
Lakeland
Industries, Inc. Reports 18% Revenue Increase for Third Quarter Fiscal
Year
2011 Financial Results
3Q11
EPS of $0.12 Compared with a loss of $(0.03) in 3Q10;
Outlook
Enhanced with Deferred Income of $0.10 Per Share From Operations in
China
RONKONKOMA,
NY — December 13, 2010 — Lakeland Industries, Inc. (NASDAQ: LAKE) today
announced financial results for its third quarter fiscal year 2011 ended October
31, 2010.
Financial Results Highlights
and Recent Company Developments
§
|
Revenue
of $26.3 million in Q3FY11 up 18% over Q3 last
year
|
§
|
International
revenues grew 14% and domestic revenues increased 21% from
Q3FY10
|
§
|
Gross
margin improved 2 percentage points quarter-over-quarter due to
contributions from international operations and disposables relating to
industry-wide shortages and price
increases
|
§
|
Bank
debt of $5.9 million at end of quarter down from $9.5 million at beginning
of fiscal year
|
§
|
Cash
of $5.5 million at end of Q3FY11
|
§
|
Stock
repurchase plan approved
|
§
|
Visibility
and Growth Outlook Strengthened:
|
|
o
|
Backlog
of $3.4 million at end of quarter for U.S.
disposables
|
|
o
|
Increase
in deferred income from China operations to provide $0.10 in EPS in future
quarters
|
|
o
|
International
markets remain robust and provide higher
margins
|
|
o
|
U.S.
auto sector and related supply chain
improving
|
|
o
|
“Opportunity
Gap” – maximum utilization from global assets/workforce – supportive of
increased market share, revenues and
profits
|
Fiscal 2011 Third Quarter
Financial Results
Net Sales. Net sales
increased $4.0 million, or 18%, to $26.3 million for the three months ended
October 31, 2010, from $22.3 million for the three months ended October 31,
2009. The net increase was due to an increase of $2.8 million or 21%
in domestic sales and $1.2 million or 14% in foreign sales in the fiscal 2011
quarter as compared with the same quarter of the prior year.
External
sales from China increased by $2.3 million, or over 100%, driven by domestic
sales in China and sale of products for international markets. Canadian sales
increased by $0.1 million, or 9.9%, UK sales decreased by 2%, Chile sales
decreased by $0.1 million, in part resulting from an earthquake that led to
business disruptions, and India sales increased by $0.4 million, or
200%. Sales in Brazil were down nearly 8%, mainly from lack of large
bid sales this year as compared with the prior period, although management is
optimistic that the Company will secure several significant contracts for which
proposals remain outstanding.
U.S.
domestic sales of disposables were $11.6 million in 3QFY11 as compared with
$10.3 million in 3QFY10. The increase reflects fulfillment of a
portion of contract backlog stemming from manufacturing capacity constraints and
stock-out conditions earlier in the year. An increase in orders
relating to the Gulf oil spill led to an increase in U.S. chemical suit sales,
which increased to $1.8 million in 3QFY11 from $1.7 million in
3Q10. Domestic sales for woven products increased by $0.5 million,
while reflective products sales increased $0.3 million or 34% driven by demand
from the utilities market. Glove sales in the U.S. were flat due to
increased demand offset by pricing pressures.
Gross Profit. Gross profit
increased $1.5 million, or 27.1%, to $7.2 million for the three months ended
October 31, 2010, from $5.7 million for the three months ended October 31, 2009.
Gross profit as a percentage of net sales increased to 27.3% for the three
months ended October 31, 2010, from 25.4% for the three months ended October 31,
2009. Major factors driving the changes in gross margins were:
·
|
Disposables
gross margin increased by $1.1 million this year compared with last year.
This increase was mainly due to higher margins in 3QFY11 resulting from
lower fabric costs, the industry wide shortages prevailing and price
increases
|
·
|
Brazil’s
gross margin was 41.7% this year compared with 41.1% last year. This
increase was largely due to the sales
mix
|
·
|
Breakeven
at the gross level from India in
3QFY11
|
·
|
Chemical
division gross margin increased 5.3 percentage points resulting from sales
mix
|
·
|
Canada
gross margin increased 4.8 percentage points due to higher volume and
favorable exchange rates
|
·
|
Reduction
of 3QFY11 gross profit from elimination of intercompany results relating
to unusually high deferred sales for China of products that are in transit
at October 31 (and included in inventory). This profit will be recognized
when sold to third parties
|
Operating Expenses. Operating
expenses increased $0.9 million, or 16.3%, to $6.4 million for the three months
ended October 31, 2010, from $5.5 million for the three months ended October 31,
2009. As a percentage of sales, operating expenses decreased to 24.2%
for the three months ended October 31, 2010 from 24.5% for the three months
ended October 31, 2009. The $0.9 million increase in operating
expenses in the three months ended October 31, 2010 as compared to the three
months ended October 31, 2009 was comprised of:
·
|
$0.2
million increase in sales salaries resulting primarily from increased
sales personnel in South America, China and other areas relating to the
Company’s growth strategy
|
·
|
$0.2
million increase in professional fees resulting from management changes in
Brazil and international tax
planning.
|
·
|
$0.2
million increase in freight out shipping costs, in part due to higher
volume and the need for multiple shipments using air freight and
traditional freight to fulfill orders subject to stock-out conditions and
other special circumstances
|
·
|
$0.1
million in increased sales commissions resulting from higher
volume
|
·
|
$0.1
million increase in equity compensation resulting from the 2009 restricted
stock plan treated at the baseline performance
level
|
·
|
$0.1
million in increased operating costs in China were the result of the large
increase in direct international sales made by China that are now
allocated to SG&A costs (previously allocated to cost of goods
sold)
|
·
|
($0.2)
million decrease in administrative payroll mainly resulting from earlier
terminations in Canada and the U.S.
|
·
|
$0.2
million miscellaneous increases
|
Operating profit. Operating
profit increased 340% to $0.8 million for the three months ended October 31,
2010 from $0.2 million for the three months ended October 31,
2009. Operating margins were 3.1% for the three months ended October
31, 2010 compared to 0.8% for the three months ended October 31,
2009.
Interest
Expenses. Interest expenses decreased by $0.5 million for the
three months ended October 31, 2010 as compared to the three months ended
October 31, 2009 due to lower borrowing levels outstanding and lower rates, and
the buyout of the interest rate swap in the third quarter of last
year.
Income Tax
Expense. Income tax expenses consist of federal, state and
foreign income taxes. Income tax expenses increased $0.3 million to
$0.1 million for the three months ended October 31, 2010 from $(0.2) million for
the three months ended October 31, 2009. The Company’s effective tax
rates were 15.1% for 3Q FY11 and 49.6% for the three months ended October 31,
2009, mainly resulting from losses in India in the prior year with no tax
benefit. The effective tax rate for 3QFY11 was due to goodwill write-offs in
Brazil and tax benefits from India resulting from a “check the box” tax status
in the U.S.
Net Income. Net
income increased $0.8 million to $0.6 million for the three months ended October
31, 2010 from a net loss of $(0.2) million for the three months ended October
31, 2009. Earnings per basic and diluted share for the third quarter
of fiscal 2011 was $0.12, an increase from a net loss per basic and diluted
share of $(0.03) in the prior year period. The increase in net income
and earnings per share primarily resulted from higher volumes and higher
margins, offset by the elimination (deferral) of intercompany profits of $0.10
earnings per share due to unusually high production in China mostly in transit
as of October 31, 2010. This profit will be recognized when the
product is sold to third parties; until that time, the products will not be
reflected on the Company’s income statement and will be accounted for as
finished goods inventory.
Fiscal 2011 Nine Months
Financial Results
Net Sales. Net sales
increased $6.9 million, or 9.9%, to $76.2 million for the nine months ended
October 31, 2010, from $69.3 million for the nine months ended October 31, 2009.
The net increase was due to an increase of $6.4 million in foreign sales and an
increase of $0.5 million in domestic sales.
External
sales from China increased by $5.6 million, or 80%, driven by sales for the
Australian market and domestic sales in China. Canadian sales
increased by $0.8 million or 19.6%, UK sales increased by $0.6 million or 18.8%,
Chile sales decreased by $0.6 million or 38%, in part resulting from a
disruption in market activity following an earthquake and an elimination of
Argentina sales which were subtracted from Chile as the Company formed a new
subsidiary encompassing Argentina operations to address growth opportunities in
the country. Sales in Brazil were flat for the first nine months of fiscal year
2011 as compared with the prior year. For the first three quarter of
fiscal 2011 compared with the 2010 period, U.S. domestic sales of disposables
increased by $0.3 million, chemical suit sales decreased by $0.8 million, wovens
increased by $0.2 million, reflective sales were flat, and glove sales increased
by $0.9 million.
Gross Profit. Gross profit
increased $4.0 million or, 22.1%, to $21.9 million for the nine months ended
October 31, 2010, from $17.9 million for the nine months ended October 31, 2009.
Gross profit as a percentage of net sales increased to 28.7% for the nine months
ended October 31, 2010 from 25.8% for the nine months ended October 31,
2009. Major factors driving the changes in gross margins
were:
·
|
Disposables
gross margin increased by 5.4 percentage points this year compared with
last year. This increase was mainly due to higher margins in 3QFY11
resulting from the lower fabric prices
industry-wide
|
·
|
Brazil’s
gross margin was 45.9% this year compared with 42.5% last year. This
increase was largely due to the volume provided by a larger bid contract
earlier this year
|
·
|
Continued
gross losses of $0.2 million from India in FY11, although India achieved
breakeven gross margins for 3QFY11.
|
·
|
Chemical
division gross margin increased 0.2 percentage points resulting from an
improved sales mix as the year
progressed
|
·
|
Canada
gross margin increased 6.1 percentage points due to higher volume and
favorable exchange rates
|
Operating Expenses. Operating
expenses increased $3.1 million, or 18.3%, to $19.9 million for the nine months
ended October 31, 2010, from $16.8 million for the nine months ended October 31,
2009. As a percentage of sales, operating expenses increased to 26.1%
for the nine months ended October 31, 2010 from 24.3% for the nine months ended
October 31, 2009. The $3.1 million increase in operating expenses in
the nine months ended October 31, 2010 as compared to the nine months ended
October 31, 2009 were comprised of:
·
|
$0.5
million in increased operating costs in China were the result of the large
increase in direct international sales made by China that are now
allocated to SG&A costs but which had previously been allocated to
cost of goods sold
|
·
|
$0.5
million increase in freight out shipping costs due to higher volume and to
stock-out conditions, and the need for multiple shipments to fulfill one
order as stock arrived late from a
supplier
|
·
|
$0.4
million increase in equity compensation resulting from the 2009 restricted
stock plan treated at the baseline performance level and the resulting
cumulative charge
|
·
|
$0.3
million increase in foreign exchange costs resulting from unhedged losses
against the Euro in China. The Company has since commenced a hedging
program for the Euro.
|
·
|
$0.3
million increase in professional fees resulting from management changes,
commencement of arbitration proceedings in Brazil and international tax
planning.
|
·
|
$0.2
million increase in administrative payroll mainly resulting from $0.4
million severance pay from terminations in Canada and the U.S., offset by
a resulting $0.2 million lower payroll costs in the remainder of the
year.
|
·
|
$0.2
million increase in sales salaries resulting primarily from increased
sales personnel in South America, China and other areas relating to the
Company’s growth strategy
|
·
|
$0.2
million in increased sales commissions resulting from higher
volume
|
·
|
$0.2
million miscellaneous increases
|
·
|
$0.1
million increase in advertising resulting in lower Co-op advertising
rebates received from suppliers
|
·
|
$0.1
million increase in donations relating to Chile’s earthquake relief
effort
|
·
|
$0.1
million increase in one-time increases in Delaware Franchise
Taxes.
|
Operating Profit. Operating
profit increased $0.9 million to $2.0 million for the nine months ended October
31, 2010 from $1.1 million for the nine months ended October 31,
2009. Operating margins were 2.6% for the nine months ended October
31, 2010 compared to 1.6% for the nine months ended October 31,
2009.
Interest
Expenses. Interest expenses decreased by $0.7 million for the
nine months ended October 31, 2010 as compared to the nine months ended October
31, 2009 due to lower borrowing levels outstanding and lower rates, and the
buyout of the interest rate swap in the third quarter of last year.
Income Tax
Expense. Income tax expenses consist of federal, state and
foreign income taxes. Income tax expenses increased $0.1 million to
$0.3 million for the nine months October 31, 2010 from $0.2 million for the nine
months ended October 31, 2009. The Company’s effective tax rates were
not meaningful for this year or last year. The effective tax rate for 1QFY10 was
affected by a $350,000 allowance against deferred taxes resulting from the India
restructuring, losses in India and UK with no tax benefit, tax benefits in
Brazil resulting from government incentives and goodwill write-offs, and credits
to prior year’s taxes in the U.S. not previously recorded. The
Company’s effective tax rate for the first nine months of fiscal year 2011 was
impacted by goodwill write-offs in Brazil and tax benefits from India resulting
from a “check the box” tax status in the U.S and the $1.6 million charge for a
VAT tax expense in Brazil.
Net Income
(Loss). The Company reported a net loss of $(0.1) million for
the nine months ended October 31, 2010 from a net loss of $(0.1) million for the
nine months ended October 31, 2009. The net loss per basic and
diluted share for the nine months ended October 31, 2010 was $(0.02) as compared
with a loss of $(0.02) per basic and diluted share for the same period of the
prior year. The net loss in the first nine months of fiscal year 2011
primarily resulted from a $1.6 million charge for VAT tax expense in Brazil.
Excluding the Brazilian VAT tax expense, the Company would have reported net
income of $1.5 million or earnings per share of $0.27 for the nine months ended
October 31, 2010, as compared to a net loss of $(0.1) million or a loss per
share of $(0.02) for the same period in fiscal 2010. The improved
profitability before VAT tax expense reflects an increase in sales, increases in
gross margins in disposables, and a $350,000 allowance against deferred taxes in
the prior year resulting from the India restructuring.
Management’s
Comments
Commenting
on the financial results, Lakeland Industries President and Chief Executive
Officer Christopher J. Ryan said, “Lakeland has delivered another strong quarter
driven by growth in both international and domestic operations. For
the last few years, the Lakeland story has centered on growth of faster growing
international markets while the domestic market for our products had declined
precipitously with outsourcing trends and the exporting of “dirty jobs” to
nations with lower cost bases. This negative progression was later
punctuated by the global recession and a severe pullback in the domestic auto
industry. We are pleased to report that by most measures many of the
economies around the world are recovering and the U.S. auto sector is
rebounding, although unlikely to reach its previous levels.
“Lakeland’s
international revenues increased by 14% even though our Brazilian business was
slightly lower year-over-year as it awaits awards on several large bid
contracts. Importantly, we have strengthened our near term prospects
through revenue and earnings visibility and our longer term growth strategies
are gaining traction. Consolidated revenues increased by 18% for the
third quarter to $26.3 million, which on an annualized basis is higher than any
fiscal year revenue reported by the Company in its nearly 30 year
history. We ended the third quarter with a backlog of $3.4 million in
firm orders for domestic disposables, and deferred profits from our operations
in China that should yield approximately $700,000 in pretax profit or $0.10 in
net earnings per share.
“Domestic
operations for Lakeland have improved since bottoming out with the
recession. Of particular importance is the rebounding of the
automotive sector for which we supply our products to manufacturers throughout
the supply chain. Demand for products related to the Gulf oil spill
has been abating, but we are seeing requirements pick up in other sectors of the
domestic economy. Internationally, we are gaining traction in
multiple markets around the world, with particular growth anticipated in China,
Brazil, Mexico, Europe, Chile, Russia and Europe.
“With the
majority of our target markets on an upward trajectory and the heavy spending on
international operations behind us, staffing for management, sales and
manufacturing positions is perhaps the most critical element for our
success. Sales and marketing personnel have been added at our
operations in China, India, Latin America, Kazakhstan and Russia. The
teams have been making considerable inroads toward securing an impressive number
of new product approvals and in setting up direct sales
channels. Charges against earnings were taken earlier in the year and
in the third quarter personnel changes that enabled us to improve upon our
management teams in Brazil, India and North America. We implemented a
headcount reduction at our manufacturing facilities in China during the
recession and amid a modified agreement with DuPont whereby they would supply us
with finished goods and we would be able to reallocate our production
capacity. The additional capacity was not needed until recently
as the global economic recovery took effect. In October we added
nearly 200 sewers hired from a neighboring company that did not plan accordingly
in facing the recession, and just completed an expansion of our plant capacity
in Brazil by 30%.
“Now,
with our manufacturing capacity returning, the Company’s global asset
utilization provides significant upside to our financial results as there is a
substantial opportunity gap to capitalize on. Capital investments are
minimal from this point forward. Incremental to this growth potential
is the agreement with DuPont whereby we resell finished goods they send to us,
which through the third quarter had been hampered by their raw material
constraints but has more recently eased up.
“Our
working capital and cash position increased in the fiscal year, with a cash
balance at October 31, 2010 of $5.5 million. At the same time, we
have reduced our debt from the beginning of the year to a very low and
manageable level below $6 million. With a credit facility of $23.5
million at our disposal, we are provided with significant access to over $17
million for growth capital and acquisitions.
“Reflecting
the confidence we have in Lakeland’s fundamental strengths and growth prospects
as well as the belief that our current share price valuation does not reflect
the Company’s underlying long term value, we announced in November a stock
repurchase program for up to $2,000,000 worth of outstanding common stock. We
believe the repurchase of our common stock and our favorable outlook should
enhance shareholder value.”
Financial Results Conference
Call
Lakeland
will host a conference call at 4:30 PM eastern today to discuss the Company’s
third quarter fiscal year 2011 financial results. The conference call will be
hosted by Christopher J. Ryan, Lakeland’s President and
CEO. Investors can listen to the call by dialing 888-359-3613
(Domestic) or 719-457-1506 (International), Pass Code 2118959.
A
conference call replay will be available by dialing 888-203-1112 (Domestic) or
719-457-0820 (International), Pass Code 2118959.
About
Lakeland Industries, Inc.:
Lakeland
Industries, Inc. (NASDAQ: LAKE) manufactures and sells a comprehensive line of
safety garments and accessories for the industrial protective clothing
market. The Company’s products are sold by a direct sales force and
through independent sales representatives to a network of over 1,000 safety and
mill supply distributors. These distributors in turn supply end user
industrial customers such as chemical/petrochemical, automobile, steel, glass,
construction, smelting, janitorial, pharmaceutical, and high technology
electronics manufacturers, as well as hospitals and laboratories. In
addition, Lakeland supplies federal, state, and local government agencies, fire
and police departments, airport crash rescue units, the Department of Defense,
the Centers for Disease Control and Prevention, and may other federal and state
agencies. For more information concerning Lakeland, please visit the
Company online at www.lakeland.com.
Contacts:
|
|
Lakeland
Industries
|
Darrow
Associates
|
631-981-9700
|
631-367-1866
|
Christopher
Ryan, CJRyan@lakeland.com
|
Jordan
Darrow, jdarrow@darrowir.com
|
Gary
Pokrassa, GAPokrassa@lakeland.com
|
# #
#
“Safe
Harbor” Statement under the Private Securities Litigation Reform Act of
1995: Forward-looking statements involve risks, uncertainties and
assumptions as described from time to time in Press Releases and 8-K(s),
registration statements, annual reports and other periodic reports and filings
filed with the Securities and Exchange Commission or made by
management. All statements, other than statements of historical
facts, which address Lakeland’s expectations of sources or uses for capital or
which express the Company’s expectation for the future with respect to financial
performance or operating strategies can be identified as forward-looking
statements. As a result, there can be no assurance that Lakeland’s
future results will not be materially different from those described herein as
“believed,” “projected,” “planned,” “intended,” “anticipated,” “estimated” or
“expected,” which words reflect the current view of the Company with respect to
future events. We caution readers that these forward-looking
statements speak only as of the date hereof. The Company hereby
expressly disclaims any obligation or undertaking to release publicly any
updates or revisions to any such statements to reflect any change in the
Company’s expectations or any change in events conditions or circumstances on
which such statement is based.
LAKELAND
INDUSTRIES, INC. AND SUBSIDIARIES
CONDENSED
CONSOLIDATED BALANCE SHEETS
(In
thousands)
October 31,
|
January 31,
|
|||||||
2010
|
2010
|
|||||||
(unaudited)
|
||||||||
ASSETS
|
||||||||
Current
assets:
|
||||||||
Cash
and cash equivalents
|
$ | 5,455 | $ | 5,093 | ||||
Accounts
receivable, net
|
17,395 | 15,809 | ||||||
Inventories
|
38,780 | 38,576 | ||||||
Deferred
income taxes
|
1,473 | 1,262 | ||||||
Prepaid
Income Taxes and other current assets
|
4,018 | 4,087 | ||||||
Total
current assets
|
67,121 | 64,827 | ||||||
Property
and equipment, net
|
13,782 | 13,743 | ||||||
Goodwill
|
6,226 | 5,829 | ||||||
Other
assets
|
8,069 | 5,622 | ||||||
$ | 95,198 | $ | 90,020 | |||||
LIABILITIES
AND STOCKHOLDERS' EQUITY
|
||||||||
Current
liabilities:
|
||||||||
Accounts
payable
|
$ | 7,377 | $ | 3,883 | ||||
Accrued
expenses and other current liabilities
|
2,639 | 2,427 | ||||||
Borrowing
under revolving credit facility
|
— | 9,518 | ||||||
Current
maturity of long term debt
|
98 | 93 | ||||||
Total
current liabilities
|
10,114 | 15,921 | ||||||
Borrowing
under revolving credit facility
|
5,859 | — | ||||||
Construction
loan payable
|
1,588 | 1,583 | ||||||
VAT
taxes payable long-term
|
3,309 | — | ||||||
Other
non current liabilities
|
102 | 92 | ||||||
Total
liabilities
|
20,972 | 17,596 | ||||||
Stockholders'
equity
|
||||||||
Common
stock, $0.01 par; authorized
|
||||||||
10,000,000
shares; issued and outstanding
|
||||||||
5,567,652
and 5,564,732 shares at October 31, 2010
|
||||||||
and
at January 31, 2010, respectively
|
56 | 55 | ||||||
Less
treasury stock, at cost, 125,322 shares at
|
||||||||
October
31, 2010 and January 31, 2010
|
(1,353 | ) | (1,353 | ) | ||||
Additional
paid-in capital
|
50,203 | 49,623 | ||||||
Retained
earnings
|
25,096 | 25,221 | ||||||
Other
comprehensive income (loss)
|
224 | (1,122 | ) | |||||
Total
stockholders' equity
|
74,226 | 72,424 | ||||||
Total
liabilities and stockholders' equity
|
$ | 95,198 | $ | 90,020 |
LAKELAND
INDUSTRIES, INC. AND SUBSIDIARIES
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
(In
thousands, except shares and per share data)
(unaudited)
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
October
31,
|
October
31,
|
|||||||||||||||
2010
|
2009
|
2010
|
2009
|
|||||||||||||
Net
sales
|
$ | 26,293 | $ | 22,285 | $ | 76,207 | $ | 69,310 | ||||||||
Cost
of goods sold
|
19,106 | 16,629 | 54,344 | 51,407 | ||||||||||||
Gross
profit
|
7,187 | 5,656 | 21,863 | 17,903 | ||||||||||||
Operating
expenses
|
6,361 | 5,468 | 19,906 | 16,823 | ||||||||||||
Operating
profit
|
826 | 188 | 1,957 | 1,080 | ||||||||||||
VAT
tax charge Brazil
|
— | — | (1,583 | ) | — | |||||||||||
Interest
and other income, net
|
16 | 6 | 51 | 60 | ||||||||||||
Interest
expense
|
(77 | ) | (572 | ) | (256 | ) | (992 | ) | ||||||||
Income
(loss) before income taxes
|
765 | (378 | ) | 169 | 148 | |||||||||||
Provision
for income taxes
|
116 | (188 | ) | 294 | 233 | |||||||||||
Net
income (loss)
|
$ | 649 | $ | (190 | ) | $ | (125 | ) | $ | (85 | ) | |||||
Net
income (loss) per common share*:
|
||||||||||||||||
Basic
|
$ | 0.12 | $ | (0.03 | ) | $ | (0.02 | ) | $ | (0.02 | ) | |||||
Diluted
|
$ | 0.12 | $ | (0.03 | ) | $ | (0.02 | ) | $ | (0.02 | ) | |||||
Weighted
average common
|
||||||||||||||||
shares
outstanding:
|
||||||||||||||||
Basic
|
5,440,520 | 5,438,400 | 5,440,396 | 5,420,244 | ||||||||||||
Diluted
|
5,546,389 | 5,458,777 | 5,513,939 | 5,440,484 |