Pacific Sands, Inc. Reports Fiscal Third Quarter, Nine Months of 2015 Results
New Products, Re-Positioning for New Market Opportunities
(firmenpresse) - KENOSHA, WI -- (Marketwired) -- 05/18/15 -- Pacific Sands, Inc. (OTCQB: PFSD) (), which manufactures environmentally friendly, non-toxic pool and spa treatment products, as well as liquid and powder cleaning and laundry products, announced today unaudited results for the company''s fiscal third quarter and nine months ended March 31, 2015.
In fiscal third quarter 2015, the company reported a net loss of $136,590 or $(0.003) per diluted share compared with a net loss of $83,361 or $(0.001) per diluted share in fiscal third quarter 2014. For the nine months ended March 31, 2015, the company reported a net loss of $811,717 or $(0.01) per diluted share compared with a net loss of $144,406 or $(0.002) per diluted share during the previous year''s period.
"Our products continue to have a very positive reception among consumers and distributors, and our research and development has led to a number of new and innovative products," said Michael Michie, President and CEO. "For the past year, we have been re-balancing our product lines and our customer base to focus on our most profitable long-term opportunities.
"We trimmed our product offerings by 35%, which supports efficient operations and also frees capacity for some new products coming on-line. We continued to have a mix of private label and branded products, however, we did pull back on some relationships with larger, higher volume, lower-margin customers, primarily in the private label business. As a result, although year-over-year sales are lower, the company''s gross margin in third quarter 2015 improved to 52% from 39% a year earlier."
For the three months ended March 31, 2015, net sales were $592,491 compared with $781,253 for the three months ended March 31, 2014. For the three months ended March 31, 2015, cost of sales declined to $281,486 compared to $474,931 for the same period in the previous fiscal year, reflecting manufacturing economies of scale and more focused product lines.
Net sales in the fiscal nine months of 2015 were $1.91 million compared with $2.05 million in the fiscal nine months of 2014. Gross profit for the nine months of 2015 rose to $827,192 from $822,377 a year earlier, reflecting a focus on the company''s most profitable products.
For the nine months ended March 31, 2015, cost of sales was $1,083,021 compared to $1,223,961 for the same period in the previous fiscal year. The Company''s gross margin increased from 40% for the nine months ended March 31, 2014, to 43% for the current fiscal year to date. For the nine months ended March 31, 2015, and 2014, selling and general administrative expenses were $1,433,357 and $926,852, respectively. This increase was primarily due to the increase in marketing, new product development, and an expansion of the Company''s administrative offices.
The company''s assets were $785,487 at March 31, 2015 compared with $1.08 million at June 30, 2014, with the decline partially reflecting lower inventories from lean manufacturing practices and a decline in receivables, net, to $223,107 from $344,562 reflecting accelerating collections.
Michie concluded: "While aggressively developing new products and focusing on our most profitable opportunities, we believe we are developing a leaner and increasingly productive organization. We are very excited about the company''s prospects and we anticipate excellent performance and results in the coming year. We are building a strong brand presence in several product categories, and have some exciting developments pending."
Pacific Sands, Inc. () is a rapidly growing company that develops, markets and sells unique non-toxic, earth, health and child-friendly products for cleaning, personal hygiene, and water maintenance applications. The company''s ecoone® Spa Treatment system earned a third place finish in the "Best Green Product" category at the International Pool and Spa show held November 2012 in New Orleans.
The statements contained in this release and statements that the company may make orally in connection with this release that are not historical facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those projected in the forward-looking statements, since these forward-looking statements involve risks and uncertainties that could significantly and adversely impact the company''s business. Therefore, actual outcomes and results may differ materially from those made in forward-looking statements.
Contact:
Michael Michie
President & CEO
262-925-0123
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Datum: 18.05.2015 - 14:00 Uhr
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News-ID 1359615
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