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Wednesday, Feb 28, 2024

Losses Grow at Talon

Zipper-maker Talon International Inc. reported higher losses in its fiscal fourth-quarter, mostly due to a large increase in operating expenses. The Woodland Hills company reported a loss of $862,243 (-4 cents a share) for the quarter ended Dec. 31, compared to a loss of $175,434 (-1 cent) for the same period a year earlier. Sales rose 11 percent to $11.4 million. The company reported a $1 million increase in operating expenses for the quarter, a 26 percent hike from 2011. Spending for marketing was increased to strengthen sales offices in the U.S., Europe and Asia. Legal costs went up almost $350,000 to defend patents and trademark filings worldwide. In addition, there was about $200,000 in professional fees paid out to advisors and board members in connection with an ad hoc committee. “We are pleased with the sales gains achieved this quarter and throughout 2012,” said Chief Executive Lonnie Schnell, in a statement. For the year, the company had a net loss of $2.63 million (-12 cents), compared to a net loss of $2.12 million (-10 cents) in 2011. Revenue rose 7 percent to $44.6 million. Shares gained 1 cent, or 14 percent, to close at 8 cents a share in over-the-counter trading on Friday.

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