LAS VEGAS, Aug. 12, 2013 (GLOBE NEWSWIRE) -- Tatyana Designs, Inc. (the "Company") (Pink Sheets:TATD), a growing designer, manufacturer and retailer of vintage inspired contemporary designs, today posted financial results for the second quarter of 2013. The Company owns significant trademarks and license rights, the most prominent being the exclusive license for dresses and retail stores carrying the moniker of the iconic Bettie Page.
For the three and six months ended June 30, 2013:
- Net sales increased in Q2 by 45% to $3.8 million from $2.6 million during Q2 of 2012. Net sales for the six months ended June 30, 2013 increased 55% to $6.9 million.
- Bettie Page Boutique sales increased 74% in Q2 and 79% in the first half of 2013. Comparable boutique sales increased 15% during the first half of 2013.
- E-commerce sales increased 50% to $638,000 in the first half of 2013.
- The number of Company owned Bettie Page Boutiques increased from eleven at December 31, 2012 to fifteen at June 30, 2013.
- Gross profit remained strong at over 70% of sales in Q2 and the first half of 2013.
- Selling, general and administrative costs increased due to the significant increase in the national scope of operations with boutiques in twelve states. Results for the first half of 2013 included officer salaries whereas the prior year had no comparable officer salaries as prior year results were taxable to the member and treated as distributions.
- During the first half of 2013 generated $464,000 in cash from operating activities -- increased inventories and related deposits by $61,000 to support boutique openings and wholesale and e-commerce growth.
- While absorbing startup expenses for four new boutiques, non-cash deferred rent of $237,000 and building infrastructure for continued 2013 growth, the Company reported a profit for Q2 and for the first half of 2013.
The Company ended the quarter at June 30, 2013 with $892,000 cash, working capital of $1.8 million and inventory and inventory deposits of $2.8 million. The Company financed its growth during the first half of 2013 from operations along with $196,000 of working capital bank financing.
"We delivered strong results in the first half of 2013 with dramatic sales growth from expanding our boutique base, growing comparable boutique sales and expanding our e-commerce divisions," stated Jan Glaser, co-CEO and treasurer of Tatyana Designs, Inc. "We absorbed significant new boutique startup expenses including a $237,000 non-cash increase in deferred rent. We also expanded our infrastructure to prepare for additional growth in 2013. We are generating cash from operations to support growth and we are optimistic about the balance of the year."
About the Company - Based in Las Vegas, Nevada, Tatyana Designs, Inc. is a growing retailer specializing in contemporary designs inspired by the 1940's and 50's – the "Golden Age" of fashion. The Company owns significant trademark and license rights, the most prominent being the exclusive license for dresses and retail stores carrying the moniker of the iconic Bettie Page. The merchandise offered through the boutiques, e-commerce and wholesale divisions offer a diverse mix of high-quality and attractively priced apparel, jewelry, accessories and gifts. Bettie Page Boutiques and e-commerce target the 18-35 year-old, fashion conscious female customer, but women of all ages are attracted to the unique retro inspired, yet modern, look. New product styles are presented monthly. For more information on the company please visit the Web site at www.tatyanadesigns.com.
Trademark Information: Bettie Page is a trademark registered to Bettie Page, LLC (www.BettiePage.com) and licensed for use by the Company. All other trade names are either trademarks or registered trademarks of their respective holders.
Cautionary note on forward-looking statements:
Certain statements in this release are "forward-looking statements" made pursuant to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements reflect the Company's current expectations or beliefs concerning future events and are subject to various risks and uncertainties that may cause actual results to differ materially from those that we expected, including: possible adverse changes in general economic conditions and their impact on consumer confidence and spending; possible inability to predict and respond in a timely manner to changes in consumer demand; possible loss of key management or inability to attract and retain the talent required for our business; possible inability to maintain and enhance our brand; possible inability to successfully implement our growth strategies or manage our growing business; possible inability to successfully open new boutiques as planned; and possible inability to sustain levels of comparable-boutique sales. For a discussion of these and other risks and uncertainties that could cause actual results to differ materially from those contained in our forward-looking statements, please refer to the Company's most recent public corporate documents and risk factors discussed therein (www.otcmarkets.com/stock/TATD/filings). We undertake no obligation to publicly update or revise any forward-looking statement. Future results may differ materially from the Company's current expectations.
|Tatyana Designs, Inc.|
|Condensed Consolidated Balance Sheets|
|(000's omitted except per share amount)|
|June 30,||December 31,|
|Receivables and other||363||410|
|Total current assets||4,055||3,571|
|Property and equipment, net||701||491|
|Deferred income taxes||202||179|
|LIABILITIES AND STOCKHOLDERS' EQUITY|
|Accounts payable and accruals||1,300||948|
|Total current liabilities||2,302||1,761|
|Bank debt - long term||216||305|
|6% Convertible notes||300||300|
|Stockholder debt - long-term||500||500|
|Total liabilities and stockholders' equity||5,383||4,605|
|Tatyana Designs, Inc.|
|Condensed Consolidated Statements of Operations|
|(000's omitted except per share amount)|
|Three Months Ended||Six Months Ended|
|June 30,||June 30,|
|Cost of revenues||869||780||1,687||1,276|
|Selling, general and administrative||2,762||1,411||5,086||2,567|
|Income from operations||127||399||116||578|
|Income before income tax||92||385||71||540|
|Income tax benefit||38||--||33||--|
|Basic and diluted earnings per common share||$0.00||$0.04||$0.00||$0.05|
|Weighted average shares outstanding:|
|Basic and diluted shares||11,935||10,000||11,935||10,000|
|Pro forma net income data:|
|Income before income tax expense||385||540|
|Pro forma adjustments for income tax expense||147||206|
|Pro forma net income||238||334|
|Pro forma basic and diluted earnings per common share||$0.02||$0.03|
CONTACT: Jan Glaser 702.458.1632 Ext 5
Source:Tatyana Designs, Inc.