Sales and profits up at Ironclad
Ironclad Performance Wear Corporation, producer of high-performance work gloves and apparel, has posted positive fourth-quarter results and says it is branching out into new markets.
Fourth-quarter sales totalled $4.4 million, an increase of 9.3% compared with $4.1 million during the fourth quarter of 2008. Gross profit increased 18.8% to $1.7 million, or 38.5% of sales, compared with $1.44 million, or 35.4% of sales, in the fourth quarter of 2008.
"In addition to increasing demand for Ironclad products, the company continues to successfully execute on the financial plan it developed in early 2009, as evidenced by our achievement of a second profitable quarter for the year," said Scott Jarus, chairman and CEO of Ironclad. "Despite the lingering global economic downturn, Ironclad has been successful in expanding into new markets and increasing penetration within its existing accounts."
Full-year sales for 2009 were $13.6 million, a 14.1% increase from $11.9 million in 2008. Gross profit increased 13.8% to $5.2 million, or 38.1% of sales, compared with $4.6 million, or 38.2% of sales, for full-year 2008.
Ironclad expects that 2010 net sales to increase by between 5% and 10%.
Mr Jarus concluded: "Our financial results for 2009 demonstrated that the company is now on the right path, and that there are very significant market opportunities ahead. In addition to the new partnerships the company established in 2009, which will take hold in 2010, such as with 5.11 Tactical, Ironclad sees additional opportunities to participate in new markets, such as technical task-specific gloves for outdoor sports and new industrial applications."
