Swank pleased with financial results
12/08/2009
Net income for the second quarter was $401,000 compared with a net loss of $128,000 for the corresponding quarter in 2008. For the six-month period ended June 30, 2009, net income was $122,000 compared with a net loss of $539,000 during the same period last year.
Net sales for the quarter increased 2.9% compared with last year's second quarter to $26,501,000. For the six-month period, net sales were $50,472,000, almost flat with the corresponding period last year.
Commenting on the results, John Tulin, chairman of the board and chief executive officer, said: "We are very pleased with our overall results which were achieved during some of the most difficult economic conditions our industry has faced in decades. Although net sales for the first six months of 2009 were even with last year, the company's bottom line improved significantly
He added: “As was the case during the first half of 2009, our outlook for the balance of the year remains very cautious in light of current business conditions."
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