VERNON, BC, — Far West, makers of Concept snowboard clothing and several other lines, is pleased to report sales revenue increased 15% to $3,682,486 for the third quarter ended September 30, 2000 compared to $3,199,514 last year.
"Improved deliveries of snowboard apparel from our off-shore contractor enabled us to ship the majority of our products complete and on schedule to our North American dealers as well as distributors in Europe, Japan and Korea", stated Gary Pratt, President. "This places the company in a better position to capture additional re-order business traditionally received in November and December." EBITDA for the period was $364,815 compared to $339,319 a year ago with net income of $207,977 ($.05 per share) compared to $187,576 ($.04 per share) last year.
For the six months ending September 30, 2000 sales revenue was up by 12% to $7,396,316 compared to $6,621,135 for the same period last year. The Company reported a year to date loss of $204,475 ($.04 per share) compared to net income of $34,812 ($.01 per share) last year. The Company recorded increased sales and administration expenses attributed to the uncompleted transaction with Umbro Canada Inc. and the operation of the retail/distribution facility opened in Spokane, WA last October.