Vancouver, BC – Option-NFA Inc. (CDNX:OPN) is pleased to announce record nine month revenue for the period ended September 30, 2002. This is the fifteenth consecutive quarter that year-to-date revenues have posted year-over-year gains.
Revenue of $7,119,444 for the three months ended September 30, 2002 was lower than the $7,727,628 posted for the third quarter of 2001. But revenue for the first nine months was a record $10,580,128 compared to $10,252,976 for 2001.
Both brands, Option and NFA posted year-to-date gains.
Gross Profit for the quarter was $2,463,598, down from $2,605,101 in 2001. Gross Profit was down slightly for the nine month period as well, $3,171,507 versus $3,238,927 for 2001. Shipping has continued to be strong through October so we expect Gross Profits to improve as well.
The major expense categories were all at or below budget for both the quarter and the year-to-date. Advertising and promotion totaled $260,287 compared to $251,460 in the third quarter of 2001. The nine month figures for 2002 and 2001 were $943,236 and $828,724 respectively. Wages and salaries increased to $275,649 from $247,032 in the quarter and to $797,890 from $771,494 for the first nine months of 2000. Again, these results were all within plan.
Total Overhead, for the third quarter, decreased to $975,567 from $987,071 in 2001. For the nine months ended September 30, 2002 total overhead increased to $2,549,855 from $2,365,272 but is under budget by 9%.
The higher Overhead expenses and slightly lower Gross Profit combined to reduce the net after tax profit, for the year-to-date, to $213,676 compared to $301,178.
The company had 11,012,653 shares outstanding on September 30, 2002 and earnings of $0.02 per share for the first nine months . This compares to 11.012,653 shares and $0.03 in earnings for the same period in 2001.
About Option-NFA Inc.
Option-NFA is a Vancouver based manufacturer and designer of hard goods and clothing for the snowboard and skateboard markets. The Company has sales offices in Europe, Asia, Australia and North America and its products are endorsed by an elite team of high profile professional snowboarders and skateboarders from around the world. The Company went public in 1999 and trades on the Canadian Venture Exchange (CDNX) under the symbol OPN.