Vancouver, BC – Option-NFA Inc. (CDNX:OPN) is pleased to announce record third quarter and nine month revenue for the period ended September 30, 2001. This is the eleventh consecutive quarter that year-to-date revenues have posted year-over-year gains. Revenue for the first nine months of 2001 exceeded total revenue for the full twelve months of 2000.
Revenue for the three months ended September 30, 2001 was a third quarter record $7,727,628 compared to $6,284,982 for 2000. Revenue for the first nine months was also a record at $10,252,976, an increase of 32% over the first nine months of 2000.
All product categories posted gains including Option boards and bindings and NFA outerwear and accessories.
Gross Profit for the quarter was $2,605,101 up from $2,298,353 in 2000. Gross Profit was up for the nine month period as well, increasing 23% to $3,238,927.
The major expense categories were up for both the quarter and year-to-date but within plan. Advertising and promotion totaled $251,460 compared to $206,238 in the third quarter of 2000. The nine month figures for 2001 and 2000 were $828,724 and $550,419 respectively. Similarly wages and salaries increased to $247,032 from $174,417 in the quarter and to $717,494 from $507,684 the first nine months of 2000. Again, these results were within plan.
Total overhead, for the first nine months, increased to $2,365,272 from $1,630,878 but was within 1% of budget.
Profit for the third quarter, before interest, income tax expense, amortization and depreciation, (EBITDA) was $1,618,030 compared to $1,557,406 for 2000. Year-to-date figures were $873,655 for 2001 and $1,010,409 for 2000.
The higher overhead expenses and a larger provision for income taxes reduced the net after tax profit, for the quarter, to $1,281,798 compared to $1,283,664. Similarly the nine month net profit was $301,178 versus $556,340 in 2000.
The company had 11,012,661 shares outstanding on September 30, 2001 and had earnings of $0.03 for the first nine months. This compares to 8,357,653 and $0.07 per share for the same period in 2000.
The third and, to a lesser extent, fourth quarters are significant shipping and revenue generating periods for the company. Orders shipped in the third quarter were placed in the first and second quarters before the events of September 11 or serious concerns about recession. It is very encouraging that our customers honoured their commitments and did not cancel.
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.