Vancouver, BC – Option-NFA Inc. (CDNX:OPN) is pleased to announce record revenue for the year ending December 31, 2001.
Sales for 2001 were $12,927,067 compared to $10,080,746 for 2000, an increase of 28%. NFA’s winter and non-winter categories grew by a combined 35% while the Option brand grew by 23%.
Gross margin grew as well, to a record $3,913,181 — up 18% from last year. Gross margin, as a percent of sales, decreased to 30% from 33%. The worldwide lack of snow, the recession and the impact, on travel, of terrorism hurt retail sales and wholesale prices in the fourth quarter. In turn, margins suffered; 3% represents $388,000 in gross profit.
Selling expenses rose as did general and administrative expenses. Advertising was increased to support Spring NFA sales and commissions rose with sales. G&A costs were impacted by a partial default by a major customer and by substantial increases in professional fees. Salaries held at 7% of sales.
Net after tax income was $89,971 compared to $460,332 for the year ended December 31, 2000. Fully diluted earnings per share for the period were $0.01 compared to $0.04 for 2000.
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.