Vancouver, BC – Option-NFA Inc. (CDNX:OPN) is pleased to announce record revenue for the year ending December 31, 2002.
Sales for 2002 were $14,717,406 compared to $12,927,067 for 2001, an increase of 14%. The Company’s two brands, NFA and Option, grew at the same pace.
Gross margin grew as well, to a record $4,251,935 — up 9% from last year. Gross margin, as a percent of sales, decreased to 29% from 30%. A weak Canadian dollar and late deliveries, from two NFA suppliers, negatively impacted margins.
Selling expenses were unchanged from 2001 but decreased as a percent of sales. General and administrative expenses increased by 6% but remained unchanged as a percent of sales. Salaries held at 7% of sales.
Net after tax income was $226,108 compared to $89,971 for the year ended December 31, 2001. Fully diluted earnings per share for the period were $0.02 compared to $0.01 for 2001.
About Option-NFA Inc.
Our mission is to continue to build on our reputation for producing the highest quality, best performing products available to the snowboarding and streetwear consumer.
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 TSX Venture Exchange under the symbol OPN.