Vancouver, BC – Option-NFA Inc. (TSX:OPN) is pleased to announce record second quarter and first half revenue for the period ended June 30, 2002.
Total revenues for the quarter and half were $1,585,886 and $3,460,684 compared to $948,626 and $2,525,348 for 2001, increases of 67% and 37% respectively. The very successful NFA “Early Bird” and “Spring” programs were the primary contributors.
Gross margin increased 11% for the quarter and 12% for the half compared to the same periods in 2001. In the interests of being as conservative as possible, the company wrote off $115,000 of dated inventory during the first half. This impacted gross margin.
Total overhead expenses were within 2% of budget for the half, which resulted in an increase of 14% over the first half of last year. The major overhead items: marketing, commissions and salaries, represented 88% of the total overhead in the first half of both 2001 and 2002.
The net, after tax, loss for the second quarter was $425,158 versus $504,360 for 2001. The first half loss was down to $946,123 from $980,620 for the same period in 2001.
There were 11,012,653 shares issued and outstanding on June 30, 2002. Net loss per share was $0.04 for the second quarter and $0.09 for the first half. This compares to losses of $0.06 and $0.12 per share for the same periods in 2001.
The performance for the first half is consistent with the company’s business plan and is on track to exceed our year 2001 results.
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.