T.J.T., Inc. (the Company), (Pink Sheets: AXLE) – T.J.T., Inc., a supplier of axles, tires, and set-up materials to the manufactured housing industry announced a net profit of $25,655, or $.01 per diluted share, for the second quarter of fiscal year 2014. The quarterly results represent an improvement of $146,925 over the second quarter of the prior year when the Company reported a net loss of $121,270. Decreases in SG&A expenses combined with an increase in quarterly net sales, contributed to the improvement in quarterly financial results.
Net sales in the second quarter increased 47 percent to $1,266,699 compared to sales of $861,682 during the second quarter of the prior year. Net sales of axles and tires totaled $849,019, an increase of 158 percent from $329,216 in axle and tire sales in the second quarter of the prior year. Net sales of accessories totaled $417,680 which is a 15 percent decrease from $492,575 in sales of accessories during the second quarter of the prior year. Gross margin decreased to 29 percent during the second quarter of 2014 compared to 31 percent in the same quarter of 2013.
President and CEO Terry Sheldon commented on the second quarter results by saying, “We are very pleased to report another profitable quarter for T.J.T., Inc. The positive corporate results during the second quarter of this fiscal year are especially encouraging since historically the quarter can be challenging due to the seasonal nature of the business. We look forward to continuing to improve the operational results as we enter the spring and summer quarters -- historically the best quarters for the Company.”
During the quarter, T.J.T., Inc. relocated the corporate headquarters to Emmett, Idaho, in order to be in close proximity to the manufacturing and warehousing operations. The Company has historically been located in Emmett for most of its corporate existence, and has now transferred the corporate offices back to the original location.
Established in 1977, T.J.T., Inc. is a major provider of recycled axles and tires to the manufactured housing industry. It operates recycling facilities in Idaho and California and serves eight western states. In addition to the recycling business, T.J.T. also sells aftermarket products to manufactured housing, recreational vehicle, and residential markets.
This release contains certain forward-looking statements, which are based on management’s current expectations including, but not limited to, general economic conditions, changes in interest rates, deposit flows, real estate values, competition, and changes in legislation or regulations, and other economic, competitive, governmental, regulatory, and technological factors affecting the Company’s operations, pricing, products, and services. Any forward looking statement speaks only as of the date on which the statement is made, and the Company undertakes no obligation to update any forward looking statement.
Copies of this report and additional historical financial information can be found at www.otcmarkets.com and www.tjtusa.com, or you may contact:
Paul G. Smith
Chief Financial Officer and Treasurer, T.J.T., Inc.
(208)
472-2500
Contacts:
Paul G. Smith, 208-472-2500
Chief Financial
Officer and Treasurer
