Tag-It Pacific, Inc. (AMEX:TAG - News) reported that for the fiscal year ended December 31, 2002 net sales increased approximately $16.4 million or 38% to $60 million compared to $43.6 million for fiscal 2001. ADVERTISEMENT
Colin Dyne, CEO of Tag-It, commented, "We are very excited about what the future holds for Tag-It in 2003. We achieved a significant increase in sales in 2002 compared to 2001 and we expect this trend to continue. Last year's sales increase was primarily due to an increase in trim-related sales from our Mexico and Hong Kong operations under our Managed Trim Solution(TM) trim package and other programs. In addition, our Talon International subsidiary has been increasingly successful in becoming an approved zipper vendor for major brands and retailers, including Levi Strauss & Co., which has allowed us to increase our sales to these customers. Our Talon business in Asia and in the western hemisphere continues to gain traction and is expanding according to our expectations. We will continue to grow our Talon operations, sales and retailer brand specification teams. We anticipate that sales in 2003 will improve under our existing customer base and as we begin to sell more products under the exclusive supply agreement we entered into with Levi Strauss & Co. in July 2002."
Tag-It expects to issue its earnings release for fiscal 2002 prior to March 31, 2003.
About Tag-It Pacific
Tag-It specializes in the distribution of a full range of trim items to manufacturers of fashion apparel, licensed consumer products, specialty retailers and mass merchandiser brands. Tag-It acts as a full service outsourced trim management department for manufacturers of fashion apparel such as Tarrant Apparel Group and Azteca Production International. Tag-It also serves as a specified supplier of trim items to specific brands, brand licensees and retailers, including Levi Strauss & Co., Tommy Hilfiger, A/X Armani, Express, The Limited, A&F and Lerner, among others. Tag-It has positioned itself as a fully integrated single-source supplier of a full range of trim items for manufacturers of fashion apparel. The Company's business focuses on servicing all of the trim requirements of its customers at the manufacturing and retail brand level of the fashion apparel industry. Tag-It offers customers its Managed Trim Solution(TM), an Internet-based, virtual trim department, covering the complete management of ordering, production, inventory management and just-in-time distribution of their trim and packaging requirements.
About Talon International
Talon International, a wholly-owned subsidiary of Tag-It Pacific, distributes zippers under its Talon brand name to apparel brands and manufacturers such as VF Corporation, Savane International, Tropical Sportswear, Target Stores and Abercrombie & Fitch, among others. In December 2001, Tag-It purchased the Talon trademark and trade names. Talon is a 100-year-old brand, which is well known for quality and product innovation. Talon was the original pioneer of the formed wire metal zipper for the jeans industry and is a specified zipper brand for manufacturers in the sportswear and outerwear markets. We have introduced a completely revised high quality line of zippers, broadened distribution to Asia, Mexico and Central America, negotiated with new distributors and initiated a new sales and marketing effort for this brand. Talon is promoted both within our trim packages, as well as a stand-alone product line. Talon enjoys tremendous brand recognition and brand equity in the apparel industry worldwide.
Forward Looking Statements:
With the exception of the historical information, this press release contains forward-looking statements, as referenced in the Private Securities Litigation Reform Act. Forward-looking statements are inherently unreliable and actual results may differ materially. Factors which could cause actual results to differ materially from these forward-looking statements include the unanticipated loss of one or more major customers, economic conditions, the availability and cost of financing, the risk of a softening of customer acceptance of the Company's products, risks of introduction by competitors of trim management systems with similar or better functionality than our Managed Trim Solution, pricing pressures and other competitive factors, potential fluctuations in quarterly operating results, our management of potential growth and the risks of expansion into new business areas. These and other risks are more fully described in the Company's filings with the Securities and Exchange Commission including the Company's most recently filed Annual Report on Form 10-K and Quarterly Report on Form 10-Q, which should be read in conjunction herewith for a further discussion of important factors that could cause actual results to differ materially from those in the forward-looking statements. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
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