Tag-It Pacific, Inc. reports that for the first quarter of fiscal 2003, net sales increased approximately $5 million, or 54%, to $14.4 million, compared to $9.3 million for the first quarter of fiscal 2002. Earnings per share reached 3 cents per share for the quarter, compared with earnings of less than 1 cent per share for the first quarter in 2002. Net income available to common shareholders increased to approximately $314,000 in the first quarter of fiscal 2003, compared to $9,000 in the first quarter of 2002. "Expenses this quarter were impacted by the start-up requirements for TekFit. This was a result of greater than expected penetration of the product line at Levi Strauss & Co., where the stretch waistband for twill pants is exclusively being offered at the current time. Significant resources are also being devoted to broadening TekFit's current product focus from men's casual waistbands into much larger potential markets, including women's shaped waistbands and the denim segment. We believe we will begin generating revenue from these new markets later this year.
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