T.J.T., Inc. Reports Fiscal Year Ended September 30, 2011 Results

December 10, 2011

T.J.T., Inc. reported net sales fell 17.8% to $6.03 million for its fiscal year ended September 30, 2011.  However, net sales for the final quarter of 2011 were flat when compared to the same quarter in the previous fiscal year.   The decline in sales was primarily related to a weak market for manufactured housing and the closing of its Washington and Colorado facilities.

The net loss for the fiscal year improved to $1.1 million or $(0.24) per diluted share compared to at net loss of $1.54 million or $(0.34) per diluted share in the previous fiscal year.  The loss improvement was in part due to higher gross margins achieved in the fiscal year and continued improvement in the fourth quarter.  The gross margin was 22% for the current fiscal year compared to 15% in the previous fiscal year.  Gross margin was even better in the final quarter of the fiscal year increasing to 27% compared to only 7% in the fourth quarter of the prior fiscal year.

The balance sheet is conservative with cash/cash equivalents of $1.88 million, current assets of $3.66 million, total assets of $4.65 million and total liabilities of only $600 thousand.

While the company continues to see a difficult market for its business, the company is seeing increased demand in western Canada and the Rocky Mountain west, particularly North Dakota, due to energy related developments in those areas.  In order to take advantage of this increased demand, the company recently opened a distribution center in North Dakota and plans to launch its Field Service Division in early 2012 to service the oil services industry in western North Dakota.

T.J.T., Inc. primarily repairs and reconditions axles and tires for the manufactured housing industry as well as provides skirting, siding and other aftermarket accessories for manufactured housing dealer and contractors..

Source: T.J.T., Inc.

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