T.J.T., Inc. Reports Fiscal Year 2012 First Quarter Results

January 28, 2012

T.J.T., Inc. (OTCPink: AXLE.PK) reported sales for its fiscal first quarter ended December 31, 2011 slipped 2.7% to $1.31 million compared to $1.35 million during the first quarter of fiscal 2011.  The decline in sales was primary due to the closing of the company’s Colorado and Washington facilities in June of 2011 prompting a 14% sales decline in accessories and siding.  This decline was partially offset by a 2% gain in the sale axles and tires and the inclusion of sales related to the company’s motor carrier services.  Excluding the impact of the facility closings and motor carrier services, sales increased 22% for the period driven by a 53% increase in the axle and tire segment.  The company is seeing strong demand for its axle and tire segment in North Dakota due to the activity from the oil and gas industry.

The net loss for the company increased 15% to $329 thousand or $(0.07) per share versus a net loss of $286 thousand or $(0.06) per share in the first quarter of fiscal 2011.  The increased loss was due to multiple factors which included start-up costs at the company’s new North Dakota facility, the move of the corporate office to Eagle, Idaho and the addition of full-time corporate officers.

The company began distribution of recreational vehicle parts and provided repair services from its North Dakota facility during the first quarter and intends expand the services from this facility to include workforce housing support, mobile showers and laundry services for the oil and gas industry.

At the end of the first quarter, the balance sheet reflected cash/cash equivalents of $1.23 million, current assets of $2.81 million, total assets of $4.07 million and total liabilities of only $351 thousand.

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.

Print Friendly

Previous post:

Next post: