T.J.T., Inc. Reports Results for Q1 Fiscal 2014
EAGLE, Idaho -- January 16, 2014
T.J.T., Inc. (the Company), OTC Markets: AXLE – T.J.T., Inc., a supplier of
axles, tires, and set-up materials to the manufactured housing industry,
announced a net profit of $75,815, or $.02 per diluted share, for the first
quarter of fiscal year 2014. The quarterly results represent an improvement of
$378,004 over the prior year’s first quarter when the company reported a net
loss of $302,189. Decreases in SG&A expenses, combined with an increase in
quarterly net sales, contributed to the improvement in quarterly financial
Net sales increased 90 percent to $1,456,466 in the first quarter of 2014
compared to sales of $768,368 during the first quarter of the prior year. Net
sales of axles and tires totaled $862,094, an increase of 253 percent from the
$244,484 in axle and tire sales in the first quarter of the prior year. Net
sales of accessories totaled $594,372, which is a 17 percent increase from
$508,093 in sales of accessories during the prior year’s quarter.
Gross margin increased to 28 percent during the first quarter of 2014 compared
to 22 percent in the same quarter of 2013. The increase in gross margin was
primarily due to increased sales of tires and axles, and a focus on efficient
material acquisition, enabling a decrease in cost of goods sold.
President and CEO Terry Sheldon commented on the first quarter results by
saying, “We are very pleased with the return to profitability of T.J.T., Inc.
The turnaround of the corporate results during the first quarter of this
fiscal year is 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 the year progresses.”
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
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.
Paul G. Smith, 208-472-2500
Chief Financial Officer and Treasurer
Press spacebar to pause and continue. Press esc to stop.