Corgi Announces First Quarter Results of Operations.Late Delivery of Core Collector Products Impacts Results HONG KONG Hong Kong (hŏng kŏng), Mandarin Xianggang, special administrative region of China, formerly a British crown colony (2005 est. pop. 6,899,000), land area 422 sq mi (1,092 sq km), adjacent to Guangdong prov. -- Corgi corgi: see Cardigan Welsh corgi; Pembroke Welsh corgi. International Limited (NasdaqGM: CRGI CRGI Capital Research Global Investors ) today announced results of operations for the first quarter of fiscal year 2007, ended June 30, 2006. Revenues for the quarter fell 39% to $14.8 million compared to $24.4 million for the same quarter in the prior year. Net loss for the quarter was $2.0 million, or $.20 per share, compared to a loss of $1.7 million, or $.17 per share, in the first quarter of the prior year. George Volanakis, the company's President and Chief Executive Officer, stated, "Due to the late delivery of key collector product to our Corgi divisions from China vendors, and 'just in time' order placement to our Zindart manufacturing unit, the company's first quarter performance was negatively impacted." Net gross margin increased from 22.5% in the first quarter of fiscal 2006 to 29.1% in the first quarter of fiscal 2007, which resulted from an improvement across all divisions to pass on price increases in the company's core collector products, offsetting a rapid rise in the cost of zinc, a key component in all of the company's die-cast collector products. Selling, general and administrative expenses were $5.9 million in the first quarter of fiscal 2007, showing a savings of $1.8 million, a reduction of 23.4% from the same quarter in the prior year. Mr. Volanakis concluded, "As previously announced, efforts continue with our purchase of Cards Inc. Limited in the U.K. and our merger with Master Replicas Master Replicas (sometimes just MR) is a company that makes replicas for various licenses. They started making replicas of lightsabers from Star Wars Product Lines of Walnut Creek, California Walnut Creek is a largely affluent suburb several miles east of Oakland in Contra Costa County, California, USA, in the East Bay region of the San Francisco Bay Area. While not as large as the neighboring Concord, Walnut Creek serves as the business and entertainment hub for the . Completion of these transactions is slated for later this calendar year." The company also announced the resignation of Ken Fowler Ken Fowler (15 March 1907 Fargo, North Dakota – 16 January 1981 St. James City, Florida) was an American racecar driver. Indy 500 results Year Car Start Qual Rank Finish Laps Led Retired 1937 41 29 117.421 26 19 116 0 Pushed 1947 47 9 123. as the company's Chief Financial Officer. During the interim period, Adrian Jones Adrian Jones (1845 - 1938) was an English sculptor and painter who specialised in animals, particularly horses. He was born in Ludlow, Shropshire and initially studied at the Royal Veterinary College; he subsequently joined the army as a veterinary officer, attaining the rank of , Finance Director of Corgi UK, has assumed the additional role of Acting Chief Financial Officer. About Corgi International Corgi International, based in Hong Kong, sells die-cast collectible products under its own brand. Corgi also produces high quality die-cast and plastic products for multi-national companies that market collectible or gift items worldwide. Corgi has sales offices worldwide. Certain statements in this release are forward-looking. These statements are subject to risks and uncertainties that could cause actual results to differ materially from those anticipated. Such risks and uncertainties include, in addition to those discussed above and without limitation, changes in market demand for Corgi International products, changes in economic conditions, dependence on certain customers and other risks described in the company's annual report on Form 20-F for the fiscal year ended March 31, 2006. The company undertakes no obligation to revise these forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. to reflect subsequent events or circumstances. [TABLE OMITTED] [TABLE OMITTED] |
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