Corgi International Ltd. (Nasdaq:CRGI) Announces Second Quarter Results; Progress Made in Cost Cutting and Corporate Restructuring.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 (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :CRGI CRGI Capital Research Global Investors ) today announced results of operations for the second quarter of fiscal year 2006, ended September September: see month. 30, 2005. Revenues from continuing operations continuing operations Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the for the quarter were $10.2 million, compared to $11.5 million for the same quarter in the previous year. Gross profit for the second quarter was $4.0 million versus $5.2 million in the same quarter in the previous year. Net loss from continuing operations for the quarter ended September 30, 2005 was $0.7 million, or $0.07 loss per share, compared to a net loss of $1.1 million, or $0.11 loss per share, in the same quarter of the previous year. Net income from discontinued operations Discontinued operations Divisions of a business that have been sold or written off and that no longer are maintained by the business. was $296,000 or $0.03 per share for the quarter ended September 30, 2005, compared to net income of $34,000 for the quarter ended September 30, 2004. For the six months ended September 30, 2005, revenue was $20.7 million compared to $20.6 million for the six months ended September 30, 2004. Gross profit was $7.7 million for the six months versus $8.8 million in the previous year. Net loss for the six months from continuing operations was $2.2 million or $0.23 loss per share versus $2.9 million or $0.31 loss per share in the previous year. Net income from discontinued operations was $111,000 for the six months ended September 30, 2005 or $0.02 per share versus a $5,000 loss for the six months ended September 30, 2004. George George, river, c.345 mi (560 km) long, rising in a lake on the Quebec-Labrador boundary, E Canada. It flows N through Indian Lake (125 sq mi/324 sq km) to Ungava Bay (an arm of Hudson Strait). Volanakis, the company's CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , commented on the results, "We are pleased that our cost cutting efforts are starting to show results. SG&A expenses have decreased $1.3 million compared to last year, all of which was realized in the second quarter." During the first-half of FY2006, Corgi has experienced a decrease in gross margin due to price increases effected by suppliers of collectible collectible An asset of limited supply that is sought for a variety of reasons including, it is hoped, an increase in value. Stamps, antiques, coins, and works of art are among the many things usually classified as collectibles. products that the company has as not yet been able to pass through to customers. "We see this as a temporary situation," said Volanakis, "with gradually grad·u·al adj. Advancing or progressing by regular or continuous degrees: gradual erosion; a gradual slope. n. Roman Catholic Church 1. increasing margins and sales for the balance of the year through implementation of price increases and sales of higher margin 50th anniversary collectible products." For the six months ended September 2005, Corgi spent $4.0 million in cash including $1.1 million for fixed asset (tooling) purchases and $0.8 million for the repayment Repayment The act of paying back a debt. Notes: Everyone has to repay their debts eventually. See also: Debt, Defeasance, Loan of bank debt. As part of its cost containment cost containment, n the features of a dental benefits program or of the administration of the program designed to reduce or eliminate certain charges to the plan. and working capital improvement efforts, the company reduced inventories by $0.7 million during the six-month period. In the quarter ended September 30, 2005, several new licensing agreements were announced. On October October: see month. 19, 2005, the company reported that it had signed a license agreement to produce exclusive die-cast Adj. 1. die-cast - formed by forcing molten metal into a die; "a die-cast seal" formed - having or given a form or shape replicas featuring Wallace Wal·lace , Alfred Russel 1823-1913. British naturalist who developed a concept of evolution that paralleled the work of Charles Darwin. & Gromit, the legendary British clay characters and stars of the new film, "The Curse Curse Ancient Mariner cursed by the crew because his slaying of the albatross is causing their deaths. [Br. Poetry: Coleridge The Rime of the Ancient Mariner] Andvari king of the dwarfs; his malediction spurs many events in the of the Were-Rabbit." The three-year deal covers distribution of collectibles for the franchise in the U.S., UK and Ireland Ireland, Irish Eire (âr`ə) [to it are related the poetic Erin and perhaps the Latin Hibernia], island, 32,598 sq mi (84,429 sq km), second largest of the British Isles. . "Being associated with a high-profile movie and a franchise that has a large and growing brand following is an exciting opportunity for the company," noted Volanakis. On September 26, 2005, the company announced it had acquired a license from Marvel Entertainment Marvel Entertainment, Inc. (NYSE: MVL) is an American entertainment company. The company traces its origins to the May 1933 publication of Western Supernovel Magazine. , Inc. to produce limited quantity, high-end high-end adj. Informal 1. Appealing to sophisticated and discerning customers: a high-end department store; high-end video equipment. 2. metal figurines of Marvel The original code name for Microsoft Network. Comic Book comic book Bound collection of comic strips, usually in chronological sequence, typically telling a single story or a series of different stories. The first true comic books were marketed in 1933 as giveaway advertising premiums. Superstars This article is about the televised sports competition. For other uses, see Superstar. Superstars is an all-around sports competition that pits elite athletes from different sports against one another in a series of athletic challenges resembling a decathlon. ; including Spider-Man  Editing of this page by unregistered or newly registered users is currently disabled due to vandalism. , Captain America America [for Amerigo Vespucci], the lands of the Western Hemisphere—North America, Central (or Middle) America, and South America. The world map published in 1507 by Martin Waldseemüller is the first known cartographic use of the name. , Hulk and Thor Thor (thôr), Germanic Donar (dō`när), Norse god of thunder. An ancient and highly revered divinity, Thor was the patron and protector of peasants and warriors. , as well as other heroes and
villains made famous in Marvel comics.Several management changes were recently announced. On September 27, 2005, the company appointed ap·point tr.v. ap·point·ed, ap·point·ing, ap·points 1. To select or designate to fill an office or a position: appointed her the chief operating officer of the company. 2. George Volanakis CEO. Mr. Volanakis was formerly the President and CEO of Zindart's Corgi division, and prior to that had held senior positions at various international toy companies for over 35 years. On October 27, 2005, the company announced that Chris CHRIS Chemical Hazards Response Information System (US DoD) CHRIS California Historical Resources Information System CHRIS Computerized Human Resources Information System CHRIS Command Human Resources Intelligence System Franklin Franklin, cities, United States Franklin. 1 City (1990 pop. 12,907), seat of Johnson co., S central Ind., inc. 1823. It is a farm trade center. Manufactures include auto parts, aluminum doors and windows, and copper panels. was named General Manager, Far East Operations and Sourcing, a newly-created position. Volanakis commented, "We expect that Chris will be making significant efficiency improvements to our manufacturing operation. This will benefit existing customers and contribute to generating new business as well." On October 26, 2005, the company announced it had changed its corporate name from Zindart Limited (NASDAQ:ZNDT) to Corgi International Limited (NASDAQ: CRGI) reflecting the company's focus on further strengthening its franchise for die-cast collectible products and children's toy lines toy line n. Chiefly Southern U.S. The line used in a game of marbles. . The company's symbol on NASDAQ has changed to CRGI. In announcing the name change, Volanakis said, "Corgi is one of the oldest and most renowned brands in the collectibles market, with collectors
Misc This is a list of noted collectors.
About Corgi International Corgi International, based in Hong Kong, sells die-cast collectible products under its own brand. In the U.S. the branded company is known as Corgi USA. Corgi also produces high quality die-cast and plastic products for multi-national companies that market collectible or gift items worldwide. The company has a high volume manufacturing operation in China and sales offices worldwide. Retailers and consumers interested in more information can call 1-800-800-CORGI, or visit the company's website at: http://www.corgi-international.com. Certain statements in this release are forward-looking for·ward-look·ing adj. Concerned with or making provision for the future: forward-looking educators; a forward-looking corporate plan. Adj. 1. . 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, 2005. 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 CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or .
Tables to follow
CORGI INTERNATIONAL LIMITED AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(In thousands)
(Unaudited) (Unaudited)
As of As of As of
September March September
30, 31, 30,
2005 2005 2004
ASSETS
Current assets:
Cash and cash equivalents $ 2,981 $ 7,012 $ 10,988
Available-for-sale investments 6 25 19
Trade accounts receivable, net 6,479 6,579 17,745
Other
assets 10,924 10,666 21,038
Assets of discontinued operations 29,632 29,243 --
----------- ------- -----------
Total current assets 50,022 53,525 49,790
Property, plant, and equipment, net 6,885 7,933 21,736
Other long term assets 1,860 1,874 2,789
Goodwill 35,312 35,312 35,726
----------- ------- -----------
Total assets $ 94,079 $98,644 $ 110,041
=========== ======= ===========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Short-term debt and current
installments of long-term debt $ 3,031 $ 3,876 $ 13,567
Trade accounts payable 4,099 4,450 14,547
Other current liabilities 3,584 3,264 11,909
Liabilities of discontinued
operations 23,862 23,073 --
----------- ------- -----------
Total current liabilities 34,576 34,663 40,023
Long-term liabilities -- 235 1,212
----------- ------- -----------
Total liabilities 34,576 34,898 41,235
----------- ------- -----------
Minority interests 99 693 1,783
----------- ------- -----------
Stockholders' equity:
Common stock 625 623 620
Additional paid-in capital 40,280 40,229 39,952
Retained earnings 17,524 19,590 24,735
Accumulated other comprehensive
income 975 2,611 1,716
----------- ------- -----------
Total stockholders' equity 59,404 63,053 67,023
----------- ------- -----------
Total liabilities and
stockholders' equity $ 94,079 $98,644 $ 110,041
=========== ======= ===========
CORGI INTERNATIONAL LIMITED AND SUBSIDIARIES
Condensed Consolidated Statements of Operations
(In thousands, except share data)
Three months ended
September 30,
(Unaudited) (Unaudited)
2005 2004
----------- -----------
Net sales $ 10,219 $ 11,460
Cost of goods sold (6,220) (6,218)
----------- -----------
Gross profit 3,999 5,242
Selling, general, and administrative expenses (4,932) (6,319)
----------- -----------
Operating loss (933) (1,077)
Other income (expense):
Interest income 25 30
Interest expense (154) (151)
Other income 112 9
----------- -----------
Loss before income taxes and
minority interests (950) (1,189)
Income tax benefit 238 106
----------- -----------
Loss from continuing operations (712) (1,083)
Income from discontinued operations 296 34
----------- -----------
Net loss (416) (1,049)
=========== ===========
Loss per common share:
Basic:
Loss from continuing operations $ (0.07)$ (0.11)
Income from discontinued operations 0.03 --
----------- -----------
Net loss $ (0.04)$ (0.11)
=========== ===========
Diluted:
Loss from continuing operations $ (0.07)$ (0.11)
Income from discontinued operations 0.03 --
----------- -----------
Net loss $ (0.04)$ (0.11)
=========== ===========
Weighted average number of common shares
outstanding:
Basic 9,651,073 9,512,784
=========== ===========
Diluted 9,651,073 9,512,784
=========== ===========
CORGI INTERNATIONAL LIMITED AND SUBSIDIARIES
Condensed Consolidated Statements of Operations
(In thousands, except share data)
Six months ended
September 30,
(Unaudited) (Unaudited)
2005 2004
----------- -----------
Net sales $ 20,652 $ 20,633
Cost of goods sold (12,924) (11,863)
----------- -----------
Gross profit 7,728 8,770
Selling, general, and administrative expenses (10,732) (12,055)
----------- -----------
Operating loss (3,004) (3,285)
Other income (expense):
Interest income 55 43
Interest expense (347) (342)
Other income 712 147
----------- -----------
Loss before income taxes and
minority interests (2,584) (3,437)
Income tax benefit 407 500
----------- -----------
Loss from continuing operations (2,177) (2,937)
Income (loss) from discontinued operations 111 (5)
Gain on disposal of discontinued operations -- 984
----------- -----------
Net loss (2,066) (1,958)
=========== ===========
Loss per common share:
Basic:
Loss from continuing operations $ (0.23)$ (0.31)
Income from discontinued operations 0.02 0.10
----------- -----------
Net loss $ (0.21)$ (0.21)
=========== ===========
Diluted:
Loss from continuing operations $ (0.23)$ (0.31)
Income from discontinued operations 0.02 0.10
----------- -----------
Net loss $ (0.21)$ (0.21)
=========== ===========
Weighted average number of common shares
outstanding:
Basic 9,644,047 9,358,133
=========== ===========
Diluted 9,644,047 9,358,133
=========== ===========
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