DSI Toys Inc. Reports Year-End Results in Line With Previously Announced Expectations.Business Editors HOUSTON--(BUSINESS WIRE)--April 2, 2001 DSI (Dynamic Systems Initiative) An umbrella term for a suite of Microsoft products that help manage the Windows environment in large enterprises. DSI was introduced in 2003. Toys Inc. (Nasdaq:DSIT) today reported year-end year-end also year·end n. The end of a year. adj. Occurring or done at the end of the year: a year-end audit. Noun 1. results for the fiscal year ending Dec. 31, 2000. Net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight for the fiscal year ending Dec. 31, 2000, increased 48% to $70.4 million compared with $47.6 million in the previous fiscal year. The Company reported a net loss of $849,000, or $0.09 per share, for the fiscal year ending Dec. 31, 2000, compared to a net income of $1.3 million, or $0.17 per share, for the fiscal year ended Dec. 31, 1999. Gross profit margins Gross profit margin Gross profit divided by sales, which is equal to each sales dollar left over after paying for the cost of goods sold. gross profit margin A measure calculated by dividing gross profit by net sales. as a percentage of sales increased from 28.4% to 28.9% for the respective periods. As previously announced, the net loss can primarily be attributed to a tough year-end retail climate, canceled orders which reduced forecasted sales, a write down of a discontinued dis·con·tin·ue v. dis·con·tin·ued, dis·con·tin·u·ing, dis·con·tin·ues v.tr. 1. To stop doing or providing (something); end or abandon: product brand, increased television advertising expenses and increased employee and related costs associated with the Meritus acquisition. With many retailers reporting flat or negative same-store sales Same-store sales is a business term which refers to the revenue generated by one of a retail chain's specific outlets during a certain period of time (often a fiscal quarter or a particular shopping season), compared to an identical period in the past, usually in the previous year. for December December: see month. , the Company's gross margins were negatively impacted during the last part of the year, resulting in a higher than anticipated ratio of costs and expenses, particularly advertising expenses, to goods sold. "Overall 2000 was a very challenging year due to a tough retailing climate that impacted the traditional holiday season," stated Michael Michael, archangel Michael (mī`kəl) [Heb.,=who is like God?], archangel prominent in Christian, Jewish, and Muslim traditions. In the Bible and early Jewish literature, Michael is one of the angels of God's presence. J. Lyden, president and chief executive officer of DSI Toys Inc. "As part of our strategy to improve profitability, we have continued to focus on the creation and development of proprietary, branded product offerings. Our efforts have resulted in our being ahead of our prior development curve for our 2001 product lines. With earlier development, production schedules can be targeted at earlier dates." "We remain committed to and focused on growing shareholder value by continuing to develop branded products and at the same time control costs, with the specific goal of achieving higher gross profit margins for 2001," stated E. Thomas (language) Thomas - A language compatible with the language Dylan(TM). Thomas is NOT Dylan(TM). The first public release of a translator to Scheme by Matt Birkholz, Jim Miller, and Ron Weiss, written at Digital Equipment Corporation's Cambridge Research Laboratory runs Martin, chairman of the board. The Company designs, develops, markets and distributes high quality, innovative dolls, toys and consumer electronics products. Core products include youth electronics such as Tech-Link(R) brand communications products, e*BRAIN(TM) electronic companions, Kawasaki(R) brand musical instruments, GearHead
Unrevealed First appearing in Steel #14 (April 1995), the first Gearhead appeared in Steel (R) brand remote control vehicles and a full range of doll brands including Sweet Faith(R), Pride and Joy(TM), Too Cute Twins(TM), Hush Li'l Baby(R), Little Darlings(TM), Elite(R) brand of Lifetime Play Dolls(TM) and Fashion Buzz(TM) Air Nails Salon Salon, annual exhibition of art works chosen by jury and presented by the French Academy since 1737; it was originally held in the Salon d'Apollon of the Louvre. By the mid-19th cent. the Salon had become an expression of conservative, established tastes in art. (TM). The Company's Web site can be reached at http://www.dsitoys.com. Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. Statement Under the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995: Statements in this press release that are not historical facts, including statements about plans and expectations regarding products and opportunities, demand and acceptance of new and existing products, capital resources, and future financial condition and results are forward-looking. 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. involve risks and uncertainties, which may cause DSI's actual results in future periods to differ materially and adversely from those expressed. These uncertainties and risks include changing consumer preferences, lack of success of new products, loss of DSI's customers, competition, and other factors discussed from time to time in DSI's filings with the Securities and Exchange Commission.
DSI Toys Inc.
Consolidated Statements of Operations
Fiscal Year Fiscal Year
2000 1999
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Net Sales $70,438,531 $47,560,024
Cost of goods sold 50,120,552 34,046,112
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Gross profits 20,317,979 13,513,912
Selling, general and
administrative expenses 20,367,165 10,848,624
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Operating income (loss) (49,186) 2,665,288
Interest expense (1,473,909) 618,994
Other income 196,661 (103,302)
------------ ------------
Income (loss) before
income taxes (1,326,434) 2,149,596
Provision for (benefit
from) income taxes 477,448 (868,605)
------------ ------------
Net income (loss) $(848,986) $1,280,991
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Basic earnings per share
Earnings (loss) per share $(.09) $0.17
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Weighted average
shares outstanding 9,053,382 7,688,964
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Diluted earnings per share
Earnings (loss) per share $(.09) $0.16
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Weighted average
shares outstanding 9,053,382 7,803,403
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