NITCHES REVENUE JUMPS SIX-FOLD IN THIRD QUARTER
NEW YORK — Nitches Inc. reported its revenues in the third quarter increased more than six-fold to $646,000, or 61 cents a share, from $107,000, or 10 cents a share.
Net sales for the three months ended May 31 reached $10.6 million compared with $9.1 million, a 17 percent increase.
The company, which provides apparel products and manufacturing services to defined market segments at a low cost, said the rise was primarily due to an increase in private label sleepwear sales.
For the nine months ended May 31, net income was $1.6 million, or $1.46 a share, more than triple the $515,000, or 40 cents a share for the year-ago period. Net sales were $31.8 million or 28.2 percent above the year-ago period’s $24.8 million.
At the quarter end, the company had unfilled customer orders of $14.1 million, compared with $13.1 million a year ago.
Nitches’ board approved a special dividend of 60 cents per share to shareholders as of July 31, 2000 to be paid on Aug. 15.