Corgi on the up

Firm?s net revenue increases by $1.2 million to $43.3 million with further growth expected for the full fiscal year 2008.
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Corgi’s net loss for the period reached $3.7 million, an improvement of $1.1 million from its net loss of $4.8 million for the six months ending September 30th, 2006.

The firm’s operations during the six-month period incurred $1.8 million of one-off charges for the preparation of SEC filings for its three merged companies and private financings, one-time restructuring costs for the integration of the businesses and the cost of consolidating the firm’s warehouse facilities.

Michael Cookson, CEO, said: “Revenue growth and our progress towards profitability in the first half of our 2008 fiscal year was impacted by our constraints on working capital, the delay in the completion of our financing that we announced this week and the difficulties in the overall toy market.

"With our equity and debt financings closed and our recent progress in adding key license partnerships and new emerging toy technologies, we are excited about our growth opportunities,” Cookson said.

“In the last year, we have made substantial progress in consolidating our merged companies and we expect to return to profitability over the next 12 months,” he said.

For the full fiscal year 2008, the firm expects revenue to be between $93 million to $97 million, which represents a year-over-year increase of between 15 per cent and 20 per cent.

It also expects in fiscal 2008 to again lower its net loss and reach positive earnings before interest, taxes, depreciation and amortization.

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