Full Line Distributors Reports First Quarter Earnings

BALL GROUND, GA - Full Line Distributors, Inc. (Amex: FLD), a national distributor and manufacturer of imprintable and decorable sportswear, today announced earnings for the first quarter of fiscal 2001.
For the quarter ended March 31, 2001, the company reported net income of $164,000 ($0.04 per diluted share) on net sales of approximately $20.0 million. These results compared with net income of $258,000 ($0.06 per diluted share) and net sales of approximately $21.8 million in the quarter ended April 1, 2000. While gross profit decreased to $3,911,000 in the most recent quarter, versus $4,066,000 in last year's first quarter, gross profit margin improved to 19.5 percent of sales, from 18.7 percent in the prior-year quarter.
"Sales continued to slow in the first quarter which reflects the overall slowdown in the industry," comments Isador Mitzner, chairman and chief executive officer of Full Line Distributors. "Our gross profit margin, however, increased over last year as we continued to outsource production and increase sales of our proprietary products."
Mitzner continues, "We expect the second quarter revenues and earnings to continue to decline compared to the second quarter of the previous year. Overall industry slowness and continued price devaluation have caused us to look at the overall profitability of individual product lines. We continue to be focused on selling proprietary product and controlling costs."