T.J.T., Inc. Reports Results for Q3 Fiscal 2014
EMMETT, Idaho--(BUSINESS WIRE)--T.J.T., Inc. (the Company) (Pink Sheets:AXLE), a supplier of axles, tires, and set-up materials to the manufactured housing industry, announced a net profit of $35,384, or $.01 per diluted share, for the third quarter of fiscal year 2014. The quarterly results represent an improvement of $38,077 over the third quarter of the prior year when the Company reported a net loss of $2,692. Year over year reductions in SG&A expenses as a percentage of net sales, contributed to the improvement in quarterly financial results.
“We are very pleased to report another profitable quarter for T.J.T., Inc. We look forward to continuing to improve the operational results as we enter the summer and fall quarters.”
Net sales in the third quarter increased 61 percent to $1,528,135 compared to sales of $949,437 during the third quarter of the prior year. Net sales of axles and tires totaled $914,022, an increase of 103 percent from $449,794 in axle and tire sales in the third quarter of the prior year. Net sales of accessories totaled $613,213 which is a 24 percent increase from $494,502 in sales of accessories during the third quarter of the prior year. Gross margin held steady at 30 percent during the third quarter of 2014 compared to 30 percent in the same quarter of 2013.
President and CEO Terry Sheldon commented on the third quarter results by saying, “We are very pleased to report another profitable quarter for T.J.T., Inc. We look forward to continuing to improve the operational results as we enter the summer and fall quarters.”
Established in 1977, T.J.T., Inc. is a major provider of recycled axles and tires to the manufactured housing industry. It operates recycling facilities in Idaho and California and serves eight western states. In addition to the recycling business, T.J.T. also sells aftermarket products to manufactured housing, recreational vehicle, and residential markets.
This release contains certain forward-looking statements, which are based on management’s current expectations including, but not limited to, general economic conditions, changes in interest rates, deposit flows, real estate values, competition, and changes in legislation or regulations, and other economic, competitive, governmental, regulatory, and technological factors affecting the Company’s operations, pricing, products, and services. Any forward looking statement speaks only as of the date on which the statement is made, and the Company undertakes no obligation to update any forward looking statement.