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DAC Technologies Announces 2008 Results
LITTLE ROCK, AR--(Marketwire - April 1, 2009) - DAC Technologies (OTCBB : DAAT ) today
announced financial results for the year ended December 31, 2008. The
Company reported net sales of $17,042,361 for the year ended December 31,
2008, as compared to $14,777,645 in 2007, an increase of $2,264,716, or
13%. Operating expenses for 2008 were $2,923,194 as compared to $3,054,455
in 2007. This is a decrease of $131,261, or 5%. Income before taxes was
$638,534, as compared to $557,841 in 2007, an increase of $80,693, or 13%.
Net income for 2008 was $356,694, or 6 cents per share, as compared to
$340,894 in 2007.
For the fourth quarter 2008, net sales were $7,681,874, as compared to
$5,817,148 for the fourth quarter of 2007, an increase of $1,864,726, or
24%. Income before taxes for the fourth quarter 2008 was $387,595, as
compared to $156,408 for 2007, an increase of $231,187, or 60%. Net income
for the fourth quarter 2008 was $223,146, as compared to $95,708 in 2007,
an increase of $127,438, or 57%.
David A. Collins, Chairman and CEO, stated, "Although were are pleased with
the increase in sales revenues and decrease in operating expenses, the
Company's gross margins continue to be under pressure, as a vast majority
of the goods purchased in 2008 were purchased during the first three
quarters when commodity prices and shipping rates were extremely high. We
look forward to both of these decreasing in 2009, thereby improving the
Company's gross margins. In addition, the Company is dropping its low
gross margin items such as meat grinders and game processing kits."
About DAC:
DAC Technologies Group International, Inc. is an outsource manufacturer of
high quality, reasonably priced security safes, gunlocks, gun cleaning
kits, sporting goods, household cleaning products and various hardware
items. DAC distributes its products through mass merchandisers such as
Wal-Mart and Kmart, and sporting goods retailers and distributors such as
Cabela's, Acusport, Jerry's, RSR, Maurice, Academy Sports, Sports Authority
and others. DAC also provides gunlocks to OEM gun manufacturers such as
Glock, SigArms, Savage, Marlin, Weatherby, as well as others. Also, DAC's
products are distributed through catalog companies.
The Private Securities Reform Act of 1995 provides a "safe harbor" for
forward-looking statements. Certain information included in this press
release (as well as information included in written statements to be made)
contains statements that are forward looking, such as those relating to
consummation of the transaction, anticipated future revenue of the
Company's and success of current public offerings. Such forward looking
information involves important risks and uncertainties that could
significantly affect anticipated results in the future and, accordingly,
such results may differ materially from those expressed in any forward
looking statements.