6309 Monarch Park Place, Suite 203
Niwot, CO 80503, USA
Phone (303) 443-5060
Toll free (888) 742-5060
David R. Little, chairman and CEO, said, ''We are aggressively working to increase sales and have very recently invested in additional sales personnel for selling to selected markets. We expect this investment to result in increased sales in future quarters.''
Mac McConnell, chief financial officer, commented, ''Comparing first quarter of 2003 to the same period in 2002, we reduced SGA expenses by $0.2 million. SGA expenses as a percentage of sales decreased to 22.5% from 22.9% for 2002.''
In July 2001, new standards were issued relating to accounting for goodwill. These standards took effect for the company on Jan. 1, 2002. As result of these new standards the company recorded a transitional impairment loss of $2.5 million before income taxes ($1.7 million after income taxes). This charge was reported as a cumulative effect of a change in accounting principle in the first quarter of 2002.