|By Marketwired .||
|April 29, 2014 10:01 AM EDT||
KENOSHA, WI -- (Marketwired) -- 04/29/14 -- Pacific Sands, Inc. (OTCQB: PFSD) (www.pacificsands.com), which manufactures environmentally friendly, non-toxic pool and spa treatment products, as well as liquid and powder cleaning and laundry products, announced today unaudited results for the company's fiscal 2014 third quarter and nine months ended March 31, 2014.
Net sales in fiscal third quarter 2014 increased 36% to $781,253 compared with net sales of $573,335 in fiscal third quarter 2013, while gross profit in the quarter increased to $306,322 in fiscal third quarter 2014 compared with $207,268 in fiscal third quarter 2013. For the nine months ended March 31, 2014, net sales were $2.05 million, up 42% compared with $1.44 million for the nine months ended March 31, 2013. The company's net sales for the nine months of 2014 exceeded net sales for the entire fiscal 2013. Gross profit in the nine months of fiscal 2014 was $822,377 compared with $590,040 in the nine months of fiscal 2013.
"Our financial results continued to reflect the accelerating top-line growth and consistent margins the company has demonstrated for several years," noted Michael Michie, President and CEO. "We have continued to win new business from existing customers, particularly for our pool and spa water treatment products and private label cleaning and personal care products. In third quarter 2014, we added a large overseas customer for private label products. The company's bottom line reflected our ongoing commitment to investing in marketing our business to support growth. We are developing a number of initiatives that we believe will build awareness and open the door to new revenue opportunities."
Pacific Sands reported a net loss of $83,631 or $0.001 per diluted share in fiscal third quarter 2014 compared with a net loss of $36,113 or $0.001 per diluted share in fiscal third quarter 2013, primarily reflecting an increase in selling and administrative expenses and increased interest expense related to financing to fund marketing initiatives. For the nine months of 2014, the company reported or a net loss of $144,406 or $0.002 per diluted compared with $145,127 or $0.002 per diluted share for the nine months of 2013, which also reflected the impact of increased selling and administrative costs and higher interest expense.
"We believe a key indication of the contribution previous investments in marketing, improved efficiency and increased capacity is the steady growth in our pipeline," explained Michie. We have been able to build inventory levels, addressing past challenges of meeting accelerating customer demand on a timely basis. "By developing a solid and highly cost-effective manufacturing operation during the past several years, we feel Pacific Sands is well positioned for the next stage of growth and expansion."
About The Company
Pacific Sands, Inc. (www.pacificsandsinc.com) is a rapidly growing company that develops, markets and sells unique non-toxic, earth, health and child-friendly products for cleaning, personal hygiene, and water maintenance applications. The company's ecoone® Spa Treatment system earned a third place finish in the "Best Green Product" category at the International Pool and Spa show held November 2012 in New Orleans.
Safe Harbor Act Disclaimer
The statements contained in this release and statements that the company may make orally in connection with this release that are not historical facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those projected in the forward-looking statements, since these forward-looking statements involve risks and uncertainties that could significantly and adversely impact the company's business. Therefore, actual outcomes and results may differ materially from those made in forward-looking statements.
President & CEO