ModaCAD Quarterly Sales Up 220%
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ModaCAD Inc. said sales for its second quarter ended June 30, increased 220% to $3.63 million, compared with sales for the same quarter in 1997 of $1.13 million.
Net earnings for the quarter increased to $103,739 or 2 cents per share fully diluted on 6,076,361 weighted average shares outstanding, from $36,859 or 1 cent per share on 5,065,435 weighted average shares outstanding in the same period a year earlier.
The increase in sales is attributable to revenue generated from consumer products, which increased by $2,943,000, or 420 times to $2,950,000 in the second quarter of 1998 from $7,000 in the second quarter of 1997. This is primarily due to a one-time royalty payment of $1,980,000 from the license of the company's 3-D Home Interiors product to Broderbund Software Inc.
In addition, $970,000 in revenues were realized from the company's newly developing e-business fashion solution, code-named Project New York.
Recent participation announcements include Charles David, Nicole Miller, Bongo, Wet Seal, Jonathan Martin, Urban Decay, Skechers USA, The Sak, Levi's Jeans, and Fossil.
Commenting on the three-month results, Joyce Freedman, CEO of ModaCAD, said: "Our second quarter of 1998 has been ModaCAD's best quarter yet. We secured several key strategic alliances with high-profile companies eager to participate in ModaCAD's upcoming product. It is out intent, through Project New York, to create for fashion what Amazon.com is for books and music online."