A number of people have asked me whether I could give guidance about 3rd QTR results. I would like to honour the existing time frame that is provided to companies under the Current Information tier to provide details. That standard gives 45 days for the good reason that there is a great deal to do in pulling together reliable numbers, including inventory counts and various internal controls. However, I would also like to honour our stakeholders by not letting the guessing get carried away, in either extreme. Therefore, in general terms, what I can say is that the significant accomplishment is that we have again reduced the rate of loss relative to the corresponding period in the prior year. Our costs continue to be reduced, despite maintenance of full operations. This reflects the fact that we are always looking for more efficient ways to do things, including testing reduction of advertising outlays to see to what extent sales can hold their own on the basis of the momentum of existing customers (rather than new). Even in this respect, we experienced a (modest) increase of orders in Q3. This is very significant because the preceding year benefited from more advertising. This means that new conventional advertising is not the only way of growing organic demand for our brands as we are getting better known through word of mouth and other forms of promotion. In terms of a business model, it supports the view that our brand(s) can become self-sustaining without huge conventional advertising outlays, if we continue to build distribution and retailing reach.
We report sales within the QTR only of goods which have been delivered, or where title has changed hands because the goods are on an agreed carrier, en-route. This means that the end of a month, or a quarter, will sometimes slice a transaction in two (between order and delivery) because of a day or weekend. Such was the case in Q3 when approximately $25,000 work of goods were ready for pick-up on Friday September the 30th, but were picked up by the customer(s) on Monday and following days. In terms of GAAP, these transactions constitute sales in the next QTR. That’s just a reality of the reporting system. My job is to report according to proper protocol.
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Therefore, in summary, the company’s performance improved in Q3, again, in the form of further reduction of operating deficit compared to the comparable period the preceding year. This puts us in a good position to benefit, on the bottom line, from substantial sales growth, which in the opinion of management may result in 2012 from the most recent developments with U.S. accounts.
