LITTLE ROCK, AR -- (Marketwire) -- 03/25/10 -- DAC Technologies (OTCBB: DAAT) today announced results for 2009. Net income for the year ending December 31, 2009 was $553,555 as compared to $356,694 for the same ending period in 2008. This is an increase of $196,861 or a 55% increase in net income. Gross profit margins were 28% in 2009 versus 22% in 2008 or an increase of 6%. Earnings per share for 2009 were 10 cents versus 06 cents a share in 2008. This is an increase of .04 cents per share or a 67% increase in earnings per share.
Net sales for 2009 were $14,680,709 as compared to $17,042,361 for 2008, a decrease of $2,361,652 or 14%. This decrease in sales came from the Company's decision not to manufacture low gross margin products, primarily fireplace equipment and game processing items, but instead to concentrate on its core business of gun cleaning and firearm accessories including gun locks. Non-core items accounted for $4,842,192 in gross revenue in 2008 with very little if any profit margins. The Company's core business of gun cleaning and firearm accessories increased in 2009 to $12,547,920 in gross revenues as compared to $10,060,248 in 2008. This is an increase of $2,487,672 or a 25% increase in core business sales.
David A. Collins, Chairman and CEO, noted, "Although our net sales declined, our core business increased substantially along with substantial increases in net profits, operating profits, gross margins and earnings per share. The company has also opened an office in Bentonville, AR and a distribution center in Los Angeles, CA to better serve Wal-Mart and all of our customers. The company is looking forward to a good 2010, especially in the 3rd and 4th quarter as we have new products going into most all of our customers, including Wal-Mart and Cabelas."
In addition, the Company will be filing its annual 10K Report, including audited financial statements, with the Securities and Exchange Commission, no later than March 31, 2010.
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, 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.
For Shareholder Information please call 1-800-920-0098 or email at Email Contact.
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