LITTLE ROCK, AR -- (Marketwire) -- 11/15/10 -- DAC Technologies (OTCBB: DAAT) today announced results for the quarter ending September 30, 2010. The Company reported net sales of $2,643,380 for the three month period ending September 30, 2010 as compared to net sales of $3,098,202 for the same period in 2009. This is a decrease of $454,822. The Company reported net income for the quarter ending September 30, 2010 of $7,242. This compares with net income for the same period in 2009 of $73,375, a decrease of $66,133.
David A. Collins, Chairman and CEO, stated, "The Company did return to a small measure of profitability in the third quarter and the sales decreases the Company experienced in the first and second quarters narrowed considerably as our customer base began to order more inventories. The Company expects to meet or exceed the fourth quarter sales of 2009 in the fourth quarter of 2010. The Company continues to tightly control expenses, but has had its gross margins impacted by a 40% increase in transportation/container costs in 2010, increased commodity prices close to their all time highs on materials we use in our manufacturing process, and the continued devaluation of the Chinese currency (RMB) against the U.S. dollar."
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.
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