T.J.T., Inc. 2005 net income & EPS up 166%
Emmett, ID— T.J.T., Inc.
reported increased sales and substantially higher income for the
second consecutive year.
Sales in fiscal year 2005 increased
15 percent to $22.6 million compared to $19.7 million in 2004.
Axle and tire sales increased 17 percent while accessories and
siding sales increased seven percent. Increased sales, combined
with a one percent increase in axle and tire gross margin contributed
to the $709,000 increase in gross profit in 2005 as compared with
The Company’s net income
was $661,000 for the year ended September 30, 2005, or $.15 per
basic and fully diluted share, compared to $397,000 or $.09 per
basic and fully diluted share in fiscal year 2004. Joint venture
income of $453,000 recognized in 2005, compared to $224,000 in
2004, along with increased axle and tire sales, contributed to
the 66 percent increase in net income. Selling, general and administrative
expenses increased $489,000 due to higher wages and commissions
for additional sales personnel, incentive-based compensation,
and costs incurred for product development.
Sales increased six percent in
the fourth quarter of 2005 as compared to the same period a year
ago. Gross profit, during the final quarter of fiscal 2005, improved
25 percent on higher sales, compared to the same period a year
ago. Gross margin rose to 29 percent compared to 25 percent in
the same year-ago period. Selling, general and administrative
expense increased $115,000 as a result of higher incentive compensation
expense than in the same quarter of 2004. Net income increased
to $309,000 or $.07 per basic and fully diluted share, compared
to $.04 in the same 2004 period.