Soapy Bubbles
13 years ago
T.J.T., Inc. Reports Results for Third Quarter of Fiscal 2011
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T.j.t. (PL) (USOTC:AXLE)
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Today : Saturday 6 August 2011
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T.J.T., Inc. (the Company) (Pink Sheets:AXLE)–T.J.T., Inc., a major supplier of axles, tires, and set-up supplies to the manufactured housing industry, announced a net loss of $346,000 for its third quarter of fiscal 2011.
Net sales decreased 30 percent in the three-month period ending June 30, 2011, as compared to the same period a year ago. Net sales are down 24 percent for the nine-month period ending June 30, 2011, as compared to the same period in 2010. In 2010, the axle and tire segment included sales associated with utilizing the Company’s freight trucks to provide motor carrier services to outside customers. Sales associated with motor carrier services were $35,000 and $214,000 in the three- and nine-month periods ended June 30, 2011, respectively. Motor carrier services began winding down in February of 2010. Excluding sales associated with motor carrier services, net sales declined 29 percent and 21 percent in the three- and nine-month periods of 2011, respectively, as compared to the same periods a year ago. Net sales of axles and tires decreased 32 percent quarter over quarter, and declined 30 percent in the first nine months of 2011 compared to 2010. Excluding sales in 2010 associated with motor carrier services, net sales of axles and tires declined 30 percent and 25 percent in the three- and nine-month periods of 2011. Net sales of siding and accessories decreased 26 percent and 12 percent in the 2011 three- and nine-month periods compared to the same 2010 periods.
The Company’s gross margin decreased 3 percentage points to 17 percent in the three-month period and increased 2 percentage points to 20 percent in the nine-month period ending June 30, 2011, as compared to the same periods in 2010. The decreased margin for the quarter is primarily due to new tire cost increases and larger lower of cost or market inventory adjustments in anticipation of Colorado inventory liquidation.
Consolidated selling, general, and administrative (SG&A) expense decreased $123,000 and $336,000 during the three- and nine-month periods, respectively, when compared to the same 2010 periods. SG&A declined primarily as a result of reductions in wages and other employee-related expenses offset by increased bad debt expense. The Company incurred bad debt charges of $58,000 in 2011 as a result of Palm Harbor Homes filing for bankruptcy on November 29, 2010.
The Company’s net loss for the quarter ending June 30, 2011, was $346,000, compared to a net loss of $299,000 for the same quarter a year ago. The net loss for the nine months ended June 30, 2011, was $928,000, compared to a net loss of $1,031,000 in the same nine-month period a year ago. The increase in the quarterly net loss compared to that of the same period in 2010 is driven primarily by new tire cost increases and the write-down of inventory to lower of cost or market. Improvements to net losses in the nine months ending June 30, 2011, were due to increases in gross margin as a percent to sales and lower SG&A. The net loss in 2011 includes an impairment loss on real estate held for sale of $154,000, offset by $30,000 of income related to the Company selling its interest in Ladder Lift Systems, L.L.C. The Company did not record a tax benefit in either period because there are no carryback provisions available. Motor carrier services contributed $12,000 to the 2010 third-quarter net loss and $115,000 to the net loss in the first nine months of 2010.
The Company has leased a site in Watford City, North Dakota, and plans to open a distribution facility that will begin selling product in the fourth quarter. This facility will handle the wholesale and retail distribution of manufactured home set-up supplies, including piers, anchors, skirting, and accessories.
Established in 1977, T.J.T., Inc. is a major provider of recycled axles and tires to the manufactured housing industry. It operates recycling facilities in Idaho, California, and Colorado, and serves 14 western states. In addition to the recycling business, T.J.T. also sells aftermarket products to manufactured housing and residential markets. The Company has decided to close its Colorado facility. Inventory and property, plant and equipment will either be sold to third parties or transferred to other Company locations.
This release contains certain forward-looking statements, which are based on management’s current expectations, including, but not limited to, general economic conditions, changes in interest rates, deposit flows, real estate values, competition, and changes in legislation or regulations, and other economic, competitive, governmental, regulatory, and technological factors affecting the company’s operations, pricing, products, and services. Any forward-looking statement speaks only as of the date on which the statement is made, and the Company undertakes no obligation to update any forward-looking statement.
Copies of this report and additional financial information can be found at www.otcmarkets.com, or you may contact:
Shawn Kling
President and Chief Executive Officer
T.J.T., Inc.
208-365-5321
Soapy Bubbles
13 years ago
T.J.T., Inc. Board of Directors Announces Changes in Executive Leadership
T.j.t. (PL) (USOTC:AXLE)
Intraday Stock Chart
Today : Thursday 2 June 2011
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T.J.T., Inc. (the Company), (Pink Sheets:AXLE)-–T.J.T., Inc., a major supplier of axles, tires, and set-up supplies to the manufactured housing industry, announced the retirement of Jerome B. “Joe” Light, as interim President and Chief Executive Officer, and the appointment of Shawn CJ Kling, 41, as his successor. Mr. Light remains on the Board as an outside Director and Vice Chairman.
Mr. Kling has been a long-time executive in the manufactured and modular housing transport industry. He was a founder and CEO of Pinnacle Transportation Systems, Inc. from 2000 to 2011, a transportation consultant with KTS from 1998 to 2000, and Executive VP and COO with Transit Homes of America, Inc. from 1992-1998.
Established in 1977, T.J.T., Inc. is a major provider of recycled axles and tires to the manufactured housing industry. It operates facilities in Idaho, Oregon, and California, and serves 14 western states. In addition to the recycling business, T.J.T. also sells aftermarket products to manufactured housing and residential markets.
Copies of this announcement and financial information can be found at www.otcmarkets.com/pink, or you may contact:
John R. Doherty
Chairman of the Board
T.J.T., Inc.
(208) 365-5321
Soapy Bubbles
13 years ago
T.J.T., Inc. Announces Closure of Colorado Recycling Plant and Planned Opening of North Dakota Distribution Facility
T.j.t. (PL) (USOTC:AXLE)
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Today : Monday 23 May 2011
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T.J.T., Inc. (the Company), (Pink Sheets:AXLE) –T.J.T., Inc. announces the closure of its axle recycling plant in Platteville, CO, and the pending summer startup of a collection and distribution facility in Watford City, ND.
The Platteville operation was opened in 1997 to service manufactured housing plants in CO, KS, and NE, with axles, tires, and running gear. In the last few years, all of the home manufacturing plants in CO and several in KS and NE have either closed or been drastically curtailed. It had become necessary to venture further and further away from the Platteville base of operations in order to find business. Declining home production and rising fuel costs have made it impossible to realize profitable operations from this location. The decision was made by the Board to close the facility and to relocate remaining production to the T.J.T. plant in Emmett, ID. After an orderly shutdown, the Company will not be servicing that area for the foreseeable future.
Energy development activity in the western ND area is reaching an all time high. The demand for immediate housing and related services is growing rapidly. T.J.T. has acquired a site in Watford City, ND, and plans to open a collection and distribution facility there this summer. The operation will include the collection of used axles and tires for recycling at the Company’s Emmett, ID plant. The facility will also handle the wholesale and retail distribution of manufactured home set-up supplies, including piers, anchors, skirting, and accessories.
Established in 1977, T.J.T., Inc. is a major provider of recycled axles and tires to the manufactured housing industry. It operates recycling facilities in Idaho and California, serving the western states. In addition to the recycling business, T.J.T. also sells aftermarket products to manufactured housing, recreational vehicle, and residential markets.
This release contains certain forward-looking statements, which are based on management’s current expectations including, but not limited to, general economic conditions, changes in interest rates, deposit flows, real estate values, competition, and changes in legislation or regulations, and other economic, competitive, governmental, regulatory, and technological factors affecting the company’s operations, pricing, products, and services. Any forward looking statement speaks only as of the date on which the statement is made, and the Company undertakes no obligation to update any forward looking statement.
Copies of this report and Company financial information can be found at www.pinksheets.com, or you may contact:
Joe Light
President and Chief Executive Officer
T.J.T., Inc.
208-365-5321
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