DAC Technologies Group International Inc. DAC Technologies Announces 2008 Results

Published in House and Home on Wednesday, April 1st 2009 at 6:48 GMT, Last Modified on 2009-04-01 06:49:47 by Market Wire
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LITTLE ROCK, AR--(Marketwire - April 1, 2009) - DAC Technologies (OTCBB: [ DAAT ]) today announced financial results for the year ended December 31, 2008. The Company reported net sales of $17,042,361 for the year ended December 31, 2008, as compared to $14,777,645 in 2007, an increase of $2,264,716, or 13%. Operating expenses for 2008 were $2,923,194 as compared to $3,054,455 in 2007. This is a decrease of $131,261, or 5%. Income before taxes was $638,534, as compared to $557,841 in 2007, an increase of $80,693, or 13%. Net income for 2008 was $356,694, or 6 cents per share, as compared to $340,894 in 2007.

For the fourth quarter 2008, net sales were $7,681,874, as compared to $5,817,148 for the fourth quarter of 2007, an increase of $1,864,726, or 24%. Income before taxes for the fourth quarter 2008 was $387,595, as compared to $156,408 for 2007, an increase of $231,187, or 60%. Net income for the fourth quarter 2008 was $223,146, as compared to $95,708 in 2007, an increase of $127,438, or 57%.

David A. Collins, Chairman and CEO, stated, "Although were are pleased with the increase in sales revenues and decrease in operating expenses, the Company's gross margins continue to be under pressure, as a vast majority of the goods purchased in 2008 were purchased during the first three quarters when commodity prices and shipping rates were extremely high. We look forward to both of these decreasing in 2009, thereby improving the Company's gross margins. In addition, the Company is dropping its low gross margin items such as meat grinders and game processing kits."

About DAC:

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, Marlin, 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.