HOUSTON--(BUSINESS WIRE)--June 23, 1997--DSI Toys, Inc. (Nasdaq: DSIT) today announced results for the first quarter ended April 30, 1997.
Net sales increased 27% to $7.4 million, compared to net sales of $5.8 million in the first quarter ended April 30, 1996. Gross profit was $2.7 million, a 23% increase from $2.2 million in the same period last year. The operating loss narrowed to $294,000 in the recently completed period from $546,000 in last year's first quarter. Net loss was $481,000, or $0.14 per share, compared to last year's first quarter loss of $704,000, or $0.20 per share. Due to the seasonality of the Company's business, the Company expects to incur a loss in the first quarter of each fiscal year for the foreseeable future.
DSI Toys became a public company on May 29, 1997, with an initial public offering of 3,000,000 shares of common stock (including 500,000 shares sold by a selling shareholder) at a price of $8 per share. The underwriting was managed by Tucker Anthony Incorporated and Sutro & Co. Incorporated.
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