Children's book publisher Trudy Corp. reported that revenues for the first quarter ended June 30, 2002, jumped 83.1%, to $595,204, although higher costs and operating expenses resulted in an increase in the company's net loss, to $184,480 from $171,638 million in last year's first quarter.
In its quarterly filing with the Securities and Exchange Commission, Trudy said sales rose by triple digits through most marketing channels, including bookstores, specialty retailers, and schools and libraries, due mainly to the rebuilding of its sales and product-development operations. The international market was the only area where sales were down in the quarter. Although total expenses rose in the period, they fell as a percentage of net sales, and Trudy is hopeful that as revenues continue to improve, the company will move toward profitability.
The company continues to receive financing from its principal shareholder, who loaned the company $400,000 in July to pay vendors and to finance the purchase of inventory to meet a sales order backlog of $712,684.
