Craft Made International, Inc.. (PinkSheets: CRFT) M (marketcap) 24%
Craft Made International, Inc.. is engaged in the design, production, distribution and marketing of a wide range of decorative products, including proprietary ceiling fans, lighting products and outdoor furniture. The company distributes its premium products through a network of independent showrooms and mass retail customers through its headquarters and distribution center in Coppell, Texas. The company is currently trading at 0.45, up 0.25, or 24%.
At 14 May the company launched its third quarter fiscal 2010 results. Financial Highlights in this release include:
-. Net income for the third quarter increased by 9,000 to 4,000, compared with a net loss of 5,000 for the third quarter of 2009
– Net sales for the quarter increased 085,000, or 8%, to 085,000, compared with a reported 000 000 for same period last year quarterly
.
-. Out of about 3,000 related to the offer unsolicited hostile, we were able to reduce total costs by almost 17% over the same quarter a year ago
unsolicited hostile offer caused the cost increase was significant among current and Litex Craft Made since January. Litex made an unsolicited offer to buy in January for Craft Made 0.25 per share. At the time, created Litex much distraction, and said he would buy Craft Made when there was no consensus. Seven weeks after the announcement, Litex has launched a hostile offer to buy shares for 0.25 shares per capita, which was rejected by a majority of shareholders of Craft Made. Do not have an agreement, made Litex a verbal offer for the company to buy shares at 0.50 per share. More recently, 21 June 2010, received the Craft Made a letter from Litex with an unsolicited offer to buy Craft Made at a cost of 0.00 per share. Again, the Craft Made not received a form of acquisition agreement, or other indications of acceptance of the basic terms of the confidentiality agreement. Craft Made countered this offer with two conditions, including (i) Litex are willing to pay 0.75 per share for the stock Craft Made and (ii) entering into a confidentiality agreement proposed that Litex rejected.
Since then understand Litex Craft Made shareholder who bought shares at 0.50 per share in a transaction not in public, to bring the property in Litex Craft Made just under 15%. They also said that Litex discussed the purchase of shares in some of you at prices as high as 0.75 per share (the same price Litex said he was not willing to pay all shareholders). June 23 the company sent a letter to its shareholders to comment on recent developments regarding Litex Industries, Limited. The letter describes the proposal for the latest and very stress related to the acquisition of Litex Craft Made. Craft Made knows better business results that give us optimism for the coming year. His last two quarters have shown a significant improvement from last year, and in the last quarter of the financial year ended 31 March 2010, Craft Made achieved its best economic performance in nearly three years, with the exception of costs associated with Litex supply.
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