FARMERS BRANCH, Texas, March 31, 2017 /PRNewswire/ -- Ironclad Performance Wear Corporation (OTCQB: ICPW), the recognized leader in high-performance, task-specific work gloves, announced that it has issued a letter to shareholders providing updates regarding the current management team's accomplishments, transformation and growth of the Company's three key sales channels, as well as management's outlook for 2017. In addition, the Company said that it expects revenue for its first quarter ending March 31, 2017, to be in the range of $4.4 million to $4.6 million. A full copy of the letter is available on form 8-K filed with the Securities and Exchange Commission on March 24, 2017.
"Over the past few years, we made several strategic decisions that have solved many significant problems associated with our business, transitioned away from businesses and accounts that have hindered our growth, and established a strong foundation for profitable growth going forward. Through the Shareholder letter, we wanted to take the opportunity to share with investors those accomplishments and some of the significant challenges we faced in getting to this point," said Jeff Cordes, Ironclad's President and CEO.
"Looking forward, we are excited about the growth we see for 2017. However, as we have discussed previously, investors must recognize, based on our mix of customers, some of them substantial in size, that we will continue to be impacted by revenue fluctuations between quarters. Most notably, we are currently experiencing delays in orders from one of our largest distributors. This distributor, in order to accommodate their largest customer's line review is shifting orders from the first half to the second half of the year. We estimate that the delays will result in approximately $800,000 of revenue from each of the first and second quarters of 2017 that will be shifted to the second half of the year. While the timing of revenue has changed, total revenue itself has not, and our confidence in the Company achieving double-digit growth in 2017 remains intact. Our retail placements are growing, our industrial team is expanding and finding new distributors and our international base of distributors is expanding. We also have several new and exciting product introductions, as well as product lines that we will be introducing during this year," said Cordes.
About Ironclad Performance Wear Corporation
Ironclad Performance Wear is a leader in high-performance task-specific work gloves. It created the performance work glove category in 1998, and continues to leverage its leadership position in the safety, construction and industrial markets through the design, development and distribution of specialized task-specific gloves for industries such as oil & gas extraction; automotive; and police, fire, first-responder and military. Ironclad engineers and manufactures its products with a focus on innovation, design, advanced material science and durability. Ironclad's gloves and apparel are available through industrial suppliers, hardware stores, home centers, lumber yards, and sporting goods retailers nationwide; and through authorized distributors in North America, Europe, Australia, Middle East and Asia.
Built Tough for the Industrial Athlete™
For more information on Ironclad, please visit the Company's Website at www.ironclad.com.
Information about Forward-Looking Statements
This release contains "forward-looking statements" that include information relating to future events and future financial and operating performance. Forward-looking statements should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of the times at, or by, which that performance or those results will be achieved. Forward-looking statements are based on information available at the time they are made and/or management's good faith belief as of that time with respect to future events, and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements. Important factors that could cause these differences include, but are not limited to: fluctuations in demand for Ironclad's products, the introduction of new products, Ironclad's ability to maintain customer and strategic business relationships, the impact of competitive products and pricing, growth in targeted markets, the adequacy of Ironclad's liquidity and financial strength to support its growth, and other information that may be detailed from time-to-time in Ironclad's filings with the United States Securities and Exchange Commission. Examples of such forward looking statements in this release include statements regarding expanding our base of retailers and distributors, anticipated sales to customers, and anticipated growth and profitability. For a more detailed description of the risk factors and uncertainties affecting Ironclad, please refer to the Company's recent Securities and Exchange Commission filings, which are available at www.sec.gov. Ironclad undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
William Aisenberg, CFO
Three Part Advisors, LLC
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SOURCE Ironclad Performance Wear Corporation