Sandy Rains on GNGR's Q4 Parade
OAKDALE, N.Y., Jan. 25, 2013 /PRNewswire/ -- Gunther Grant, Inc. (OTC-PINK: GNGR) sales during the last quarter of 2012 were much lower than expected due to the lingering effects of Hurricane Sandy. The company's New York based manufacturing facility and offices were not damaged in the storm, but ongoing power outages, interruption of the supply chain due to gas shortages, and the loss of several local suppliers presented a major obstacle in reaching all fourth quarter goals. And even though the company was able to obtain enough materials to produce substantial inventory, the usually robust holiday buying season flagged as customers cut back on spending as a result of the disruptions and extra expenses caused by the storm, and growing concerns over the fiscal cliff crisis at the end of the year.
"Yes, our last quarter will be negatively impacted by the hurricane as well as other economic factors. But that will have no effect on our optimism and momentum as we head into 2013. There are so many positive things going on which include increased inventory, keeping our costs under control, a focus on streamlining our manufacturing operations, and the introduction of new products to the marketplace. These are the things that will deliver value to our shareholders in the coming year," stated Grant Newsteder, CEO of Gunther Grant, Inc.
The company has already had a strong start to the new year with the first quarter introduction of Got Chocolates Inc.'s Original Gourmet Fudge to the convenience store market. In addition, purchase orders for the licensed Betty Boop line of confections have been filled and the bars are currently available at the Official Betty Boop Store at www.bettyboopstore.com.
Fourth quarter reports are due no later than mid-February.
SOURCE Gunther Grant, Inc.