Vermont Teddy Bear Announces Profits, Plans to ExpandThe Vermont Teddy Bear Co. Inc., Shelburne, VT, yesterday announced to stockholders a net profit for the fiscal year ended June 30 of $1.7 million or or 22 cents a diluted share, compared with a net loss in the prior year of $1.8 million or 34 cents a diluted share. Revenues for the year ended June 30 increased 25 percent to $21.6 million, from $17.2 million a year ago.
The revenue gains were attributed to Vermont Teddy Bear's national expansion of its direct response radio campaign to 275 stations in 50 radio markets, nearly double the number of radio stations over the prior year, as well as increased online sales at www.vermontteddybear.com.
The publicly held company also announced plans to lease 12,000 square feet of space in Newport, VT, for a satellite production operation to meet increased demand for its teddy bears. "The combination of very low unemployment in our area and the growth in demand for our Vermont-made teddy bears has made it necessary for us to look elsewhere to supplement the production capacity of our Shelburne factory," said Elisabeth Robert, president of the company, in a statement.