Some time ago I was taken to task about a liking for Hot Tuna.Well I hope the taskmaster is watching the screen !!!

We'll, I'm at break even now... wahoo! just need to 10 bag from here and I'd be reasonably happy!

300 million traded today which shows a level of interest unheard of for this minnow, as I said leaving my line in to see where it goes. I expect a battering!! lol

yep got some left here - obviously not a large amount due to extreme high risk lol :-))))

we are waiting on a bit of news then..........

gla

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Hot Tuna revenues fall after disappointing year
StockMarketWire.com
Surf wear and fashion brand Hot Tuna (International) posts pre-tax losses of £768,000 for the year to the end of June - down from £1.3m last time.

Revenues fell to £207,000 from £464,000 following a disappointing year with decreasing sales across all its geographic regions, resulting in an operational loss before exceptional items of £0.86m.

Executive chairman Francis Ball said: "While improvement has been made in avenues to market post financial year-end with the launch of the ecommerce site www.hot-tuna.com and signing of an Australian distribution agreement, revenue has not met forecasts and cashflows are not expected to support the business through 2012.

"As such the board took the decision to sell the company's key asset of the IP and stock of Hot Tuna in November.

"Currently the board is working with interested parties and is expecting to present a firm purchase offer to shareholders in January.

"Although strong interest has been shown in the purchase of the brand to date, in the event of a sale not being achieved the board will investigate funding solutions and aggressive overhead cutting while working constructively with the Australian distributor.

"In the event of a sale of the brand and business being successfully achieved, the board has indicated the company will remain as a listed 'shell', with the incumbent directors excluding Marcus Yeoman expected to step down."

Hot Tuna quits USA
StockMarketWire.com
Surfing fashion brand Hot Tuna said overall it was a disappointing year to end-June with decreasing sales over the period across all geographic regions.

This resulted in an operational loss prior to exceptional items of £0.86m.

Operational costs remain controlled at the lower level carried forward from 2010 and have little scope for further reduction. In the event of the business continuing, it is the Company's intention to realise further cost savings by entering distributorships and targeting online sales going forward.

The Company retains Hot Tuna's core brand values of edgy surf/streetwear while seeking to utilise the brand's classic heritage. New suppliers have been sort to provide the highest possible quality within target cost brackets.

The summer 2010 trading period in Europe showed signs of mild recovery with product being delivered to new accounts in Italy generated by the Italian/Austrian distributor. The product was delivered on budget and within customer delivery windows. The UK e-commerce customers reflected slight increases in their modest sized orders as retailers and e-tailers reduced stock holdings and became cautious in product being stocked. Further sales where generated by old seasonal stock being discounted and channelled through markets where full price merchandise was not sold.

At the end of the summer 2010 season Italian retailers had reported good to very good sell through on product and the outlook for 2012 season looked promising. UK e-tailers reported fair sell through in line with UK retail market conditions. UK was signalling a general slowdown pushed in part by UK summer conditions and the start of softening retail numbers. UK accounts purchased product very late after production had been confirmed and in some cases individual styles were not able to be produced due to late purchasing, although online retailers both suffered and prospered from the harsh weather conditions over the start of 2011.

During the financial year the European market showed a decrease in turnover from £0.12m in 2010 to £0.06m in 2011. As such, the Company is focusing on rolling out its e-commerce strategy and repairing relations with our prior customer base.

While sales for the 2012 period to-date are up on the same period last year the difference is not significant and we expect European sales for 2012 to be in-line with 2011.

The Australian market reaction to the new season adult range was positive at tradeshows and a modest increase in the number of accounts buying reflected this. Discounting of old children's range product continued and previous seasons recalled product was returned in to the discount market as 'seconds' product. The children's range was not put back into the market, instead a concerted effort was made to establish back into the market the adults range.

While struggling to recover from the issues of product recall and losing two major retailers in 2010, Australian turnover disappointed expectations and decreased from £0.29m in 2010 to £0.06m in 2011.

In 2012 the Company is focusing on the potential for its recently signed Australian distribution agreement. This agreement is expected to significantly improve revenue from January 2012 with emphasis on the post June 2012 period and the board has begun scaling down operations in Australia in light of this.

The US retail sector has suffered the most of all markets, and sales continued to be dominated by the swim range. A successful Miami Swim Show at Salon Allure in July 2010 boosted confidence with good orders placed by traditional customers Victoria Secrets and Delias for deliveries from November 2010 through to March 2011. The Company had expected these to result in solid repeat orders from January to March, however as the US retail market retreated and the economy softened, accounts pulled back and only minimal orders were received.

The USA market remains potentially the largest market but will require a distribution partner to capitalise on this, as has been successfully achieved in the Australian market.

Similarly to 2010, the modest sales achieved in the US market were driven by the women's swim collection. Total turnover for the US was £0.09m in 2011 compared to £0.06m in 2010 which failed to reach expectations from the prior year.

In light of the US performance, the board has started winding down US operations and expect all trading and overhead expenditure to have ceased by February 2012.

The operational review has highlighted the disappointing sales performance achieved this year, reducing turnover to £0.21 million (2010: £0.46 million). Due to reduced stock ordering, stock write-down was minimised in 2011 and Company posted a gross profit of £0.05 million (2010: loss £0.03 million).

Total other operational expenses were reduced to £0.91 million (2010: £1.37 million), which is attributable to a reduction in both general and administrative expenses and depreciation and amortisation. In 2011, losses from operations decreased to £0.86 million (2010: £1.40 million).

Due to tighter cost control, operational cash outflows decreased to £0.76 million in the 2011 financial year (2010: £1.37 million).

Net cash outflow after changes in working capital and finance costs from operating activities was £0.94 million (2010: £1.68 million), this improvement in 2011 operating cashflows is largely due to a normalisation from the large decrease in payables in the prior year. Total cash inflow over the period was £0.07 million (2010: £0.62 million) which included the offset by the net proceeds from the placing of £1.01 million resulting in a cash balance at the end of the year of £0.68 million (2010: £0.59 million).

While improvement has been made in avenues to market post financial year end with the launch of the ecommerce site www.hot-tuna.com and signing of an Australian distribution agreement, revenue has not met forecasts and cashflows are not expected to support the business through 2012. As such the board took the decision to sell the Company's key asset of the IP and stock of Hot Tuna in November 2011. Currently the board is working with interested parties and is expecting to present a firm purchase offer to shareholders in January 2012. Although strong interest has been shown in the purchase of the brand to date, in the event of a sale not being achieved the board will investigate funding solutions and aggressive overhead cutting while working constructively with the Australian distributor.

In the event of a sale of the brand and business being successfully achieved, the board has indicated the Company will remain as a listed 'shell', with the incumbent directors excluding Marcus Yeoman expected to step down.

Story provided by StockMarketWire.com

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Much as expected. There are going to be a lot more in this unenviable position in the coming months.On a upbeat note they do have interested parties but at what price?

All the best beebusy, did you get some profit.

Not yet. I have held for years.They would need to be 3p for me to break even!!! And I do not see them making those giddy heights.Even with the release of the trading figures its no worse than most of us thought and I see there is a hugh amount of buying going on and it is rallying on the back of this. There is a quick buck to be made with careful placing.But for me the interesting scenario is the hereafter!!

Happy new year beebusy and all the best.

Nearly 500,000,000 shares changing hands by 1300 hrs thats going some!!

Hot or not, can't help feeling tuna is an endangered species....

I think they are about to be barbequed!!! Do you ever get the feeling that you want to kick your own arse??? I should have taken the hit last week and ditched them while up. Bloody crystal ball is junk!!!!!!!!! lol