USA: Active Apparel Group Reports Record Results
Active Apparel Group Inc (Nasdaq: AAGP), which will be renamed Everlast Worldwide Inc upon completion of its acquisition of Everlast, has reported record operating results for the third quarter and nine months ended September 30, 2000.Net sales for the quarter were, a record high, $9,100,476, an increase of 45.4% over last year's $6,259,574. Gross profit advanced 39.5% to $3,644,401 in the third quarter of 2000 compared to $2,613,349 in the corresponding period last year. Gross profit as a percentage of sales was 40.1% in the third quarter compared to 41.8% for last year's third quarter. For the quarter, Active Apparel's net earnings were at record levels and increased 145.3% to $571,917, or $0.22 per share, compared with $233,174 or $0.09 per share, for the same period a year ago.George Q. Horowitz, chairman and chief executive of Active Apparel, commented: "The growth that we've been experiencing continues as evidenced by our record results for the quarter. Both our men's and women's products continue to gain in popularity and retailer support. Our marketing and promotional activities, including our successful campaign involving the recently released movie, 'Girlfight,' continue to generate increased levels of brand awareness."He continued: "We look forward to the completion of our previously announced acquisition of Everlast, the single most important event in our company's history. Using the same marketing skills and strategies that we've been employing to considerable success at Active Apparel, we aim to expand the reach and visibility of the Everlast name. Upon closing, we will implement a plan to build on the strength and heritage of the Everlast brand. The initial program will include the introduction of new Everlast products, the expansion of the licensing program as well as the opening of new international markets."
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