USA: Financial Round Up
Florsheim Reports Fourth Quarter And Annual Results
Shoe designer and manufacturer the Florsheim Group Inc has reported a net loss of $6.5m or $0.76 per share, excluding non-recurring costs, for the fourth quarter of 2000.
For the same period in 1999 the company reported net earnings of $111,000, or $0.01 per share, excluding non-recurring costs and year-end inventory adjustments.
For the year ended December 30, 2000, the net loss was $17.4m or $2.05 per share, excluding non-recurring items, compared to a net loss of $1.8m or $0.22 per share, on a pro forma basis, for the comparable prior year period.
The fiscal 2000 fourth quarter loss excludes non-recurring cost of sales of $1.1m and non-recurring expenses of $5.2m. Non-recurring cost of sales were $3.1m for the year ended December 30, 2000. Non-recurring expenses for the full year were $11.1m.
Thomas P Polke, executive vice president and chief financial officer, said: "Despite our clearly unacceptable results, we have taken significant actions to bring much needed liquidity into the company during the last six months. Inventory has been reduced over $10.0m since July.
"In November, we announced that we reached an agreement with our bank group that provided $15m of additional liquidity to the business and announced a plan that will revert over $20m in excess assets currently residing in the company's pension plan back to the company.
"We have taken numerous steps to further reduce expenses, including staff reductions and the consolidation of our company headquarter space by one-third."
Net sales were $47.5m for the fourth quarter of 2000, compared to $62.2m in the fourth quarter of 1999. For the year ended December 30, 2000, net sales were $205.2m compared to $245.7m for the prior year.
The company previously announced that the fourth quarter 2000 results might reflect an estimated $12-$15m gain as a result of the termination and curtailment of the company's pension plan. The company curtailed benefits and terminated the plan in the first quarter of 2001 and expects to revert excess assets and realise the gain during 2001.
JLM Couture Inc Reports First Quarter
JLM Couture Inc, a designer, manufacturer and marketer of wedding apparel, today said that for the first fiscal quarter ended January 31, 2001, revenues were $4.2m, a 6 per cent gain on revenue of $4m for the like quarter last year.
Net Income for JLM's 2001 first fiscal quarter declined to $158,553, or $0.08 per basic and diluted share, from $209,796, or $0.10 per basic and diluted share, reported for the like quarter in fiscal 2000, as the current quarters' sales mix included a higher percentage of lower margin bridesmaids dresses than last year's first quarter. The company also incurred higher marketing and advertising expenses in the first three months of the year.
Joseph L Murphy, president and CEO, said all of the company's bridal and bridesmaids lines continue to show sales growth and anticipates that this growth should continue through the balance of the fiscal year.
G-III Apparel Group Ltd Announces Results For Fourth Quarter And Fiscal Year
G-III Apparel Group Ltd has announced operating results for the three and twelve-month periods ended January 31, 2001.
For the twelve-month period ended January 31, 2001, G-III reported net income of $11.2m, or $1.57 per diluted share, compared to net income of $5.8m, or $0.84 per diluted share, for the prior twelve-month period.
Net sales for fiscal 2001 increased 25 per cent to $187.1m, from $149.6m for the prior twelve-month period. This is on top of an increase of 23 per cent in fiscal 2000 net sales compared to fiscal 1999. Gross margins for fiscal 2001 increased to 27.2 per cent of net sales from 26 per cent of net sales for the prior twelve-month period.
For the three-month period ended January 31, 2001, G-III reported net income of $758,000, or $0.11 per diluted share, compared to net income of $697,000, or $0.10 per diluted share, during the comparable period last year.
Net sales for the three-month period ended January 31, 2001 increased 23.3 per cent to $41.1m, from $33.4m during the comparable period last year.
G-III's chief executive officer, Morris Goldfarb, said: "Fourth quarter represents the close to an excellent year at G-III. Our strong sales growth trend, improvement in operating profitability, increasingly diversified product mix, and new license partnerships position our company for solid sales and earnings growth in fiscal 2002."
The company currently expects revenues to increase between 15 per cent and 17 per cent for fiscal 2002. The company also announced today that it is comfortable with a diluted earnings per share estimate for fiscal 2002 of between $1.65 and $1.70.
Elder-Beerman Reports Fourth Quarter and Fiscal 2000 Operating Results
The Elder-Beerman Stores Corp has reported normalised net income of $11.3m for the fourth quarter ended February 3, 2001, up 5.1 per cent from normalised net income of $10.8m in 1999.
Normalised net income per average diluted share for the quarter was $1.00 compared to normalised net income per average diluted share of $0.73 in the fourth quarter of 1999.
Total revenues for the 14 week quarter rose 4.2 per cent over last year to $237.5m. Total sales for the quarter on a 13 week basis increased 1.7 per cent and comparable sales for the quarter decreased 0.7 per cent.
For the 53 weeks ended February 3, 2001, Elder-Beerman reported normalised net income of $7.2m, down 30 per cent from normalised net income of $10.4m for 1999.
Normalised net income per average diluted share equaled $0.53 compared to normalised net income per average diluted share of $0.67 in 1999.
Total revenues for the 53 week year rose 3.0 per cent over last year to $687m. Total sales for the year on a 52 week basis increased 2.1 per cent and comparable sales for the year decreased 0.8 per cent.
Frederick J Mershad, chairman and chief executive officer, said: "In 2000, we developed and began implementing a new three-part strategic plan emphasising value in our merchandise offering, growth in the concept store format and a more efficient organisational structure.
"We have fully implemented the merchandising and cost savings elements of the plan for 2001. Because we acted quickly to put our plan in place, we believe we are well positioned even in a slower economy."
Companies: G-III Apparel Group
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Sportswear line Sean John and G-III Apparel Group have signed a license deal for G-III to make and distribute the Sean John Women's sportswear collection....
Calvin Klein Inc has signed a licensing agreement with G-III Apparel Group Ltd for women's better suits in the United States, Canada, and Mexico....
Outerwear and sportswear company G-III Apparel Group Ltd has promoted Neal Nackman to the position of chief financial officer from the position of vice president, finance....
Outerwear and sportswear maker G-III Apparel Group Ltd has added two privately held outerwear businesses to its portfolio....
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