Jaclyn Reports First Quarter Financial Results
14 Noviembre 2007 - 10:43AM
Marketwired
MAYWOOD, NJ today reported financial results for the first
quarter ended September 30, 2007.
Net sales for the three-month period ended September 30, 2007
were $37,453,000 compared to $40,624,000 a year earlier. The
Company reported first quarter net earnings of $300,000, or $.12
per diluted share, compared to fiscal 2007 first quarter net
earnings of $463,000, or $.18 per diluted share.
Commenting on the financial results, Allan Ginsburg, Chairman of
the Board, stated, "We experienced a decrease in net sales and net
earnings for the quarter compared to last year's first quarter. Net
sales and pre-tax earnings in this year's first quarter include a
customer sales allowance of approximately $800,000 ($485,000 after
tax) relating to a product manufactured by a foreign, third-party
supplier which did not meet our quality standards and represents
the estimated balance of costs to repair or replace products that
shipped during the first quarter of fiscal 2008. Excluding this
one-time cost, the Company's net earnings for the first quarter
would have been $785,000, or $.31 per diluted share." Mr. Ginsburg
added, "This quality issue is only a temporary setback for the
Company. Partly as a result of this quality issue, full fiscal 2008
net earnings are still expected to be below fiscal 2007 net
earnings (excluding the previously reported pension settlement
expense in fiscal 2007). However on a positive note, while the
retail climate is still challenging, we have recently received new
orders and indications of additional summer business, primarily in
our children's apparel division, which will help to boost our net
sales for fiscal 2008 to a level comparable with that of fiscal
2007."
Note: This press release may contain forward-looking statements
that are being made pursuant to the Private Securities Litigation
Reform Act of 1995, which provides a "safe harbor" for
forward-looking statements to encourage companies to provide
prospective information so long as those statements are accompanied
by meaningful cautionary statements identifying important factors
that could cause actual results to differ materially from those
discussed in the statement. Our forward-looking statements are
subject to a number of known and unknown risks and uncertainties
that could cause actual results, performance or achievements to
differ materially from those described or implied in the
forward-looking statements, including, but not limited to, general
economic and business conditions; competition in the accessories
and apparel markets, potential changes in customer spending;
acceptance of our product offerings and designs; the variability of
consumer spending resulting from changes in domestic economic
activity; any significant variations between actual amounts and the
amounts estimated for those matters identified as our critical
accounting estimates, as well as other significant accounting
estimates made in the preparation of our financial statements; and
the impact of hostilities in the Middle East and in other
geographic areas, as well as other geopolitical concerns.
Accordingly, actual results may differ materially from such
forward-looking statements. You are urged to consider all such
factors, as well as those included in our Annual Report on Form
10-K for the year ended June 30, 2007. The Company assumes no
obligation for updating any such forward-looking statements to
reflect actual results, changes in assumptions or changes in other
factors affecting such forward-looking statements.
Jaclyn, Inc. is a designer, manufacturer and marketer of
apparel, women's sleepwear, infants' and children's apparel,
handbags, premium incentives and related accessories. Website:
jaclyninc.com
JACLYN, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (Unaudited)
First Quarter ended September 30,
---------------------------------
2007 2006
----------- -----------
Net Sales $37,453,000 $40,624,000
Net Earnings $ 300,000 $ 463,000
Net Earnings per Common Share - Basic $ .12 $ .19
Net Earnings per Common Share - Diluted $ .12 $ .18
Weighted Average Number of
Shares Outstanding - Diluted 2,498,000 2,529,000
Company Contact: Anthony Christon Chief Financial Officer
Jaclyn, Inc. (201) 909-6000
Jaclyn (AMEX:JLN)
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