Joe's Jeans Reports a 16% Increase in Third Quarter 2009 Net Sales
15 Octubre 2009 - 3:00PM
Marketwired
Joe's Jeans Inc. (the "Company") (NASDAQ: JOEZ) today announced
financial results for the third quarter ended August 31, 2009.
Highlights were:
-- Third quarter net sales increased 16% to $21.2 million
-- Gross margins remained steady at 49%
-- Operating income increased 22% to $2.8 million
-- Net income was $1.9 million with earnings per share of $0.03
For the third quarter, overall net sales were $21.2 million
compared to overall net sales of $18.2 million from the prior year
comparative period, a 16% increase. Marc Crossman, President and
Chief Executive Officer, commented, "We are pleased with our
performance for the quarter with essentially all of our
distribution channels, namely domestic women's, domestic men's,
licensing, and retail, experiencing sales increases."
Gross profit for the third quarter of fiscal 2009 was $10.4
million compared to $9.0 million, a 16% increase. For the third
quarter of fiscal 2009, gross margins were consistent at 49%.
SG&A expenses during the third quarter of fiscal 2009 were $7.4
million compared to $6.5 million in the third quarter of fiscal
2008, a 13% increase. Mr. Crossman continued, "We continue to
manage effectively our expense structure while launching new
product categories, rolling out our company owned retail stores,
and investing in advertising and promoting the brand for long-term,
sustainable growth. The increases in SG&A were largely limited
to expenses associated with the retail stores we opened during the
fourth quarter of fiscal 2008."
Mr. Crossman concluded, "These results translated into net
income for the third quarter of fiscal 2009 of $1.9 million and
earnings per share of $0.03. We had what we believe to be a very
productive quarter which we will continue to build upon in the
fourth quarter of 2009 and into 2010."
To access the live call, please dial (800) 299-6183 (U.S.) or
(617) 801-9713 (International). The conference ID number and
participant passcode is 79597733 and is entitled the "Q3 2009 Joe's
Jeans Inc. Earnings Conference Call." The information provided on
the teleconference is only accurate at the time of the conference
call, and the Company will take no responsibility for providing
updated information. A telephone replay of the conference call will
be available beginning at 7:30 p.m. Eastern Time on October 15,
2009 until 11:59 p.m. Eastern Time on October 22, 2009 by dialing
(888) 286-8010 (U.S) or (617) 801-6888 (international) and using
the conference passcode 69535207. In addition, the conference call
will be archived for two weeks on the Company's website at
www.joesjeans.com.
JOE'S JEANS INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
Three months ended
-------------------------
August 31, August 31,
2009 2008
------------ ------------
(unaudited)
Net sales $ 21,238 $ 18,248
Cost of goods sold 10,864 9,303
------------ ------------
Gross profit 10,374 8,945
------------ ------------
Operating expenses
Selling, general and administrative 7,394 6,544
Depreciation and amortization 132 70
------------ ------------
7,526 6,614
------------ ------------
Operating income 2,848 2,331
Interest expense 90 133
------------ ------------
Income before provision for taxes 2,758 2,198
Income taxes 824 368
------------ ------------
Net income $ 1,934 $ 1,830
============ ============
Earnings per common share - basic $ 0.03 $ 0.03
============ ============
Earnings per common share - diluted $ 0.03 $ 0.03
============ ============
Weighted average shares outstanding
Basic 60,177 59,477
Diluted 61,462 60,063
About Joe's Jeans Inc.
Joe's Jeans Inc. designs, produces and sells apparel and
apparel-related products to the retail and premium markets under
the Joe's® brand and related trademarks. More information is
available at the company website at www.joesjeans.com.
This release contains forward-looking statements within the
meaning of the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995, as amended. The matters discussed in
this news release involve estimates, projections, goals, forecasts,
assumptions, risks and uncertainties that could cause actual
results or outcomes to differ materially from those expressed in
the forward-looking statements. All statements in this news release
that are not purely historical facts are forward-looking
statements, including statements containing the words "intend,"
"believe," "estimate," "project," "expect" or similar expressions.
Any forward-looking statement inherently involves risks and
uncertainties that could cause actual results to differ materially
from the forward-looking statements. Factors that would cause or
contribute to such differences include, but are not limited to: the
risk that the Company will be unsuccessful in gauging fashion
trends and changing customer preferences; the risk that changes in
general economic conditions, consumer confidence, or consumer
spending patterns will have a negative impact on the Company's
financial performance or strategies; the highly competitive nature
of the Company's business in the United States and internationally
and its dependence on consumer spending patterns, which are
influenced by numerous other factors; the Company's ability to
respond to the business environment and fashion trends; continued
acceptance of the Joe's® brand in the marketplace; successful
implementation of any growth or strategic plans; effective
inventory management; the Company's ability to continue to have
access on favorable terms to sufficient sources of liquidity
necessary to fund ongoing cash requirements of its operations,
which access may be adversely impacted by a number of factors,
including the reduced availability of credit generally and the
substantial tightening of the credit markets, including lending by
financial institutions, who are sources of credit for the Company,
the recent increase in the cost of capital, the level of the
Company's cash flows, which will be impacted by the level of
consumer spending and retailer and consumer acceptance of its
products; the ability to generate positive cash flow from
operations; competitive factors, including the possibility of major
customers sourcing product overseas in competition with our
products; the risk that acts or omissions by the company's third
party vendors could have a negative impact on the company's
reputation; a possible oversupply of denim in the marketplace; and
other risks. The Company discusses certain of these factors more
fully in its additional filings with the SEC, including its last
annual report on Form 10-K filed with the SEC, and this release
should be read in conjunction with that annual report on Form 10-K,
together with all of the Company's other filings, including current
reports on Form 8-K, made with the SEC through the date of this
release. The Company urges you to consider all of these risks,
uncertainties and other factors carefully in evaluating the
forward-looking statements contained in this release.
Any forward-looking statement is based on information current as
of the date of this document and speaks only as of the date on
which such statement is made, and the Company undertakes no
obligation to update these statements to reflect events or
circumstances after the date on which such statement is made.
Readers are cautioned not to place undue reliance on
forward-looking statements.
Contact: Joe's Jeans Inc. Hamish Sandhu 323-837-3700 x 304
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