Joe's Jeans Reports 2008 Second Quarter Results
16 7월 2008 - 5:00AM
Marketwired
LOS ANGELES, CA (NASDAQ: JOEZ) today announced financial results
for the second quarter ended May 31, 2008. Highlights were:
-- Net sales improved 18% to $18.0 million compared to $15.2 million in
the second quarter a year ago.
-- Sequential gross margin improvement to 47% during the second quarter,
a 2 percentage point improvement over 45% in the first quarter of 2008.
-- A record quarter of profitability with net income of $2.0 million, or
$0.03 per share, compared to $422,000, or $0.01 per share in the second
quarter a year ago.
-- Announcement of the first full-price Joe's� retail store to be
located in the Bucktown neighborhood of Chicago.
Marc Crossman, President and Chief Executive Officer, commented,
"We are very pleased to be reporting $18.0 million in sales and
record net income of $2.0 million during the quarter. These results
reflect continued sales growth and gross margin improvement driven
by improved performance across all of our business segments,
including women's, men's, international and kid's, and from our
sourcing capabilities. Additionally, we announced the signing of
our first full-price retail store during the quarter to be located
in the Bucktown neighborhood in Chicago with a planned opening in
October. We are extremely excited about the progress we made this
quarter across all aspects of our business and we look forward to
capitalizing on the opportunities we see for continued growth
during the remainder of 2008 and into 2009."
For the second quarter ended May 31, 2008, net sales improved to
$18.0 million from $15.2 million in the second quarter ended May
26, 2007, an 18% increase. Gross margins during the second quarter
of 2008 were 47%. SG&A during the second quarter ended May 31,
2008 was $6.0 million compared to $6.6 million in the second
quarter of 2007, a 9% decrease primarily due to a one-time non-cash
charge of $1.5 million taken in the second quarter of 2007 in
connection with the Company's dissolution of its former
international distribution agreement. Excluding this one-time
charge, SG&A during the second quarter of 2008 increased 18%
over the second quarter of 2007, primarily due to: higher headcount
to support the Company's continued growth and its retail
initiatives; increased distribution and shipment costs as a result
of higher sales volume over the prior year period; increased sample
costs in connection with the development of a full collection; and,
an increase in stock-based compensation expense relating to the
issuance of restricted common stock and restricted stock units
issued during the fourth quarter of 2007 and the first quarter of
2008. The Company generated net income of $2.0 million, or $0.03
per share, during the second quarter of 2008 compared to net income
of $422,000, or $0.01 per share, during the second quarter of
2007.
The Company will host a conference call to discuss its 2008
second quarter results today, July 15, 2008, beginning at 4:30 pm
ET. To access the live call, please dial (800) 901-5231 (U.S.) or
(617) 786-2961 (International). The conference ID number and
participant passcode is 62603181 and is entitled the "Q2 2008 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 6:30 PM Eastern Time today until 11:59 PM
Eastern Time on July 29, 2008 by dialing (888) 286-8010 (U.S) or
(617) 801-6888 (international) and using the conference passcode
32415799. In addition, the conference call will be archived for two
weeks on the Company's website at www.joesjeans.com.
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.
Statements in this news release which are not purely historical
facts are forward-looking statements, including statements
containing the words "intend," "believe," "estimate, "project,"
"expect" or similar expressions. Forward-looking statements in this
press release include, without limitation, our ability to capture
market share in the premium denim category, both domestically and
internationally, our ability to achieve long-term profitability,
our expectations for our Joe's Jeans� brand in the marketplace,
including our ability to transition to a lifestyle brand, our
belief in our growth strategy, and our ability to implement our
retail strategy. These statements are made pursuant to the safe
harbor provisions of Section 21E of the Securities Exchange Act of
1934, as amended. All forward-looking statements are based upon
information available to Joe's Jeans Inc. on the date of this
release. 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: uncertainty regarding the effect or outcome of the
Company's expectations in the domestic and international
marketplaces; continued acceptance of the Company's products in the
marketplace, particularly acceptance and near-term sales of the
Joe's� brand; successful implementation of the Company's retail
strategy; the ability of the Company to continue to improve its
gross margins; the ability to obtain new financing from other
financing sources; 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; dependence upon third-party vendors; a possible
oversupply of denim in the marketplace; and other risks detailed in
the Company's periodic report filings with the Securities and
Exchange Commission. By making these forward-looking statements,
the Company undertakes no obligation to update these statements for
revisions or changes after the date of this release. Readers are
cautioned not to place undue reliance on forward-looking
statements.
Consolidated Statements
of Earnings
(in thousands, except
per share data)
Three Months Ended
May 31, 2008 May 26, 2007
------------- -------------
Net sales $ 17,955 $ 15,171
Cost of goods sold 9,517 7,822
------------- -------------
Gross profit 8,438 7,349
Selling, general & administrative 5,968 6,605
Depreciation & amortization 87 87
------------- -------------
Income from operations 2,383 657
Interest expense (167) (202)
Other income (expense) - (28)
------------- -------------
Income before provision for taxes 2,216 427
Income taxes 201 5
------------- -------------
Net income $ 2,015 $ 422
============= =============
Earnings per common share - basic $ 0.03 $ 0.01
------------- -------------
Earnings per common share - diluted $ 0.03 $ 0.01
============= =============
Weighted average shares outstanding
Basic 59,342 41,227
Diluted 59,583 43,365
Contact: Joe's Jeans Inc. Dustin A. Huffine 323-837-3727
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