For the first six months of fiscal 2005, net income increased 19%, or $3.1 million, to $19.3 million, or $0.64 per diluted share, from $16.2 million, or $0.54 per diluted share, for the first six months of fiscal 2004.
Excluding charges related to plant closures in Mexico in fiscal 2005 and facility closings in fiscal 2004, pro forma net income increased 37% to $22.6 million, or $0.75 per diluted share, for the first six months of fiscal 2005 as compared to pro forma net income of $16.6 million, or $0.55 per diluted share, for the first six months of fiscal 2004.
Net cash provided by operating activities for the first half of fiscal 2005 was $22.6 million compared to net cash used in operating activities of $5.4 million in the first half of fiscal 2004. The improvement in cash flow from operations is primarily attributable to the growth in earnings and improvement in working capital.
On July 14, 2005, The William Carter Company ("TWCC") a subsidiary of Carter's completed the acquisition of OshKosh B'Gosh Inc for approximately $312 million, which includes payment for vested stock options.
Also, in July, in connection with the previously announced cash tender offer by TWCC for its outstanding 10.875% Senior Subordinated Notes due 2011, Carter's paid approximately $132.9 million, including a redemption premium of approximately $14.0 million and accrued and unpaid interest.
Financing for the acquisition, tender offer and consent
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