Net earnings for the first nine months of fiscal 2005 were U.S. $64.6 million, or U.S. $1.08 per share, before the special charge recorded in the second quarter for the closure and relocation of the Canadian yarn-spinning facilities. These results were up 38.3 percent and 38.5 percent respectively from net earnings of U.S. $46.7 million or U.S. $0.78 per share in the first nine months of last year, after adjusting last year's earnings for the negative impact of the functional currency change on cost of sales as a result of revaluing opening inventories which were consumed in the first half of fiscal 2004. Net earnings and E.P.S. for the first nine months of fiscal 2005 were U.S. $56.8 million and U.S. $0.95 per share after the special charge, compared with net earnings and E.P.S. as reported of U.S. $43.4 million and U.S. $0.73 per share in the first nine months of fiscal 2004.
Earnings Outlook
On July 12, 2005, the Company increased its E.P.S. guidance for the full 2005 fiscal year from approximately U.S. $1.40 per share to approximately U.S. $1.50 per share before the special charge for the closure and relocation of the Canadian yarn-spinning operations, and approximately U.S. $1.37 per share after the charge. The Company continues to be comfortable with its revised guidance. The Company is projecting E.P.S. of approximately U.S. $0.42 per share for the fourth quarter, up approximately 23.5 percent from U.S. $0.34 pershare in the fourth quarter of fiscal 2004, before the special charge in the fourth quarter of last year to reflect the Company's contractual obligations to H. Greg Chamandy.
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