G-III Apparel Group reports Q1 fiscal 2008 results
07 Jun '07
3 min read
Although the Company expects the recently announced acquisition to be accretive in its first twelve months, it is forecasting a loss of approximately $0.05 to $0.10 per share from the recently acquired operations for this fiscal year. This expectation is included in the Company's per share estimates for fiscal 2008.
The Company's fiscal 2008 estimates compare to fiscal 2007 diluted net income per share of $0.94. The Company noted that fiscal 2007 results included a reversal of tax reserves of approximately $950,000, or $0.07 per diluted share. The Company's full year diluted shares are forecasted to increase to approximately 17.1 million, up from 14.0 million, due in part to the Company's public offering, which closed in March 2007.
The Company is projecting EBITDA for fiscal 2008 to increase approximately 16% to 20% to a range of approximately $37.3 million to $38.7 million, up from $32.3 million in fiscal 2007. EBITDA results should be evaluated in light of the Company's financial results prepared in accordance with GAAP. A table reconciling EBITDA to net income is included in a table accompanying the financial statements in this release.
With respect to the second fiscal quarter ending July 31, 2007, the Company is forecasting net sales of approximately $75 million and a net loss per share between $0.19 and $0.24 as compared to net sales of $69.1 million and a net loss per share of $0.14 in last year's second fiscal quarter. The lower netsales growth and higher second quarter loss is primarily attributable to the impact of lower projected sales of private label outerwear programs and retailers pushing back outerwear delivery dates to better coincide with consumer demand.The Company noted that the second fiscal quarter historically results in seasonal losses.
marketing@alchempro.com
