Cherokee Inc., a leading global licensor and brand management company, reported total royalty revenues for the second quarter ended July 31, 2010 (the "Second Quarter") of $7.5 million, as compared to $8.1 million in the comparable period last year.
Cherokee's operating expenses for the Second Quarter totaled $3.36 million, which was slightly greater than the $3.34 million in the comparable period last year. Cherokee's net income for the Second Quarter decreased by a total of $0.4 million to $2.5 million or $0.28 per diluted share, as compared to $2.9 million, or $0.32 per diluted share in the comparable period last year. The Company ended the quarter with cash and cash equivalents of $7.3 million, net receivables of $6.7 million and no debt.
Russell J. Riopelle, Chief Financial Officer, commented, "We finished the quarter in another strong cash position and a debt-free balance sheet. During our Second Quarter we paid a $0.38 per share dividend in June, and announced our September dividend of $0.38 per share."
Howard Siegel, Chief Operating Officer of Cherokee, stated, "Slight increases in our U.S. royalties were offset by less favorable exchange rates and lower royalties from certain international accounts."
marketing@alchempro.com
