Cherokee continues to expand 'world brand' strategy
08 Dec '06
3 min read
Both the $900,000 of past royalties and the $33.0 million termination payment (the $33.0 million will be treated by Cherokee as one-time revenues), will be recognized as revenues in Cherokee's fiscal 4th Quarter.
Robert Margolis, Chairman and CEO, said, “We are very pleased with the consistency of our financial results, and the strength of our balance sheet. We are positioned for more aggressive growth going forward resulting from the launch of the Cherokee brand in various new markets worldwide, the pursuit of prudent acquisitions, and the further evolution of our brand representation business.”
Howard Siegel, President of Cherokee, stated, “We are pleased with the continued growth of our international royalty revenues as we continue to successfully expand the business by developing our 'world brand' strategy for Cherokee. Tesco Hungary began selling Cherokee branded products in August, so this quarter includes royalties from all of the Tesco operations in Central Europe."
Russell J. Riopelle, Chief Financial Officer, added, “Our record operating results during the third quarter continue to reflect the strength and diversity of our revenue streams and our ability to generate significant free cash flow."
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