Fossil Inc reported fourth quarter net sales and gross profit and preliminary earnings for the thirteen-week (Fourth Quarter) period ended January 6, 2007.
Preliminary Fourth Quarter results reflect solid operating results: • Net sales increased 20.5% to $390.8 million; • Gross profit increased 25.1% to $200.8 million, or 51.4% of net sales; • Operating income totaled $57.6 million or 14.7% of net sales; and • Net income was $38.2 million, or $0.55 per diluted share.
As previously announced on November 14, 2006, a committee made up of certain independent members of the Company's Board of Directors commenced a review of the Company's equity granting practices. This voluntary review is being conducted with the assistance of independent legal counsel retained by the Special Committee.
The Company will not be able to comment on any aspect of the review or possible outcome and there can be no assurance that the Company will not have to restate its prior financial statements or adjust certain amounts presented in this release until after the Special Committee completes such review.
The Company is not republishing or making reference to any financial results issued prior to 2006 with the exception of historical period net sales and gross profit and selected balance sheet information. Any financial disclosures relating to operating expenses, taxes, net income and net income per share amounts within this release should be considered preliminary.
The timing of the Company's filing of its Quarterly Report on Form 10-Q for the quarter ended October 7, 2006 and its Annual Report on Form 10-K for the year ended January 6, 2007 with the Securities and Exchange Commission and the date of the Company's annual meeting of shareholders are uncertain pending completion of the Special Committee's review.
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