NY-based apparel company's net revenues rise in Q4
27 Feb '07
3 min read
• Provision for income taxes was $23.9 million, or an effective tax rate of 24.5% compared to $32.8 million, or an effective tax rate of 37.2%, in the prior year. • Net income was $50.8 million, or $1.08 per diluted share, compared to $49.5 million, or $1.06 per diluted share, in fiscal 2005. • Losses from discontinued operations (net of taxes) were $22.9 million, or $0.49 per diluted share, compared to $6.0 million, or $0.13 per diluted share, in the prior year. Income from continuing operations totaled $73.6 million, or $1.57 per diluted share, compared to $55.5 million, or $1.19 per diluted share, for fiscal 2005.
Fiscal 2007 outlook: • Net revenues are expected to grow in the mid-single digits over fiscal 2006 levels. • Earnings per diluted share are expected to be between $1.70 - $1.79 (assuming minimal pension expense and a tax rate of approximately 29%).
The Company notes that certain fiscal 2005 information in this release (and in the attached schedules) reflects the reclassification of certain operations which were discontinued in fiscal 2006.
The Company also notes that the fourth quarter and fiscal 2006 results include the operations of the acquired Calvin Klein(R) Jeans and related businesses in Europe and Asia (CKJEA). Excluding CKJEA, net revenues for the quarter and year increased 11.9% and 2.5% to $396.7 million and $1.5 billion, respectively. Excluding CKJEA, operating income for the quarter and year was $42.0 million and $108.3 million, compared to $19.1 million and $107.4 million, respectively.
marketing@alchempro.com
