Accessory footwear marketer R.G. Barry Corporation, the Dearfoams company reported that it achieved its sales goal and surpassed its earnings target for the fiscal year ended June 30, 2007.
The Company reported the following results for the fiscal year 2007:
• Net sales from continuing operations of $105.3 million.
• Gross profit as a percent of sales of 39.7 percent.
• Income from continuing operations before taxes of $12.1 million, which included an $878,000 gain on the sale of land; or income from continuing operations before taxes and excluding the gain on the sale of land of $11.2 million.
• Net earnings of $25.1 million, or $2.55 per basic share and $2.46 per diluted share, which includes a one-time net tax benefit of $13.7 million.
• Cash and equivalents of $18.2 million, up from $1 million one year ago.
Fiscal Year 2007 Results:
Net sales from continuing operations were $105.3 million, an increase of 7.9 percent over the $97.7 million reported for fiscal year 2005, the Company's last full fiscal year prior to changing its year-end to the Saturday closest to June 30.
Due to the change of the Company's fiscal year-end, the attached table provides a comparison of the fiscal year 2007 results to the results for the 52-week period ended July 1, 2006.
Gross profit as a percent of sales was 39.7 percent, in line with Company's stated annual gross profit percentage target of approximately 40.0 percent. This compares with the unusually high gross profit percentage of 44.2 achieved in fiscal 2005 due to favorable pricing on purchases from third-party manufacturers under contracts negotiated ahead of the current inflationary trends in China.
marketing@alchempro.com
