For the thirteen weeks ended April 29th 2006, the company reported net income, on a consolidated basis including discontinued operations of $119,000 compared to a net loss of $2.8 million in the first quarter of fiscal 2005. This compares to the company's most recent guidance of earnings per share ranging from break even to a net loss of $0.10 for the first quarter.
Arthur Reiner, Chairman and CEO, said, "We are pleased with our results from continuing operations in the first quarter. As anticipated, our core business remains strong and has shown signs of sustained growth and improved earnings. More importantly, we were able to generate this level of business during a time when our team was faced with the challenge of closing 62 doors in the first quarter and transitioning an additional 132 doors to Federated in the second quarter."
Finlay Enterprises Inc, through its wholly-owned subsidiary, Finlay Fine Jewelry Corporation, is one of the leading retailers of fine jewelry and the largest operator of licensed fine jewelry departments in department stores throughout the United States with sales of $990.1 million in fiscal 2005.
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