Everlast Worldwide Inc, manufacturer, marketer and licensor of sporting goods, apparel, footwear and other active lifestyle products under the Everlast brand name, announced its financial results for its fiscal second quarter and six-months ended June 30, 2006.
For the second quarter ended June 30, 2006, net revenues were $9.8 million, as compared to $10.3 million in the same period in 2005. Net licensing revenues for the second quarter of 2006 were $3.0 million, as compared to $2.9 million in the same period a year ago.
The company achieved a 53% increase in operating income from continuing operations to approximately $1.6 million versus the year-ago level of approximately $1.0 million.
Adjusted earnings per diluted share, excluding the $0.03 effects of stock based compensation, for the second quarter of fiscal 2006 was $0.13 per diluted share, as compared to a net income from continuing operations of $0.08 per diluted share, in the 2005 comparable period.
Seth Horowitz, Chairman, President and CEO of Everlast Worldwide Inc, said, "We are making excellent progress with our strategies to build our global brand identity, enhance our margins, and improve our working capital usage. This is clearly evident in our substantial profitability improvement for the second quarter.”
Horowitz continued, "At the annual shareholder's meeting held in June, we committed to building a better audience in the financial community. As part of this process, we have commenced providing financial guidance. Thus, the company is prudently forecasting the following financial guidance for fiscal year 2006:
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