Stride Rite Corporation declares rise in Q3 sales & profits
26 Sep '06
3 min read
The Stride Rite Corporation reported third quarter fiscal 2006 sales of $177.5 million, an increase of 21 percent compared to the same period in the prior year.
Net income for the third quarter totaled $8.5 million or $.23 per diluted share, compared to net income of $7.7 million or $.21 per diluted share in the third quarter of 2005.
Beginning in the first quarter of fiscal 2006, the Company adopted SFAS No. 123(R), "Share-Based Payment", the impact of which increased pre-tax expenses by approximately $0.6 million for the third quarter of fiscal 2006. In addition, the current quarter results include pre-tax acquisition-related integration expenses of $0.7 million.
Excluding acquisition-related integration costs, net income would have been $8.9 million for the third quarter, while diluted earnings per share would have been $.24. See the section entitled "Non-GAAP Pro Forma Financial Measures" and the "Reconciliation of Non-GAAP Measures" provided in this release for additional information regarding these Non-GAAP Measures.
For the first nine months of fiscal 2006, net sales were $554.9 million, an increase of 22 percent from the net sales of $456.5 million for the same period in fiscal 2005. On a diluted basis, earnings per share were $.90 in the first nine months of fiscal 2006 compared to $.74 in fiscal 2005.
Excluding acquisition-related integration costs and the flow through of the inventory write-up, net income would have been $36.9 million for the first nine months, while diluted earnings per share would have been $.99. See the section entitled "Non-GAAP Pro Forma Financial Measures" and the "Reconciliation of Non-GAAP Measures" provided in this release for additional information regarding these Non-GAAP Measures.
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