Mass Merchant Mass merchant channel net sales increased $10.3 million, or 68.2 percent, to $25.4 million in the third quarter of 2006.
Retail Segment Same store sales for Maidenform's retail outlet stores increased 3.8 percent in the third quarter of 2006 driven by a change in overall product mix. Internet sales grew 57.1 percent to $1.1 million in the third quarter of 2006.
Net income for the third quarter of 2006 was $8.9 million and diluted earnings per common share were $0.37.
Net income for the third quarter of 2005, before preferred stock dividends and changes in redemption value, was $2.1 million.
Total cash and cash equivalents at the end of the third quarter of 2006 was $16.5 million. Maidenform continued to de-leverage its balance sheet with $5.0 million of voluntary debt prepayments in the third quarter of 2006, in addition to the Company prepaying another $5.0 million of debt subsequent to the end of the third quarter.
These actions reduced the Company's total debt outstanding to $115.0 million at October 31, 2006.
Net income for the first nine months of 2006 was $24.5 million compared to net income, before preferred stock dividends and changes in redemption value, of $9.1 million in the comparable period of 2005.
Diluted earnings per common share were $1.01 for the first nine months of 2006 versus a loss of $0.39 for the same year ago period.
Maidenform will host a conference call and webcast on Wednesday, November 8th at 8:30 am ET to discuss its third quarter 2006 results.
marketing@alchempro.com
