MWI net sales up 9.4% at $152.7 for Q3 fiscal 2005
26 Jul '05
2 min read
Philadelphia based maternity apparel retailer Mothers Work Inc announced operating results for the third quarter of fiscal 2005 ended June 30, 2005.
As previously disclosed, like many other publicly-held companies in the retail industry, during the second quarter of fiscal 2005 the Company changed its method of accounting for leases, including its method of accounting for tenant improvement allowances, rent holidays, and amortization of leasehold improvements. These changes are reflected in the Company's reported results set forth below.
Also as previously disclosed, the Company decided to restate prior period financial statements to correct errors resulting from its prior method of accounting for leases. All prior period financial results referred to in this press release reflect such restatement, as do all current period financial results and all projected or targeted future financial results referred to in this press release.
Because the Company's restatement of its prior year financial statements has not yet been audited by its registered public accounting firm, all results presented in this press release are unaudited.
Net income for the third quarter of fiscal 2005 was $5.5 million, or $1.03 per common share (diluted), compared to net income (as restated) for the third quarter of fiscal 2004 of $6.8 million, or $1.24 per common share (diluted).
The Company's diluted income per share for the third quarter of $1.03 was within the Company's guidance range of between $1.00 and $1.20 per share provided in its May 16, 2005 press release.
marketing@alchempro.com
