In the fourth quarter of fiscal 2006, net income increased $10.1 million to $27.4 million, or $0.45 per diluted share, including non-cash charges of $0.01 per diluted share of intangible amortization resulting from the acquisition of OshKosh B'Gosh Inc (the Acquisition), and $0.01 per diluted share related to stock-based compensation resulting from the adoption of Statement of Financial Accounting Standards No. 123 (revised 2004), "Share- Based Payment" (SFAS 123R).
Fourth quarter fiscal 2005 net income of $17.3 million, or $0.28 per diluted share, included charges of $0.05 per diluted share associated with the Acquisition and $0.01 per diluted share of costs associated with the closure of two sewing facilities in Mexico.
Excluding these charges in each period, adjusted net income increased 39.7% to $28.8 million, and adjusted diluted earnings per share increased 38.2% to $0.47. The reconciliation of income as reported under generally accepted accounting principles (GAAP) to income adjusted for these charges is shown below.
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