According to J.M. Haggar, III, Chairman and Chief Executive Officer, "They are excited about their increase in earnings per share for the third quarter of 2005 and are pleased with the Texas Supreme Court rulings in their favor. The results of their quarter are evidence of their efforts to improve their gross margins and the value they bring to their customers."
Frank Bracken, President and Chief Operating Officer, added, "Sales and margins were strong for the quarter. In their continuing effort to improve their quality and cost of goods, they have successfully completed the closure of their two Company-operated manufacturing facilities in Mexico and the Dominican Republic during the quarter. This will allow us to continue to focus on reducing their costs in both the Eastern and Western Hemispheres."
John W. Feray, Senior Vice President of Finance and Chief Accounting Officer, noted, "The Company's increased sales for the quarter and a focus on inventory management have allowed the company to pay down debt and reduce inventory levels. As of June 30, 2005, the Company has no debt and an inventory balance of $88 million, compared to $5.7 million in debt and $96 million in inventory as of June 30, 2004."
The Company filed a Form 8-K with the Securities and Exchange Commission today with its updated 4th Quarter and full year financial projections for fiscal 2005.
The Company revised its net sales and net income projections for fiscal 2005. The Company now projects net income for fiscal 2005 between $9.0 million and $9.6 million, with projected sales for the year between $460 million and $466 million, and earnings per diluted share for the year between $1.26 and $1.35.
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