Male casual clothing retailer Casual Male Retail Group Inc (CMRG) reported its operating results for the second quarter of fiscal 2005.
For the 13 week period ended July 30, 2005, net income was $2.02 million, or $0.06 per diluted share, compared to a net income of $99,000, or $0.00 per diluted share, for the prior year's period ended July 31, 2004.
Notwithstanding the Company's $100 million tax loss carryforward, assuming a normalized tax rate of 37 percent, the net income per share for the second quarter of fiscal 2005 was $0.04 per diluted share compared to a net income of $0.00 per diluted share for the second quarter of fiscal 2004.
For the six months ended July 30, 2005, net income was $139,000, or $0.00 per diluted share, compared to a net loss of $5.0 million or $(0.14) per share for the prior year's six month ended July 31, 2004. Included in the last year's results was a loss from discontinued operations of $1.1 million, or $(0.03) per share related to the divested Levis/Dockers outlet stores.
Results for the second quarter of fiscal 2005 include the operating results of the Company's Rochester Big & Tall stores, which were acquired by the Company in October 2004.
In addition, last year's second quarter and six month results include sales of $6.6 million and $12.6 million, respectively, and operating losses of $362,000 and $660,000, respectively, related to the Ecko Unltd outlet stores, which were divested in July 2004.
The Company previously reported comparable store sales for the second quarter of 2005 increased 2.5 percent when compared to the second quarter of fiscal 2004 and comparable store sales for the six months ended July 30, 2005 increased 2.4 percent when compared to the six months of the prior year.
marketing@alchempro.com
