As previously disclosed, the Company determined in May 2007 to cease domestic activities of Marisa Christina due to deteriorating sales. SG&A expenses were $1.3 million for Marisa Christina for the three months ended March 31, 2007.
As previously disclosed in the Form 8-K filed August 31, 2007, the Company committed to deliver to its lenders its financial statements for the quarter ended June 30, 2007 no later than November 19, 2007 and financial statements for the quarter ended September 29, 2007 no later than December 10, 2007.
The Company anticipates filing with the SEC the appropriate Form 10-Qs concurrently with the delivery of the financial statements to its lenders.
As of October 26, 2007, Hampshire had cash on hand of approximately $0.2 million, $32.4 million in letters of credit, and $21.9 million of borrowings outstanding under its credit facility.
On the same date of the prior year, the Company had cash on hand of approximately $1.7 million, $34.8 million in letters of credit, and no borrowings outstanding under its credit facility.
Based on its most recent borrowing base calculation as of September 29, 2007, Hampshire has a net availability of $43.5 million including outstanding borrowings and letters of credit.
Michael Culang, interim Chief Executive Officer, stated: “The operating results for the first quarter of 2007 reflected management's decision to reduce low margin and unprofitable sales. Despite a very challenging retail environment, our financial position continues to remain strong.”
marketing@alchempro.com
