Cherokee reports growth in revenue & net income in Q2
08 Sep '05
3 min read
Leading brand Management Company Cherokee Inc reported its highest ever second quarter revenue and earnings for its quarter ended July 30, 2005.
Net revenues for the three months ended July 30, 2005, rose 10.4 percent, or $1.1 million, to $11.3 million, compared to revenues of $10.2 million in the comparable period last year.
Net earnings for the three months ended July 30, 2005, increased by 5.5 percent to $4.6 million, or $0.52 per diluted share, compared to $4.3 million, or $0.50 per diluted share, in the year ago period.
Adjusting for the $375,000 of non-recurring reimbursed legal costs from last year's earnings (which were included in other income), diluted EPS for last year's second quarter ended July 31, 2004, would have been $0.47 per share. The Company ended the quarter with cash and equivalents of $10.3 million, net receivables of $10.7 million and no debt.
Selling, general and administrative expenses for the three months ended July 30, 2005, were $3.7 million, up from $3.3 million in the comparable period last year. Interest and other income for the three months ended July 30, 2005, totaled $120,000 versus the $453,000 reported last year due to the inclusion of $375,000 of non-recurring reimbursement of legal costs pursuant to the settlement of the lawsuit last year.
Excluding the $375,000 of reimbursed legal costs and also the interest charged on monies previously owed to us by Mossimo that was recorded last year, the interest income this year is trending higher due to larger cash balances.
marketing@alchempro.com
