Cygne declares operations for Q2 & Six-Months 2005 results
14 Sep '05
3 min read
New York based leading private label women's career & casual apparel maker Cygne Designs Inc announced results of operations for the second quarter and six months ended July 30, 2005.
Net sales for the second quarter of 2005 were $4,062,000, a decrease of $6,256,000 from $10,318,000 in the second quarter of 2004. New York & Company, Inc. ("NY&C") accounted for 94 percent and 72 percent of the net sales for the second quarter of 2005 and 2004, respectively.
The decrease in sales in the second quarter of 2005 compared to the second quarter of 2004 resulted from decreased sales to NY&C of $3,666,000, the loss of a customer that had sales in 2004 of $2,385,000 and decreased sales to other customers of $205,000. The decrease in the programs offered by NY&C to Cygne in the second quarter of 2005 was the result of intense competition from the China and other countries in the Orient.
Net sales for the six months of 2005 were $9,617,000, a decrease of $6,287,000 from $15,904,000 in the six months of 2004. New York & Company Inc accounted for 93 percent and 77 percent of the net sales for the second quarter of 2005 and 2004, respectively.
Loss from continuing operations before income taxes for the second quarter ended July 30, 2005 was $421,000, compared to income from continuing operations before income taxes of $206,000 in the comparable prior period in 2004.
Loss from continuing operations before income taxes for the six months endedJuly 30, 2005 was $617,000, compared to income from continuing operations before income taxes of $125,000 in the comparable prior period in 2004.
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