MAYWOOD, NJ today reported financial results for the third
quarter ended March 31, 2008.
Net sales for the three-month period ended March 31, 2008 were
$31,187,000 compared to $34,705,000 a year earlier. The Company
reported a third quarter net loss of $457,000, or $.19 per diluted
share, compared to a net loss in the fiscal 2007 third quarter of
$1,487,000, or $.60 per diluted share, which includes a pretax
pension plan settlement charge of $3,089,000 ($1,970,000 after tax,
or $.78 per diluted share).
Net sales for the nine-month period ended March 31, 2008 were
$108,833,000 compared to $122,913,000 for the same period last
year. Net earnings for the nine-month period ended March 31, 2008
were $444,000, or $.18 per diluted share, compared to net earnings
of $692,000, or $.27 per diluted share, which includes a pretax
pension plan settlement charge of $3,089,000 in the same period
last year ($1,970,000 after tax, or $.78 per diluted share).
Commenting on the financial results, Allan Ginsburg, Chairman of
the Board, stated "we experienced decreases in net sales for the
quarter and year-to-date periods, in particular, in our children's
apparel and handbag divisions. However, a portion of these
decreases is the result of the timing of certain orders for our
children's apparel division, which we expect to ship in the fourth
quarter of fiscal 2008. We believe our fiscal 2008 net sales will
be slightly below our fiscal 2007 net sales level. Earnings results
were adversely affected by lower net sales, as well as lower gross
profit margins, mostly in our apparel divisions, due to rising
product costs in Asia."
Mr. Ginsburg continued, "Like others in our industry, we
continue to face a difficult retail sales environment, a weakening
dollar, and price increases from certain manufacturers of our
goods. However, our financial condition remains strong, and we will
continue to actively promote our product offerings and manage our
supply chain in an ongoing effort to maintain and enhance our
market position."
Note: This press release may contain forward-looking statements
that are being made pursuant to the Private Securities Litigation
Reform Act of 1995, which provides a "safe harbor" for
forward-looking statements to encourage companies to provide
prospective information so long as those statements are accompanied
by meaningful cautionary statements identifying important factors
that could cause actual results to differ materially from those
discussed in the statement. Our forward-looking statements are
subject to a number of known and unknown risks and uncertainties
that could cause actual results, performance or achievements to
differ materially from those described or implied in the
forward-looking statements, including, but not limited to, general
economic and business conditions; competition in the accessories
and apparel markets, potential changes in customer spending;
acceptance of our product offerings and designs; the variability of
consumer spending resulting from changes in domestic economic
activity; any significant variations between actual amounts and the
amounts estimated for those matters identified as our critical
accounting estimates, as well as other significant accounting
estimates made in the preparation of our financial statements; and
the impact of hostilities in the Middle East and in other
geographic areas, as well as other geopolitical concerns.
Accordingly, actual results may differ materially from such
forward-looking statements. You are urged to consider all such
factors, as well as those included in our Annual Report on Form
10-K for the year ended June 30, 2007. The Company assumes no
obligation for updating any such forward-looking statements to
reflect actual results, changes in assumptions or changes in other
factors affecting such forward-looking statements.
Jaclyn, Inc. is a designer, manufacturer and marketer of
apparel, women's sleepwear, infants' and children's apparel,
handbags, premium incentives and related accessories. Website:
jaclyninc.com
JACLYN, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
Third Quarter Nine Months
Ended March 31, Ended March 31,
----------------------- -------------------------
2008 2007 2008 2007
----------- ----------- ------------ ------------
Net Sales $31,187,000 $34,705,000 $108,833,000 $122,913,000
(Loss) Earnings
before income
taxes $ (634,000)$(2,025,000)(1)$ 859,000 $ 1,583,000(1)
Net (Loss) Earnings $ (457,000)$(1,487,000) $ 444,000 $ 692,000
Net (Loss) Earnings
per Common Share -
Basic $ (.19)$ (.60) $ .18 $ .28
Net (Loss) Earnings
per Common Share -
Diluted $ (.19)$ (.60) $ .18 $ .27
Weighted Average
Number of Shares
Outstanding -
Diluted 2,469,000 2,491,000 2,521,000 2,541,000
(1) Includes a pretax pension plan settlement charge totaling $3,089,000
($1,970,000, or $.78 after tax) for the three and nine-month periods ended
March 31, 2007.
Company Contact: Anthony Christon Chief Financial Officer
Jaclyn, Inc. (201) 909-6000
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