Printer Friendly

AUTHENTIC FITNESS REPORTS 17.8 PERCENT INCREASE IN OPERATING INCOME FOR THE SECOND QUARTER 1993; REVENUES GAIN 26 PERCENT OVER 1992

 VAN NUYS, Calif., Feb. 2 /PRNewswire/ -- Authentic Fitness Corporation (NYSE: ASM), the manufacturer and marketer of Speedo and White Stag apparel, today reported its financial results for the second quarter of 1993.
 Net revenues for the quarter ended Jan. 3, 1993 were $29.0 million, an increase of 26.0 percent over net revenues of $23.0 million for the second quarter last year. Operating income increased 17.8 percent to $5.3 million from $4.5 million in the year-ago quarter. EBITDA rose 15.1 percent to $6.0 million from $5.2 million in the 1992 second quarter. Net income for the quarter increased 158.3 percent to $2.7 million, or 31 cents per share on a weighted average of 8.8 million shares outstanding, from net income of $1.1 million, or 19 cents per share on a weighted average of 5.7 million shares outstanding for the comparable period in 1992.
 On a pro-forma basis, assuming the June 1992 Initial Public Offering and the application of the net proceeds therefrom occurred just prior to the beginning of fiscal 1992, current interest rates and fully taxed earnings, net income for the second quarter was $2.5 million compared to $2.0 million last year. Pro-forma earnings per share were 29 cents, an increase of 26.3 percent over pro-forma earnings per share of 23 cents for the year-ago second quarter. There were 8.7 million shares outstanding on a pro-forma basis.
 Net revenues for the six months ended Jan. 3, 1993 were $52.9 million, an increase of 31.8 percent over net revenues of $40.1 million for the comparable period in 1992. Operating income rose 23.0 percent to $8.7 million from $7.1 million in the year-ago six months. EBITDA increase 18.5 percent to $10.0 million from $8.5 million in the six-month period last year. Net income for the first half of 1993 rose 319.4 percent to $4.3 million, or 49 cents per share on a weighted average of 8.7 million shares outstanding, from net income of $1.0 million, or 18 cents per share on a weighted average of 5.7 million shares outstanding for the year-ago six-month period.
 On a pro-forma basis, assuming the June 1992 initial public offering and the application of the net proceeds therefrom occurred just prior to the beginning of fiscal 1992, current interest rates and fully taxed earnings, net income was $3.8 million compared to $2.8 million last year. Pro-forma earnings per share for the six months period were 43 cents, an increase of 35.9 percent over pro-forma earnings per share of 32 cents for the comparable period in 1992. There were 8.7 million shares outstanding on a pro-forma basis.
 Linda Wachner, chairman and chief executive officer, said that the company's strong financial results this quarter reflect significant sales increases in all operating units. Net revenue in the Speedo Division increased 23.2 percent over last year, while EBITDA increased 24.6 percent. In the White Stag/Skiwear Division, net revenue increased 33.1 percent and EBITDA rose 16.9 percent.
 Mrs. Wachner also noted that she was pleased with the strong performance of the company's recently-launched retail store operation. The company opened its first Authentic Fitness retail store in Los Angeles in December. The store, a model for innovative retailing of the company's product line, offers a complete range of Speedo Authentic Fitness products for year-round activities.
 Authentic Fitness Corporation, headquartered in Van Nuys, designs and markets swimwear, swimwear accessories and fitness apparel under the Speedo(R) brand name, skiwear and activewear under the White Stag brand name, and skiwear under the Edleweiss(R), Mountain Goat(R), and Skiing Passport(R) brand names.
 AUTHENTIC FITNESS CORPORATION
 Consolidated Statements of Operation
 Second quarter ended Jan. 3
 Second quarter ended Percent
 Jan. 3 1993 1992 Incr. (Decr.)
 Net revenues $29,007 23,030 26.0
 Cost of goods sold 17,991 13,787
 Gross profit 11,016 9,243 19.2
 Gross profit percent of sales 38.0 40.1
 SG&A 5,699 4,731
 Operating income 5,317 4,512 17.8
 Operating income percent
BITA 5,994 5,206 15.1
 EBITA percent of sales 20.7 22.6
 Non-recurring (income)/expense 0 0
 Adjusted operating income 5,317 4,512
 Interest expense 1,007 2,503 (59.8)
 Income (loss) from operations
 Before income taxes &
 extraordinary item 4,310 2,009
 Provision for income taxes 1,562 945
 Income (loss) before
 extraordinary item 2,748 1,064
 Extraordinary item 0 0
 Net income (loss) 2,748 1,064 158.3
 Net income (loss) applicable
 to common stock before
 extraordinary item 2,748 1,064
 Total operations 2,748 1,064
 Pro-forma net income(A) 2,488 1,064
 Earnings per share:
 Before extraordinary item 0.31 0.19
 Total operations 0.31 0.19
 Pro-forma net income(A) 0.29 0.23 26.3
 Weighted average no. of
 common shares outstanding 8,780 5,714
 Pro-forma for initial
 public offering(A) 8,714 8,714
 (A) -- Pro-forma, assuming the initial public offering occurred just prior to the beginning of fiscal 1992, assuming current interest rate and the exclusion of one time charges associated with the consummation of the offering and fully taxed earnings.
 AUTHENTIC FITNESS CORPORATION
 Consolidated Statements of Operation
 Second quarter ended Jan. 3
 First Half 1993 1992 Pct. Inc. (Decr.)
 Net Revenues $52,913 $40,149 31.8
 Cost of Goods Sold 33,316 24,268
 Gross Profit 19,597 15,881 23.4
 Gross Profit percent of sales 37.0 39.6
 SG&A 10,927 8,830
 Operating Income 8,670 7,051 23.0
 Operating Income percent
 of Sales 16.4 17.6
 Amortization and
 Depreciation 1,353 1,406
 EBITA 10,023 8,457 18.5
 EBITA percent of sales 18.9 21.1
 Non-Recurring (Income)/Expense 0 0
 Adjusted Operating Income 8,670 7,051
 Interest Expense 1,996 4,812 (58.5)
 Income (Loss) From Operations
 Before income taxes &
 extraordinary item 6,674 2,239
 Provision For Income Taxes 2,400 1,220
 Income (Loss) Before
 Extraordinary Item 4,274 1,019
 Extraordinary item 0 0
 Net Income (Loss) 4,274 1,019 319.4
 Net Income (Loss) Applicable to Common Stock
 Before Extraordinary Item $4,274 $1,019
 Total Operations 4,274 1,019
 Pro-forma Net Income(A) 3,773 2,776
 Earnings Per Share:
 Before Extraordinary Item $0.49 $0.18
 Total Operations 0.49 0.18
 Pro-forma Net Income(A) 0.43 0.32 35.9
 Weighted Average No. of
 Common Shares Outstanding 8,720 5,714
 Pro-forma for Initial Public
 Offering(A) 8,714 8,714
 (A) -- Pro-forma, assuming the initial public offering occurred just prior to the beginning of fiscal 1992, assuming current interest rate and the exclusion of one time charges associated with the consummation of the offering and fully taxed earnings.
 -0- 2/2/93
 /CONTACT: Linda J. Wachner, chairman and CEO, 212-370-8204, William S. Finkelstein, director, 212-370-8287, both of Authentic Fitness Corporation; Lawrence A. Rand of Kekst and Company, 212-593-2655, for Authc? Fitness Corporation/
 (ASM)


CO: Authentic Fitness Corporation ST: California IN: HEA SU: ERN

AH-TM -- NY009 -- 1788 02/02/93 11:03 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Feb 2, 1993
Words:1218
Previous Article:LAC MINERALS LTD. YEAR-END RESULTS
Next Article:BRAND REPORTS RESULTS FOR 1992 AND THE FOURTH QUARTER
Topics:


Related Articles
AUTHENTIC FITNESS REPORTS A 24 PERCENT GAIN IN OPERATING INCOME ON A 19 PERCENT INCREASE IN SALES IN FISCAL 1992
G&K SERVICES REPORTS HIGHER SECOND QUARTER RESULTS; COMPANY EXPECTS CONTINUED GAINS THROUGH FISCAL 1993
CAPITAL HOLDING REPORTS FULL YEAR OPERATING EARNINGS AT $6.35, UP 10.1 PERCENT; FOURTH QUARTER OPERATING EARNINGS OF $1.76 PER SHARE
ROCHESTER TEL FIRST QUARTER EARNINGS UP 17.8 PERCENT; LONG DISTANCE RESULTS DRIVE PERFORMANCE
BISYS THIRD QUARTER OPERATING EARNINGS INCREASE 25.9 PERCENT; SFAS NO. 109 $14 MILLION GAIN REDUCED BY NONRECURRING CHARGES
NORWEST CORPORATION REPORTS RECORD QUARTERLY AND SIX MONTH EARNINGS
UNITED TELEVISION INC. REPORTS RECORD SECOND QUARTER RESULTS
SUBURBAN BANCORP SETS NEW EARNINGS RECORD
ETHYL REPORTS HIGHER SECOND-QUARTER RESULTS
TELEPHONE AND DATA SYSTEMS, INC. REPORTS EXCELLENT RESULTS FOR THE THIRD QUARTER AND NINE MONTHS

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters