Aris Industries Reports First Quarter Earnings.Business Editors NEW YORK--(BUSINESS WIRE)--May 19, 2000 Aris Industries, Inc. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). :BB - AISI AISI American Iron and Steel Institute AISI African Information Society Initiative AISI Alberta Initiative for School Improvement (Canada) AISI As I See It AISI American International Supply, Inc (Oakland, CA) ) today reported results for the quarter ended March 31, 2000. For the quarter, Aris achieved record revenues of $42,886,000, a 50% increase over sales in last year's first quarter. The increase was principally due to sales from XOXO XOXO Hugs and Kisses XOXO Extensible Open Xhtml Outlines XOXO XO Communications, Inc. (former stock symbol) which was acquired on August 10, 1999, partially offset by a decline in sales of some of the Company's other brands. For the quarter, the Company incurred a net loss of $7,094,000 compared to $7,324,000. While this years's first quarter included startup and restructuring costs of $2,154,000, last year's first quarter included severance payments of $2,401,000 and goodwill writeoffs of $3,749,000. Arnold Simon, Chairman and Chief Executive Officer of Aris, stated that: We have taken steps to reduce certain operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. to bring them more in line with sales and we anticipate that the Company will be profitable for the second half of this year. The retail market is responding favorably to our XOXO and Baby Phat Baby Phat is an urban fashion line of clothing and other items for women and girls designed by Kimora Lee Simmons. Besides clothing, the brand also includes accessories for phones, jewelry, shoes and clothes. It is the corporate "sibling" of the clothing brand Phat Farm. brands and with the anticipated launch of our Brooks Brothers Golf line and Stetson sportswear line, the Company is now poised for profitable growth. Aris designs, manufactures and sells sportswear, outerwear and loungewear lounge·wear n. Clothing suitable for relaxing. Noun 1. loungewear - clothing suitable for relaxation article of clothing, clothing, habiliment, wearable, vesture, wear - a covering designed to be worn on a person's under a variety of tradenames including XOXO, FUBU FUBU For Us By Us (clothing brand) FUBU Fouled Up Beyond Understanding (polite form) FUBU Fouled Up Beyond Use (polite form) FUBU Fouled Up By User , Perry Ellis and Members Only. It is also the licensee for Stetson, Baby Phat, Cynthia Rowley, and Brooks Brothers Golf, all of which it plans to launch in 2000 and 2001. Certain information discussed in this press release may constitute forward-looking statements within the meaning of the Federal securities laws. Although Aris Industries believes that expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that its expectations will be achieved. Forward-looking information is subject to certain risks, trends, and uncertainties that could cause actual results to differ materially from those projected. For a more complete description of factors, which could impact Aris Industries and the statements contained herein, reference should be made to Aris Industries' filings with the United States Securities and Exchange Commission. |
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