Bernard Chaus Reports Sharply Improved Results for Fourth Quarter and Fiscal 1998.NEW YORK--(BUSINESS WIRE)--September 2, 1998 --EPS Reaches $0.28 for Fiscal 1998 versus Loss of $2.46 Last Year-- Bernard Ber·nard , Claude 1813-1878. French physiologist noted for his study of the digestive and nervous systems. Chaus, Inc. (NYSE NYSE See: New York Stock Exchange : CHS (Cylinder Head Sector) An earlier method of addressing a hard disk by referencing all three physical elements of the drive. It was superseded by logical block addressing (see LBA). ) today announced sharply improved results for its fiscal fourth quarter and year ended June 30, 1998. The improved performance reflects a series of initiatives taken by the Company to restore profitability and long- term growth, including a successful financial restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). completed in January 1998 and the repositioning repositioning Laparoscopic surgery The changing of a Pt's position during a procedure to improve access or visualization of the operative field, which may be linked to complications, as it changes anatomic planes of operation. Cf Laparoscopic surgery. of its core Chaus product lines. For the fourth quarter of fiscal 1998, net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight increased 15.2% to $35.8 million from $31.1 million in the fourth quarter last year. Excluding sales generated from the Company's outlet stores An outlet store or factory outlet is a retail store in which manufacturers sell their stock directly to the public through their own branded stores. The stores can be can be brick and mortar or online. , all but one of which were closed in the second quarter of fiscal 1998, net sales for the fiscal 1998 fourth quarter rose 35.9%. Net income for the fourth quarter of fiscal 1998 reached $546,000, or $0.02 per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share on a weighted average of 28.1 million common shares outstanding, compared to a net loss in the fourth quarter of fiscal 1997 of $9.3 million, or a loss of $1.40 per diluted share on a weighted average of 6.7 million common shares outstanding. Included in the 1997 fourth quarter was a rare on a weighted average of 15.3 million common shares outstanding, a significant turnaround Turnaround A situation where a company that has had poor performance for an extended period of time experiences a positive reversal. Notes: A speculator may profit from a turnaround if he or she accurately anticipates the improvement of a poorly performing company. from a fiscal haus. "The actions we have taken to restore our long- term profitability and growth have begun to have a measurable impact and position us well for the future. Chaus is fficer, commented, "The changes we have made has, from the 'moderate' to the 'better' areas oft oft adv. Often. Often used in combination: his oft-expressed philosophy; oft-repeated tales. [Middle English, from Old English; see upo in Indo-European roots. included: 1) raising approximately $20 millionard-looking statements which are based upon cur's rights offering prospectus dated December 10, 1997.
BERNARD CHAUS, INC.
Net Sales $191,546 $1nd other income, net 58
113 9 28
Interest expense (6,411) (8,030) (576) (2,170)
Income (loss) before
income taxes 4,556 (16,413) 621 (9,324)
Income taxes 245 50 75 7
Net income (loss) $ 4,311 ($16,463) $ 546 ($9,331)
Basic earnings (loss)
per share $ 0.28 ($ 2.46) $ 0.02 ($ 1.40)
Diluted earnings (loss)
per share $ 0.28 ($ 2.46) $ 0.02 ($ 1.40)
Weighted average number
of common shares
outstanding(a)- basic 15,296,000 6,687,000 27,116,000 6,687,000
Weighted average number
of common and common
equivalent shares
outstanding(a)- diluted 15,296,000 6,687,000 28,069,000 6,687,000
(a) All share and per share data reflects the 1 for 10 reverse
stock split which was effected December 9, 1997.
SELECTED BALANCE SHEET DATA
(Dollars in thousands)
June 30, June 30,
1998 1997
Cash and cash equivalents $2,039 $ 330
Accounts receivable, net 17,289 7,451
Inventory 17,486 23,746
Working capital (deficiency) 18,679 (32,729)
Total assets 39,012 34,138
Total liabilities 31,997 91,198
Stockholders' equity (deficiency) 7,015 (57,060)
CONTACT: Andrew Grossman or Wendi Kopsick/Jim Fingeroth
Chief Executive Officer Kekst and Company
(212) 354-1280 (212) 521-4800
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