Biscayne Apparel announces first quarter 1995 results.CLIFTON Clifton, industrial city (1990 pop. 71,742), Passaic co., NE N.J., on the Passaic River; settled 1685, set off from Passaic and inc. 1917. It has steel, textile equipment, chemical, plastics, clothing, and electronics industries. , N.J.--(BUSINESS WIRE)--May 9, 1995--Biscayne Apparel Inc. (ASE (Adaptive Server Enterprise) A relational DBMS from Sybase that runs on Windows NT/2000, Linux and a variety of Unix platforms. ASE is a comprehensive and robust data management product with a long history dating back to the late 1980s. :BHA BHA butylated hydroxyanisole, an antioxidant used in foods, cosmetics, and pharmaceuticals that contain fats or oils. BHA n. A white, waxy phenolic antioxidant used to preserve fats and oils, especially in foods. ) Tuesday Tuesday: see week. announced first quarter 1995 operating results. Biscayne Biscayne can refer to:
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 of $15,389,000, compared to $6,547,000 for the first quarter of 1994. The 1995 first quarter net loss was $1,588,000, or $0.16 per share, compared to the 1994 first quarter net loss of $1,149,000, or $0.13 per share. The increase in both the 1995 net sales and net loss reflects the results of M&L International Inc. ("M&L"), which have been included from its acquisition date, Nov. 30, 1994. Biscayne's first quarter 1994 results have been combined with M&L's first quarter 1994 results to reflect pro forma As a matter of form or for the sake of form. Used to describe accounting, financial, and other statements or conclusions based upon assumed or anticipated facts. The phrase pro forma results. Biscayne's first quarter 1995 pro forma net sales of $15,389,000 were 11% higher than the first quarter 1994 pro forma net sales of $13,864,000. The first quarter 1995 net loss of $1,588,000, or $0.16 per share, was 8% lower than the first quarter 1994 pro forma net loss of $1,709,000, or $0.17 per share. John E. Pollack pollack: see cod. pollack or pollock Either of two commercially important North Atlantic species of food fish in the cod family (Gadidae). , president and chief executive officer, commented: "We are pleased that the 1995 first quarter resulted in an improvement in sales and a reduction in the seasonal net loss, compared to the 1994 first quarter pro forma results. Since approximately 70% of Biscayne's sales are generated from outerwear products, there is a pronounced seasonality in our operating results. Typically, first half sales represent less than 25% of total annual sales, and all of our net profits are earned in the third and fourth quarters. "Our consolidated con·sol·i·date v. con·sol·i·dat·ed, con·sol·i·dat·ing, con·sol·i·dates v.tr. 1. To unite into one system or whole; combine: sales backlog Backlog The total value of sales orders waiting to be fulfilled. Notes: This figure is used mainly in the manufacturing industry. Increases or decreases in a company's backlog indicate the future direction of sales and earnings. at April 30, 1995 was $51,040,000, compared to $66,725,000 at April 30, 1994. Unusually warm weather last winter caused both outerwear manufacturers and retailers to carryover carryover n. in taxation accounting, using a tax year's deductions, business losses or credits to apply to the following year's tax return to reduce the tax liability. (See: carryback) increased levels of inventory into 1995. Currently, retailers are hesitating hes·i·tate intr.v. hes·i·tat·ed, hes·i·tat·ing, hes·i·tates 1. a. To be slow to act, speak, or decide. b. To pause in uncertainty; waver. 2. To be reluctant. 3. to place orders for fall 1995 outerwear products. However, our underwear, daywear day·wear n. Attire that is appropriate for use during the day. and sportswear operations reflect a sales backlog of $14,684,000 as of April 30, 1995, which exceeds the April 30, 1994 sales backlog of $10,636,000 by 38%. "To enhance long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. net sales and profitability in our Andy Johns Andy Johns, younger brother of famous Olympic Studios engineer Glyn Johns, father of HURT drummer Evan Johns and uncle of Kings of Leon and Ryan Adams producer Ethan Johns (son of Glyn Johns) is a prolific engineer and producer. and Mackintosh of New England New England, name applied to the region comprising six states of the NE United States—Maine, New Hampshire, Vermont, Massachusetts, Rhode Island, and Connecticut. The region is thought to have been so named by Capt. operations, we have introduced new private label programs and have redesigned their fall 1995 outerwear lines. In addition, we have implemented cost reductions throughout our operations." Biscayne Apparel Inc. is a diversified diversified (di·verˑ·s manufacturer, importer and exporter of apparel having the following operations: Andy Johns Fashions International designs, imports, and distributes women's and children's outerwear; M&L International Inc. designs, manufactures and distributes infants', toddlers', and children's outerwear, sportswear and swimwear; Mackintosh of New England Co. manufactures and imports women's wool coats and outerwear; and Varon manufactures girls' underwear and daywear. Biscayne owns a minority interest in Hartwell Sports Inc., which manufactures casual jackets, knit shirts, and activewear. -0-
BISCAYNE APPAREL INC.
CONSOLIDATED BALANCE SHEETS
(Dollars in thousands)
MARCH 31, DEC. 31,
1995 1994
--------- --------
(Unaudited)
ASSETS
Current assets: Cash and cash equivalents $ 2,624 $ 4,178 Trade accounts receivable, less allowances of $1,274 in 1995 and $1,754 in 1994 9,240 21,009 Inventories 30,643 22,584 Prepaid expenses and other 1,865 833 Total current assets 44,372 48,604
Property, plant and equipment,
less accumulated depreciation
of $1,492 in 1995 and $1,388 in
1994 3,292 2,984
Investment in Hartwell Sports Inc. 1,568 1,505
Goodwill, net 5,120 5,202
Other assets, net 3,029 2,142
$ 57,381 $ 60,437
LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 5,470 $ 6,060 Accrued liabilities 4,359 6,973 Notes payable to banks 9,000 8,500 Current portion of long-term debt 1,250 -- Senior subordinated bridge notes -- 4,776 Total current liabilities 20,079 26,309 Subordinated notes 6,444 7,944 Other liabilities 298 303 Long-term debt 6,250 -- Commitments and contingencies -- --
Stockholders' Equity:
Common stock, $0.01 par value;
25,000,000 shares authorized;
10,224,227 issued and outstanding
in 1995 and 10,223,899 in 1994 102 102
Additional paid-in capital 25,225 25,225
Unearned stock award compensation (186) (203)
Retained earnings (deficit) (831) 757
Total stockholders' equity 24,310 25,881
$ 57,381 $ 60,437
BISCAYNE APPAREL INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands of dollars, except per share data)
(Unaudited)
PRO FORMA
BISCAYNE APPAREL INC. &
M&L INTERNATIONAL INC.
THREE MONTHS ENDED THREE MONTHS ENDED
MARCH 31, MARCH 31,
1995 1994 1994
---- ---- ----
Net sales $15,389 $ 6,547 $13,864
Operating costs and expenses: Cost of goods sold 11,524 5,151 10,423 Selling, general and administrative 5,964 3,057 5,881 Operating loss (2,099) (1,661) (2,440) Other income and (expenses): Interest and other expenses (595) (221) (429) Interest and other income 32 38 38 Equity in net income of investees 63 -- 67 Loss before income tax benefit (2,599) (1,844) (2,764) Income tax benefit (1,011) (695) (1,055) Net loss $ (1,588) $ (1,149) $ (1,709) Net loss per common share $ (0.16) $ (0.13) $ (0.17) Shares used in computing loss per common share 10,224,227 8,526,902 10,193,899 CONTACT: Biscayne Apparel Inc., Clifton Peter Vandenberg Vandenberg is the name of:
& Chief Financial Officer, 201/473-3240 |
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