Bolle Inc. Announces Third Quarter 1999 Results; EBITDA Improves 70%; The Company's Increased Sales Trend Continues.DENVER--(BUSINESS WIRE)--Oct. 27, 1999-- Bolle Inc. (AMEX AMEX See: American Stock Exchange : BLE), today reported financial results for the third quarter and nine months ended September September: see month. 30, 1999. 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 for the quarter ended September 30, 1999 increased 8% to $14.9 million compared to $13.7 million for the quarter ended September 30, 1998. Earnings before interest and taxes In financial and business accounting, earnings before interest and taxes (EBIT) is a measure of a firm's profitability that excludes interest and income tax expenses.[1] EBIT = Operating Revenue – Operating Expenses + Non-operating Income , depreciation and amortization for the third quarter of 1999 were $1.7 million, a 70% increase from $1.0 million for the third quarter of 1998. Net income attributable attributable emanating from or pertaining to attribute. attributable proportion see attributable risk (below). attributable risk to common stock, after accounting for preferred dividends preferred dividend n. a payment of a corporation's profits to holders of preferred shares of stock. (See: preferred stock) and minority interests, was $179,000 or $0.03 per basic and 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 for the quarter ended September 30, 1999. For the same quarterlast year, the net loss was ($154,000) or ($0.02) per basic and diluted share. The basic and diluted weighted average shares outstanding for the quarter ended September 30, 1999 were 6.9 million and 7.1 million respectively, versus the basic and diluted weighted average shares outstanding for the quarter ended September 30, 1998 of 6.9 million. For the nine months ended September 30, 1999, net sales increased 21% to $46.3 million, compared to $38.2 million during the same period in fiscal 1998. Earnings before interest and taxes, depreciation and amortization for the nine months ending September 30, 1999 were $5.3 million, a 26% increase from $4.2 million for the same period in 1998. The Company reported net income of $817,000 or $0.12 per basic and $0.11 per diluted share in 1999, after accounting for preferred dividends and minority interests, compared to a net income of $265,000 or $0.04 per basic and diluted share for the same period in 1998, representing an increase of 208%. The basic and diluted weighted average shares outstanding for the nine months ended September 30, 1999 were 6.9 million and 7.1 million respectively, versus the basic and diluted weighted average shares outstanding for the nine-months ended September 30, 1998 of 6.6 million and 6.8 million respectively. Gary Gary, city (1990 pop. 116,646), Lake co., NW Ind., a port of entry on Lake Michigan; inc. 1909. Gary was founded by the U.S. Steel Corporation, which purchased the land in 1905 and landscaped it for a city. Kiedaisch, Chief Executive Officer of Bolle Inc., commented, "We are very encouraged by our overall results for the period as they highlight our third consecutive quarter of improved sales and profitability. Specifically, our new Bolle product lines, which have been introduced throughout the past year, have enjoyed strong retail sell-through sell-through Adjective of the sale of prerecorded video cassettes, without their first being for hire only in all channels of distribution and contributed to the 20% year-to-date Year-to-date (YTD) The period beginning at the start of the calendar year up to the current date. sales." Mr. Kiedaisch concluded, "Furthermore, our 2000 product line, which we introduced on October October: see month. 22nd at the Paris International Optical trade show (SILMO) was extremely well received and has given us confidence that we can maintain our sales momentum well into 2000 and beyond. Bolle has a strong management team and infrastructure in place and we are well positioned to capitalize To regard the cost of an improvement or other purchase as a capital asset for purposes of determining Income Tax liability. To calculate the net worth upon which an investment is based. To issue company stocks or bonds to finance an investment. and expand upon these recent positive trends." Bolle Inc. (Amex:BLE), is a vertically integrated designer, manufacturer and marketer of Bolle branded eyewear eye·wear n. 1. Eyeglasses, goggles, or other objects worn over the eyes. 2. Fashionable eyeglasses. , including Bolle premium sunglasses sunglasses A tinted pair of glasses used to ↓ light arriving at the eye, which are labeled according to the amount of UV light blocked; nonprescription glasses are classified according to use and amount of UV radiation blocked Sunglasses , goggles goggles, n the protective eyewear worn by dental personnel and patients during dental procedures. goggles see periocular leukotrichia. , and tactical and safety eyewear. Bolle Inc. is also the exclusive North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. distributor of the Reusch Reusch is a German company manufacturing sports equipment. They are mostly known for their manufacture of football goalkeeper gloves but they also make footballs, football apparel, bags, shin guards and other protective gear, mainly for the knees and elbows. line of winter gloves for sports. Forward looking statements (statements which are not historical) in this release are made pursuant to the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provisions in the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. The Company's actual results could differ materially from those expressed or indicated by forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. . Factors that could cause or contribute to such differences include but are not limited to, changes in fashion trends, risks related to the retail industry, use of contract manufacturing, foreign sourcing, import restrictions, competition, seasonality and other factors. Investors are cautioned that all forward looking statements involve risks and uncertainties, including those risks and uncertainties detailed in the Company's filings with the Securities and Exchange Commission. -0-
Bolle Inc.
Consolidated Statements of Operations
(In thousands, except per share data)
(Unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
1999 1998 1999 1998
Net sales $ 14,887 $ 13,733 $ 46,303 $ 38,209
Costs and expenses:
Cost of sales 6,070 6,283 19,826 17,501
Sales and marketing
expenses 3,273 3,213 10,538 8,840
General and administrative
expenses 3,820 3,611 11,543 8,898
Depreciation and
amortization 638 661 1,837 2,162
Interest expense 406 301 1,217 1,096
Other income 62 (352) (938) (1,271)
Total costs and expenses 14,269 13,717 44,023 37,226
Income before income taxes
and minority interests 618 16 2,280 983
Provision for income taxes 241 6 888 373
Minority interests 7 22 1 32
Net income (loss) 370 (12) 1,391 578
Preferred dividends 191 142 574 313
Net income (loss) attributable
to common stock $179 $(154) $ 817 $ 265
Weighted average shares
outstanding
Basic 6,895 6,892 6,895 6,596
Diluted 7,134 6,892 7,127 6,835
Earnings (loss) per share
Basic $ 0.03 $ (0.02) $ 0.12 $ 0.04
Diluted $ 0.03 $ (0.02) $ 0.11 $ 0.04
Bolle Inc.
Consolidated Balance Sheets
(In thousands, except per share data)
September 30, December 31,
1999 1998
(unaudited)
Assets
Current assets:
Cash and cash equivalents $ 2,080 $ 1,194
Trade receivables, net 14,043 15,238
Inventories 13,121 11,210
Investment held for resale - 4,922
Other current assets 3,360 3,676
Total current assets 32,604 36,240
Property and equipment, net 5,470 5,129
Trademarks, net 30,721 34,208
Goodwill and other
intangibles, net 5,390 5,245
Other assets 1,310 1,424
Total assets $ 75,495 $ 82,246
Liabilities and Stockholders'
equity
Current liabilities:
Short-term debt and current
portion of long-term debt $ 15,457 $ 18,955
Accounts payable 6,089 5,851
Accrued expenses 8,269 7,455
Total current liabilities 29,815 32,261
Long-term debt, net of
current portion 2,365 3,407
Zero coupon convertible
subordinated notes 7,000 7,000
Deferred tax liabilities 11,792 13,028
Other 1,420 3,063
Total liabilities 52,392 58,759
Minority interests 76 70
Mandatorily redeemable
preferred stock-redemption
value $11,055; par value
$.01; 64 shares authorized,
issued and outstanding 11,055 11,055
Mandatorily redeemable
preferred stock-redemption
value $9,625; par value
$.01; 10 shares authorized,
issued and outstanding 10,238 9,669
Stockholders' equity:
Common stock - par value
$.01; 30,000 shares
authorized; 6,895 shares
issued and outstanding 69 69
Additional paid-in capital 37,976 38,539
Accumulated other comprehensive
income (55) 1,731
Prior years' accumulated deficit (37,646) (37,646)
Current year retained earnings 1,390 -
Total stockholders' equity 1,734 2,693
Total liabilities, mandatorily
redeemable preferred stock
and stockholders' equity $ 75,495 $ 82,246
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