CYGNE DESIGNS, INC. ANNOUNCES FIRST QUARTER 1995 RESULTS.NEW YORK--(BUSINESS WIRE)--June 6, 1995--Cygne Designs, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :CYDS CYDS Centre for Youth Drug Studies (Australia) ) today announced results of operations for the first quarter ended April 29, 1995. 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 first quarter increased 62% to $128.4 million from $79.2 million for the comparable prior year period. The Company incurred a net loss of $4.7 million, or $0.36 per share, in the first quarter of 1995 compared to net income of $1.7 million, or $0.19 per share, in the first quarter of 1994. The weighted average number of shares outstanding increased to 12,886,000 from 8,847,000. On a combined 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 basis, giving effect to the acquisitions of Fenn, Wright & Manson Man·son , Sir Patrick 1844-1922. Scottish parasitologist. One of the founders (1899) of the London School of Tropical Medicine, he introduced (1877) the hypothesis that the mosquito is host to the malaria parasite. (FWM FWM Four-Wave Mixing FWM Fabric Workshop and Museum (Philadelphia, Pennsylvania) FWM Free Wheelchair Mission FWM Fine With Me FWM Fachverband Werbung Und Marktkommunikation ) and GJM GJM Golden Jubilee Medal GJM Gay Japanese Male as of January January: see month. 30, 1994, net sales for the first quarter of 1994 were $117.2 million and net income was $0.2 million, or $0.02 per share on a pro forma weighted average number of shares outstanding of 10,948,000. The loss is the result of the normal seasonality of GJM's business, which historically incurs a loss in the first quarter, and lower than expected sales and substantially lower than expected gross margins at certain of the Company's other divisions, particularly FWM, reflecting the weak retail environment for women's apparel and problems associated with the poor performance of FWM's Hong Kong Hong Kong (hŏng kŏng), Mandarin Xianggang, special administrative region of China, formerly a British crown colony (2005 est. pop. 6,899,000), land area 422 sq mi (1,092 sq km), adjacent to Guangdong prov. product sourcing office. In addition, the Company incurred a pretax pre·tax adj. Existing before tax deductions: pretax income. pretax adj [profit] → vor (Abzug der) Steuern charge of approximately $1.1 million resulting from the write-off Write-Off A reduction in the value of an asset or earnings by the amount of an expense or loss. Companies are able to write off certain expenses that are required to run the business, or have been incurred in the operation of the business and detract from retained revenues. of accounts receivable accounts receivable n. the amounts of money due or owed to a business or professional by customers or clients. Generally, accounts receivable refers to the total amount due and is considered in calculating the value of a business or the business' problems in paying from a customer which is experiencing financial difficulties. The Company's results for the 1995 first quarter include a gain of $4.7 million on the sale of FMW's U.K. branded business, net of 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). expenses of $2.8 million related to the integration of FMW's operations with Cygne's both in New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of and in Hong Kong, and amortization of intangibles of $1.0 million. Bernard Ber·nard , Claude 1813-1878. French physiologist noted for his study of the digestive and nervous systems. Manuel Manuel may refer to:
Element of marketing concerned especially with the sale of goods and services to customers. One aspect of merchandising is advertising, which aims to capture the interest of the segment of the population most likely to buy the product. and manufacturing performance, and we believe Cygne Designs is well positioned to take advantage of growth opportunities as the retail apparel environment improves." Cygne Designs, Inc. is a leading private label designer, merchandiser and manufacturer of women's and men's apparel, serving several prominent retailers, including AnnTaylor, The Limited Stores, Express, Lane Bryant Lena Himmelstein Bryant Malsin (1879? - September 26, 1951) was an American clothing designer and retailer who founded the plus-size clothing chain Lane Bryant. Early Life & Career , Victoria's Secret For the Sonata Arctica single, see Victoria's Secret (song) Victoria's Secret is an American retailer of high quality lingerie and beauty products.[2] Stores, Lerner Ler·ner , Alan Jay 1918-1986. American playwright and lyricist. He wrote a number of musicals with the composer Frederick Loewe, including Brigadoon (1947) and My Fair Lady (1956). Noun 1. and Casual Corner. The Company's products include a broad range of woven A woven is a cloth formed by weaving. It only stretches in the Bias directions (between the warp and weft directions), unless the threads are elastic. Woven cloth usually frays at the edges, unless measures are taken to counter this, such as the use of pinking shears or hemming. and knit career, casual and intimate women's apparel, as well as men's casual sportswear. -0-
CYGNE DESIGNS, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Operations
(Unaudited, in thousands, except per share data)
Three Months Ended
April 29, April 30,
1995 1994
Net sales $128,367 $ 79,171 Cost of goods sold 117,239 65,609 Gross profit 11,128 13,562 Selling, general and administrative expenses 18,178 8,854 Gain from sale of subsidiary, net (4,742) Bad debt expense 1,030 Amortization of intangibles 956 218 Income (loss) from operations (4,294) 4,490 Interest expense 2,111 1,263 Income (loss) before provision for income taxes and minority interests (6,405) 3,227 Provision (benefit) for income taxes (2,122) 1,066 Income (loss) before minority interests (4,283) 2,161 Income attributable to minority interests 397 499 Net income (loss) $ (4,680) $ 1,662 Net income (loss) per share $ (0.36) $ 0.19 Weighted average number of common and common equivalent shares outstanding 12,886 8,847
Three Months Ended
April 29, April 30,
1995 1994
Actual Pro Forma(a)
Net sales $128,367 $117,156 Cost of goods sold 117,239 98,924 Gross profit 11,128 18,232 Selling, general and administrative expenses 18,178 14,728 Gain from sale of subsidiary, net (4,742) Bad debt expense 1,030 Amortization of intangibles 956 828 Income (loss) from operations (4,294) 2,676 Interest expense 2,111 1,913 Other income 660 Income (loss) before provision for income taxes and minority interests (6,405) 1,423 Provision (benefit) for income taxes (2,122) 695 Income (loss) before minority interests (4,283) 728 Income attributable to minority interests 397 499 Net income (loss) $ (4,680) $ 229 Net income (loss) per share $ (0.36) $ 0.02 Weighted average number of common and common equivalent shares outstanding 12,886 10,948 (a) Represents the pro forma effect of the FWM Acquisition (which occurred on April 6, 1994) and the GJM Acquisition (which occurred on October 7, 1994) as if such acquisitions had occurred on January 30, 1994. The pro forma information does not purport to be indicative of the results that actually would have occurred had the FWM Acquisition and the GJM Acquisition been effected on January 30, 1994, nor do they project the Company's results of operations for any future period.
CYGNE DESIGNS, INC. AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(Unaudited, $ in thousands, except per share amounts)
April 29, January 28,
1995 1995
Assets
Current assets:
Cash (includes restricted cash of $6,750
at April 29, 1995 and $6,644 at
January 28, 1995) $ 15,152 $ 14,202
Trade accounts receivable 49,492 64,921
Inventory 44,328 57,570
Other receivables and prepaid expenses 16,397 15,966
Deferred income taxes 2,551 2,602
Total current assets 127,920 155,261
Fixed assets (net) 16,476 14,652
Other assets including intangibles 5,804 6,075
Deferred income taxes 881 881
Goodwill (net) 80,078 76,659
Total assets $231,159 $253,528 Liabilities and stockholders' equity Current liabilities: Short-term borrowings $ 34,954 $ 38,889 Accounts payable 37,883 42,429 Credit facilities outstanding 5,991 3,562 Accrued expenses 10,110 13,440 Income taxes payable 5,056 7,081 Current portion of long-term debt 1,824 1,829 Total current liabilities 95,818 107,230 Long-term debt 1,339 1,460 Deferred rent credits 905 635 Total liabilities 98,062 109,325 Minority interests in subsidiaries 2,908 2,511 Stockholders' equity: Preferred stock, $0.01 par value; 4,000,000 shares authorized, none issued and outstanding Common stock, $0.01 par value; 75,000,000 shares authorized; 12,437,038 (April 29, 1995) and 12,979,750 (January 28, 1995) shares issued and outstanding 124 130 Paid-in capital 120,914 127,716 Retained earnings 9,379 14,059 Foreign currency translation adjustment (228) (213) Total stockholders' equity 130,189 141,692 Total liabilities and stockholders' equity $231,159 $253,528 CONTACT: CYGNE DESIGNS, INC. Roy E. Green Chief Financial Officer 212-354-6474 or IR CONTACT: David Walke, Amy Weisman, Press: Stacy Berns Morgen-Walke Associates 212/850-5600 |
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