Cable & Co. Worldwide Inc. announces record results for first quarter ending March 31, 1997 and first production from new Italian factory.NEW YORK--(BUSINESS WIRE)--May 7, 1997--Cable & Co. Worldwide Inc. (the "Company") (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 :CCWW) today reported information on revenue and net income (loss) for the three months ended March 31, 1997 and the first production of shoes from its new Italian factory. Revenues for the first quarter increased to $4,695,000 from $3,677,000 for the comparable period last year, representing an increase of 27.7%. For the quarter the company reported operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. before taxes, interest and non cash items of $30,000, compared with an operating loss operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. before taxes, interest and non-cash items of $180,000, during the same period last year. Net loss for the period was $190,000, as compared to a net loss of $2,853,000, for the comparable period last year, representing a decrease of the net loss of 93.3%. In addition the company announced that production had begun in its new factory located in Montegranaro, Italy. Commenting on these results, Alan Kandall, Cable's chief operating officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. stated, "We are, of course, pleased that our sales increased significantly -- 27.7% over last year. More important is the fact that we made even greater progress towards profitability. This results from several factors, including an increase in gross margins from 35.46% to 37.47% this quarter over last years quarter, and an increase in sales of 27.7% over last years quarter while 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. only increased by 15% versus the same period last year." He continued, "The first results from our new factory in Italy are more than confirming the wisdom of this project. The product quality is excellent, and our gross margins are showing a significant improvement. Turn around time is shortening and this will have the hoped for increase in cash flow. We will begin to realize the benefits of these improvements in the second quarter of this year." Kandall concluded, "Our current backlog and sales forecasts, together with the soon to be realized benefits from the new factory all indicate that we are on target for our sales and profitability plan for calendar year 1997." Cable & Co. Worldwide Inc. designs, manufactures, imports and markets an upscale range of men's footwear bearing the "CABLE & CO." and "BACCO BUCCI" trademark. The company markets its products to approximately 1,500 department and specialty store Noun 1. specialty store - a store that sells only one kind of merchandise shop, store - a mercantile establishment for the retail sale of goods or services; "he bought it at a shop on Cape Cod" locations throughout the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . -0- This press release contains statements of a forward-looking nature relating to future events. Shareholders are cautioned that such statements are predictions and that actual events or results may differ significantly. CONTACT: KSCA KSCA Karnataka State Cricket Association (India) KSCA Kansas Scholastic Chess Association KSCA Kansas School Counselor Association KSCA Knight of the Society for Creative Anachronism (Medieval Recreationists) Bob Giordano/Adam Friedman, 212/682-6300, ext. 289/215 or Cable & Co. Worldwide Inc. Alan Kandall, 212/489-9686 |
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