Cherokee Announces 33% Increase in Net Earnings Per Share for Third Fiscal Quarter Ended Oct. 30, 1999.VAN NUYS, Calif.--(BUSINESS WIRE)--Dec. 7, 1999-- Cherokee Inc. (Nasdaq:CHKE): Highlights: -- Third Quarter net earnings per share increased 33% to $0.24 per share from $0.18 per share in year-ago third quarter. -- Third Quarter revenues increased 11% to $5.7 million from $5.1 million in yec. (Nasdaq:CHKE), one of the leading licensors of brand names for apparel, footwear Footwear consists of garments worn on the feet. It is worn for a variety of reasons, including protection against the environment, hygiene and adornment. Usually, socks and other hosiery are worn between the feet and the footwear, except for sandals and flip flops (thongs). and accessories, today reompared to royalty revenues of $5.1 million and earnings per share, for the nine months ended Os continued strong sales of merchandise bearing its recently acquired Sideout brand during Third Quarter. Third Quarter Events During Third Quarter the Ce Casual Male and Repp LTD LTD 1 Laron-type dwarfism 2 Leukotriene D 3 Long-term depression, see there 4. Long-term disability . Stores for the sale On Nov. 15, 1999, the Company retained F of its primary brands, Cherokee and Sideout, is continuing global negotiations for licensing contracts coveamily apparel, fashion accessories Fashion accessories are items apart from the garment itself, which complement the whole outfit. Fashion accessories include jewelry, gloves, handbags, hats, or scarves. , as well as or provided by the Private Securities Litigatioard-looking statements. The Company is subject to certain risks and uncertainties, which include, but are notout brand, competition, dependence on a single rities and Exchange Commission and other period18,973,000 $15,308,000 Selling, general and,000) (724,000) (1,876,000) (2,043,000) Income before income taxes 3,401,000 2,641,000 11,337,000 8,173,000 Income tax provision 1,363,0,000 $ 1,582,000 $ 6,799,000 $ 4,902,000 Consolidated Balance Sheets consolidated balance sheet A balance sheet in which assets and liabilities of a parent company and its controlled subsidiaries are combined, thereby presenting balance sheet items for the parent and its subsidiaries as if they were a single firm. s: Cash and cash equivalents $ 1,508,000 $ 2,847,000 Restricted cash 2,321,000 4,500,000 Receivables, net 4,997,000 3,232,000 Prepaid expenses Prepaid Expense An asset that arises on a balance sheet because of the payment of something in advance (prepayment). Services for the payment will be received in the near future. and other current assets Current Assets Appearing on a company's balance sheet, it represents cash, accounts receivable, inventory, marketable securities, prepaid expenses, and other assets that can be converted to cash within one year. 162,000 29,000 Deferred tax asset 826,000 861,000 Total current assets n of $132,000 and $95,000, respectively sets 15,000 106,000 Total assets $ 15,388,000 $ 19,529,000 Liabilities and Stockholders' (Deficit)urrent liabilities 12,033,000 ,000 49,408,000 Stockholders' (Deficit) Equity: Common stock, $.02 par value, 20,000,000 shares authorized Shares authorized The maximum number of shares of stock of a company allowed in the articles of incorporation, which may be changed only by a shareholder vote. See: Issued and outstanding. shares authorized See authorized capital stock. , 8,472,428 and 8,705,428 shares issued and outstanding at Oct. 30, 1999 and at Jan. 30, 1999, respectively 170,000 174,000 Note receivable note receivable A debt due from borrowers and evidenced by a written promise of payment. Note receivable, an entry on the asset side of many corporate balance sheets, indicates the dollar amount of loans due to be repaid by borrowers. from stockholder (2,225,000) (2,134,000) Accumulated ac·cu·mu·late v. ac·cu·mu·lat·ed, ac·cu·mu·lat·ing, ac·cu·mu·lates v.tr. To gather or pile up; amass. See Synonyms at gather. v.intr. To mount up; increase. deficit (25,199,000) (27,919,000) Stockholders' deficit (27,254,000) (29,879,000) Total liabilities and stockholders' (deficit) equity $ 15,388,000 $ 19,529,000 |
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