Chic By H.I.S. 1996 second quarter report.NEW YORK--(BUSINESS WIRE)--June 7, 1996--Chic By H.I.S. Inc. (NYSE NYSE See: New York Stock Exchange :JNS JNS Journal of Neurosurgery JNS Jump If No Sign JNS Narssaq, Greenland (Airport Code) JNS Journal of Neoplatonic Studies JNS Justification for New Start ) today reported that net income for the second quarter ended May 4, 1996, was $675,000 or 7 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. . Net income for the second quarter last year was $2,375,000 or 24 cents per share. As previously announced, the company took a non-cash restructuring charge restructuring charge The expense of reorganizing a company's operations. A restructuring charge is an infrequent expense that generally results from asset writedowns or facility closings. of $15 million primarily attributable attributable emanating from or pertaining to attribute. attributable proportion see attributable risk (below). attributable risk to the continuing downturn Downturn The transition point between a rising, expanding economy to a falling, contracting one. downturn A decline in security prices or economic activity following a period of rising or stable prices or activity. in the retail market. This charge includes the closing of certain manufacturing facilities and an accompanying reduction in the work force. The company believes that these actions will result in cost savings to the company in excess of $3.6 million over the next 12 months. -0-
CHIC BY H.I.S. INC.
Financial Table
Quarter Ended May 4
1996 1995
Net sales $84,344,000 $107,405,000
Gross profit 18,530,000 21,107,000
Add:
Licensing income 1,279,000 1,322,000
Less:
Sell., gen. & admin. expenses 16,379,000 17,059,000
Operating income 3,430,000 5,370,000
Less:
Interest expense 1,618,000 1,539,000
Pretax income 1,812,000 3,831,000
Less:
Taxes 1,137,000 1,456,000
Net income 675,000 2,375,000
Outstanding shares 9,753,868 9,753,868
E.P.S. - net income $0.07 $0.24
26 Weeks Ended May 4
1996 1995
Net sales $155,173,000 $183,711,000
Gross profit 34,703,000 37,990,000
Add:
Licensing income 2,898,000 2,524,000
Less:
Sell., gen. & admin. expenses 29,794,000 31,567,000
Restructure charge 15,000,000 --
Operating income (loss) (7,193,000) 8,947,000
Less:
Interest expense 3,481,000 2,587,000
Pretax income (loss) (10,674,000) 6,360,000
Less:
Taxes 2,423,000 2,561,000
Net income (loss) (13,097,000) 3,799,000
Outstanding shares 9,753,868 9,753,868
E.P.S. - before restructuring
charge $0.20 $0.39
E.P.S. - net income (loss) ($1.34) $0.39
CONTACT: Chic By H.I.S. Inc., 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 Cindy Cindy can mean:
|
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion