Chic by H.I.S. Inc. 1996 first quarter report.NEW YORK--(BUSINESS WIRE)--March 1, 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 first quarter ended Feb. 3, 1996 before a 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 was $1,228,000 or 13 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 first quarter last year was $1,424,000 or 15 cents per share. Previously the company announced that it would take a non cash restructuring charge 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 is expected to include the closing of certain manufacturing facilities and an accompanying ac·com·pa·ny v. ac·com·pa·nied, ac·com·pa·ny·ing, ac·com·pa·nies v.tr. 1. To be or go with as a companion. 2. reduction in the workforce. 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. Net loss for the first quarter ended Feb. 3, 1996 after the restructuring charge of $15 million was $13,772,000, or $1.41 per share. -0-
Financial Table Quarter Ended February 3
1996 1995
Net sales 70,829,000 76,307,000 Less: Cost of goods sold 54,656,000 59,423,000
Gross profit 16,173,000 16,884,000
Gross profit % 22.8% 22.1%
Add:
Licensing income 1,619,000 1,202,000
----------- -----------
17,792,000 18,086,000
Less:
Sell. Gen. & Admin. expenses 13,416,000 14,509,000
Non-cash restructuring charge 15,000,000 0
----------- -----------
Operating income (loss) (10,624,000) 3,577,000
Less: Interest expense 1,863,000 1,048,000
----------- -----------
Pretax income (loss) (12,487,000) 2,529,000
Less: Taxes 1,285,000 1,105,000 Net income (loss) (13,772,000) 1,424,000 Outstanding shares 9,753,868 9,753,868 E.P.S. - before restructuring charge $0.13 $0.15 E.P.S. - net income (loss) ($1.41) $0.15 CONTACT: Chic by H.I.S., 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 John Chin, 212/302-6400 |
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion