Cutter & Buck Reports Record Fiscal 2000 Sales and Earnings.Business Editors SEATTLE--(BUSINESS WIRE)--June 22, 2000 Cutter cutter, small, one-masted sailing vessel, with a rig similar to that of a sloop except that it usually has a sliding bowsprit and a topmast. From 1800 to 1830 cutters were in service between England and France. & Buck Buck after murder of his master, leads wolf pack. [Am. Lit.: The Call of the Wild] See : Dogs Buck clever and temerarious dog perseveres in the Klondike. [Am. Lit.: Call of the Wild] See : Resourcefulness Inc. (Nasdaq:CBUK) today reported record results for the fiscal year ended April 30, 2000. Operating highlights are as follows: FY 2000 HIGHLIGHTS: -- 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 totaled $152.5 million, 42% ahead of last year's $107.3 million -- Net income grew to $10.6 million, up 33% from $8.0 million in FY 1999 -- Net income per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share totaled $1.06 compared to $0.94 last year (a) -- Percentage growth in inventory was less than 70% of annual sales growth -- Gross margins were 44.3%, 120 basis points ahead of FY 1999 FOURTH QUARTER HIGHLIGHTS: -- Net sales grew 35% to $54.6 million from $40.4 million in the same quarter last year -- Net income increased 27% to $5.8 million from $4.6 million reported for the same quarter last year -- Net income per diluted share was $0.55 compared to $0.53 in the same quarter last year (a) -- Gross margins were 44.6%, 60 basis points ahead of last year's fourth quarter (a) Current year per share information includes a 24% increase (1,955,000 shares) in the number of shares outstanding as a result of the company's follow-on fol·low-on adj. Following as a related or consequent aspect or development: "Such contracts involve follow-on sales of maintenance services" Christian Science Monitor. stock offering last summer. "I am pleased with the company's ability to leverage our prestigious position in the worldwide golf market. Over the past few years, we have expanded our specialty A contract under seal. A specialty is a written document that has been sealed and delivered and is given as security for the payment of a specifically indicated debt. retail division and strategically placed company-owned retail stores around the country. Both channels showcase A showcase, or vitrine, is a glassed-in cabinet or case for displaying delicate or valuable articles such as objects d'art or merchandise in a shop, museum, or house. our fashion collections in a very powerful manner and we have achieved outstanding growth in each," said Harvey Jones Harvey M. Jones (April 15, 1921 - December 13, 1998) was an American football running back in the NFL for the Cleveland Rams and the Washington Redskins. He played college football for Baylor University. , Chairman and Chief Executive Officer. "Benefiting from our growing brand awareness, our corporate channel continues to produce very strong results with sales growing 73% over last year." "We have started to take orders for our Fall Season merchandise MERCHANDISE. By this term is understood all those things which merchants sell either wholesale or retail, as dry goods, hardware, groceries, drugs, &c. It is usually applied to personal chattels only, and to those which are not required for food or immediate support, but such as remain and total bookings are 24% ahead of last year at this same date," stated Marty Marks, President and 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. . "We are realizing the greatest growth in our corporate 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" channels, at 67% and 56% respectively. With these promising indications, we are not backing away from our revenue and earnings goals for fiscal year 2001, even though bookings growth slowed in the golf channel for the Fall season as we had anticipated. Our multi-channel See multichannel. distribution strategy should enable us to grow earnings at the 25%-30% range we had indicated previously." "On another note, Jeff Buchman Buch·man , Frank Nathan Daniel 1878-1961. American evangelist who preached at Oxford University in the 1920s, where he founded the Oxford Group, which later became the nucleus of Moral Re-Armament, a movement dedicated to spiritual guidance. , Vice President of Marketing and Communications, has returned to his teaching position at the Fashion Institute of Technology and Phil Davis
"Looking into the new year, the brand extension initiatives we launched last year -- particularly our women's line and retail effort -- have added momentum to our brand and we anticipate another strong year," concluded Jones. Cutter & Buck's FY 2000 year-end year-end also year·end n. The end of a year. adj. Occurring or done at the end of the year: a year-end audit. Noun 1. conference call is available live and on-demand On-Demand refers to a service or feature which addresses the user's need for instant gratification and immediacy of use. In most cases the value proposition for an on-demand service is wrapped up in the fact that the user or consumer of the service avoids a significant up-front at www.streetfusion.com. Statements made in this news release that are not historical facts are forward-looking for·ward-look·ing adj. Concerned with or making provision for the future: forward-looking educators; a forward-looking corporate plan. Adj. 1. information. Actual results may differ materially from those projected in any forward-looking information. Specifically, there are a number of important factors that could cause actual results to differ materially from those anticipated by any forward-looking information. Those factors include, but are not limited to, style changes and product acceptance, relations with suppliers and independent sales representatives, the ability of the Company to control costs and expenses, the ability of the Company to carry out successful design and planned product and brand messaging/extension activities and to penetrate its chosen distribution channels, competition, foreign currency risks, risks associated with opening and operating retail locations, the ability of the Company to timely implement the new warehouse management system, technological change, political and trade relations and general economic conditions. Additional information on these and other factors, which could affect the Company's financial results, are included in its Securities and Exchange Commission filings. Finally, there may be other factors not mentioned above or included in the Company's SEC filings that may cause actual results to differ materially from any forward-looking information. Cutter and Buck designs and markets upscale sportswear and outerwear under the Cutter & Buck brand. The Company sells its products primarily through golf pro shops and resorts, corporate sales accounts and better specialty stores. Cutter & Buck products feature distinctive, comfortable designs, high quality materials and manufacturing and rich detailing.
FINANCIAL HIGHLIGHTS
(audited, unless otherwise stated)
($ in thousands, except per share data)
Consolidated Statements Three months ended Year ended
of Income April 30, April 30,
------------------- ------------------
(unaudited) (unaudited)
2000 1999 2000 1999
--------- --------- --------- ---------
Net sales $ 54,587 $ 40,382 $ 152,453 $ 107,286
Cost of sales 30,245 22,597 84,943 61,058
--------- --------- --------- ---------
Gross profit 24,342 17,785 67,510 46,228
Operating expenses 15,312 10,494 50,730 33,719
--------- --------- --------- ---------
Operating income 9,030 7,291 16,780 12,509
Other income (expense) 22 (129) (172) 7
--------- --------- --------- ---------
Income before income
taxes 9,052 7,162 16,608 12,516
Income taxes 3,259 2,581 5,979 4,508
--------- --------- --------- ---------
Net income $ 5,793 $ 4,581 $ 10,629 $ 8,008
========= ========= ========= =========
Basic earnings per
share $ 0.56 $ 0.55 $ 1.08 $ 0.98
========= ========= ========= =========
Diluted earnings per
share $ 0.55 $ 0.53 $ 1.06 $ 0.94
========= ========= ========= =========
Shares used in computation of:
Basic earnings
per share 10,345 8,301 9,839 8,212
Diluted earnings
per share 10,445 8,615 10,021 8,562
Consolidated Balance Sheets April 30, 2000 April 30, 1999
---------------- ----------------
Assets
Current assets:
Cash $ 7,367 $ 4,760
Accounts receivable 50,463 32,519
Inventories 36,740 28,621
Other current assets 5,626 4,785
-------- --------
Total current assets 100,196 70,685
Furniture and equipment, net 17,813 9,478
Other assets 538 425
-------- --------
Total assets $118,547 $ 80,588
======== ========
Liabilities and Shareholders' Equity
Current liabilities:
Short-term borrowings $ 3,037 $ 12,085
Accounts payable 12,086 6,807
Accrued liabilities 6,553 6,661
Current portion of
long-term debt 1,419 220
-------- --------
Total current liabilities 23,095 25,773
Long-term debt, net of
current portion 6,545 5,907
Total shareholders' equity 88,907 48,908
-------- --------
Total liabilities and shareholders'
equity $118,547 $ 80,588
======== ========
SUMMARY OF SPRING BOOKINGS (in thousands)
Spring 2000 Spring 1999 Percentage Difference
FY 2000 FY 1999 Change
------------ ------------- --------- ----------
(as of 5/30/00)(as of 6/16/99)
GOLF $35,094 $29,329 19.7% $ 5,765
SPECIALTY STORE 9,777 6,116 59.9% 3,661
CORPORATE ACCOUNTS 33,466 17,859 87.4% 15,607
OTHER 4,369 2,580 69.3% 1,789
------- ------- --------
TOTAL DOMESTIC
SPRING BOOKINGS 82,706 55,884 48.0% 26,822
TOTAL INTERNATIONAL
SPRING BOOKINGS 6,987 4,437 57.5% 2,550
------- ------- --------
TOTAL SPRING
BOOKINGS $89,693 $60,321 48.7% $29,372
======= ======= ========
SUMMARY OF FALL BOOKINGS (in thousands)
Fall 2000 Fall 1999 Percentage Difference
FY 2000 FY 1999 Change
------------ ------------- --------- ----------
(as of 6/20/00) (as of 6/20/99)
GOLF $24,378 $23,769 2.6% $ 609
SPECIALTY STORE 9,513 6,098 56.0% 3,415
CORPORATE ACCOUNTS 11,793 7,049 67.3% 4,744
OTHER 1,184 1,207 -1.9% (23)
------- ------- --------
TOTAL DOMESTIC
FALL BOOKINGS 46,868 38,123 22.9% 8,745
TOTAL INTERNATIONAL
FALL BOOKINGS 3,543 2,465 43.7% 1,078
------- ------- --------
TOTAL FALL BOOKINGS $50,411 $40,588 24.2% $ 9,823
======= ======= ========
SUMMARY OF NET SALES - FOURTH QUARTER (in thousands)
FY 2000 FY 1999 Percentage Difference
Change
---------- --------- ----------- -----------
GOLF $ 19,729 $ 20,711 -4.7% $ (982)
SPECIALTY STORE 4,712 2,884 63.4% 1,828
CORPORATE ACCOUNTS 22,088 11,607 90.3% 10,481
OTHER 3,693 1,537 140.3% 2,156
------- ------- --------
TOTAL DOMESTIC
SALES 50,222 36,739 36.7% 13,483
TOTAL INTERNATIONAL
SALES 4,365 3,642 19.9% 723
------- ------- --------
TOTAL SALES $ 54,587 $ 40,381 35.2% $ 14,206
======= ======= ========
SUMMARY OF NET SALES - YEAR TO DATE (in thousands)
FY 2000 FY 1999 Percentage Difference
Change
---------- --------- ----------- -----------
GOLF $ 59,053 $ 50,964 15.9% $ 8,089
SPECIALTY STORE 16,073 10,763 49.3% 5,310
CORPORATE ACCOUNTS 56,369 32,670 72.5% 23,699
OTHER 10,164 4,897 107.6% 5,267
------- ------- --------
TOTAL DOMESTIC
SALES 141,659 99,294 42.7% 42,365
TOTAL INTERNATIONAL
SALES 10,793 7,991 35.1% 2,802
------- ------- --------
TOTAL SALES $152,452 $107,285 42.1% $ 45,167
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