Cygne Designs, Inc. Announces First Quarter 2001 Results.Business Editors NEW YORK--(BUSINESS WIRE)--June 19, 2001 Cygne Designs, Inc. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB: CYDS CYDS Centre for Youth Drug Studies (Australia) .OB) today announced results of operations for the first quarter ended May 5, 2001. 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 for the first quarter ended May 5, 2001 were $ 10,230,000 an increase of $ 5,113,000 or 100% from the comparable prior period. The increase in net sales for the first quarter ended May 5, 2001 was primarily attributable to sales to a new customer of $4,204,000 and increased sales to it's it's 1. Contraction of it is. 2. Contraction of it has. See Usage Note at its. it's it is or it has it's be ~have existing customer, The Limited Inc. The Limited, Inc. accounted for 54 % of the sales for the first quarter ended May 5, 2001, as compared to 97% in the comparable prior period. Net income for the first quarter ended May 5, 2001 was $61,000 or breakeven breakeven 1. The level of output or sales necessary to cover fixed expenses. Companies in industries that have high fixed costs and, consequently, high breakevens, such as automobile and steel manufacturing, are likely to exhibit large fluctuations on a basic and dilutive per share basis, compared to a net income of $93,000 or $0.01 on a basic and dilutive per share basis, in the comparable prior period. Cygne Designs, Inc. is a private label manufacturer of women's career and casual apparel. Statements contained in this press release which are not historical facts are forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. as that term is defined in the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. All forward-looking statements are subject to risks and uncertainties which could cause actual results to differ from those projected. Such risks and uncertainties are discussed more fully in the Company's Annual Report on From 10-K for the year ended February February: see month. 3, 2001 and the Company's other filings with the Securities and Exchange Commission.
CYGNE DESIGNS, INC. AND SUBSIDIARIES
Consolidated Statements of Operations
(Unaudited, in thousands, except per share data)
Quarters
Ended
May 5, April 29,
2001 2000
Net sales $ 10,230 $ 5,117
Cost of goods sold 8,926 4,354
Gross profit 1,304 763
Selling, general and administrative expenses 1,256 698
Income from operations 48 65
Interest income 28 51
Interest expense (6) (18)
Income before provision for income taxes 70 98
Provision for income taxes 9 5
Net income $ 61 $ 93
Net income per share-basic and dilutive $ 0.00 $ 0.01
Weighted average number of
common shares outstanding 12,438 12,438
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