Cygne Designs, Inc. Results for Year 2004.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 -- Cygne Designs, Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). : CYDS CYDS Centre for Youth Drug Studies (Australia) .OB) today announced results of operations for the fourth quarter and the year ended January January: see month. 29, 2005. 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 from continuing operations continuing operations Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the for the year 2004 were $28,960,000, an increase of $1,878,000 from $27,082,000 in the year 2003. New York & Company, Inc. (formerly Lerner Ler·ner , Alan Jay 1918-1986. American playwright and lyricist. He wrote a number of musicals with the composer Frederick Loewe, including Brigadoon (1947) and My Fair Lady (1956). Noun 1. New York) accounted for 82% and 91% of the net sales for the years of 2004 and 2003, respectively. Income from continuing operations before income taxes for the year ended January 29, 2005 was $344,000, compared to income from continuing operations before income taxes of $538,000 in the comparable prior period in 2003. Net income for the year ended January 29, 2005 was $313,000 or $0.03 on a basic and 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. per share basis compared to $384,000 or $0.03 on a basic and diluted per share basis in the comparable prior period in 2003. Net sales from continuing operations for the fourth quarter of 2004 were $4,586,000, a decrease of $1,526,000 from $6,112,000 in the fourth quarter of 2003. New York & Company, Inc. accounted for 94% and 89% of the net sales for the fourth quarter of 2004 and 2003, respectively. Income from continuing operations before income taxes for the fourth quarter ended January 29, 2005 was $94,000, compared to income from continuing operations before income taxes of $80,000 in the comparable prior period in 2003. Net income for the fourth quarter ended January 29, 2005 was $98,000 or $0.01 on a basic and diluted per share basis compared to $22,000 or break even on a basic and diluted per share basis in the comparable prior period in 2003. Cygne Designs, Inc. is a manufacturer of private label women's career and casual apparel with sales to retailers and wholesalers located in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . 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 Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the year ended January 29, 2005 and the Company's other filings with the Securities and Exchange Commission.
CYGNE DESIGNS, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Operations
(Unaudited, in thousands, except per share data)
Quarters Ended Twelve Months Ended
--------------------- ---------------------
January 29 January 31 January 29 January 31
2005 2004 2005 2004
---------- ---------- ---------- ----------
Net sales $4,586 $6,112 $28,960 $27,082
Cost of goods sold 3,992 5,058 25,133 22,932
---------- ---------- ---------- ----------
Gross profit 594 1,054 3,827 4,150
Selling, general and
administrative expenses 479 940 3,312 3,448
---------- ---------- ---------- ----------
Income from continuing
operations before
interest, other expense
and income taxes 115 114 515 702
Interest expense, net (5) 34 145 164
Other expense 26 -- 26 --
---------- ---------- ---------- ----------
Income from continuing
operations
before income taxes 94 80 344 538
Provision for income taxes (12) (398) 3 (374)
---------- ---------- ---------- ----------
Income from continuing
operations 106 478 341 912
(Loss) from discontinued
operation (8) (456) (28) (528)
---------- ---------- ---------- ----------
Net income 98 22 313 384
========== ========== ========== ==========
Income per share-basic and
diluted
from continuing operations $0.01 $0.03 $0.03 $0.07
(Loss) per share-basic and
diluted
from discontinued
operation -- (0.03) -- (0.04)
---------- ---------- ---------- ----------
Net income per share-basic
and diluted $0.01 ($0.00) $0.03 $0.03
========== ========== ========== ==========
Weighted average common
shares outstanding:
Basic 12,438 12,438 12,438 12,438
========== ========== ========== ==========
Diluted 12,443 12,443 12,443 12,443
========== ========== ========== ==========
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