D.G. Jewelry Reports Second Quarter; Gross Margins At New Record.Business Editors TORONTO--(BUSINESS WIRE)--Aug. 15, 2000 D.G. Jewelry jewelry, personal adornments worn for ornament or utility, to show rank or wealth, or to follow superstitious custom or fashion. The most universal forms of jewelry are the necklace, bracelet, ring, pin, and earring. Inc. (Nasdaq:DGJL), one of North America's leading jewelry manufacturers today announced financial results for the three months and six months ended June 30, 2000. Second quarter revenues climbed to a record $9.0 million; up from $8.8 million in the corresponding period in 1999. Gross margins were a record 33.9 percent. The Company took a full reserve against advances made to a 50%-owned investee company in the amount of $534K for the quarter. Earnings per share for the quarter amounted to $0.12, in line with the year-earlier period, while weighted average number of shares on a fully-diluted basis increased to 6,649,655 from 6,220,833 in the year-earlier period. This increase was attributable primarily to an equity financing Equity Financing The act of raising money for company activities by selling common or preferred stock to individual or institutional investors. In return for the money paid, shareholders receive ownership interests in the corporation. in the 1999 period. At December 31, 1999, the Company wrote-off $5.1 million comprised of certain goodwill, leasehold improvements Leasehold Improvement Improvements on a leased asset that increase the value of the asset. Notes: A leasehold improvement is classified as an asset that must be depreciated over time. and waxes and molds as well as the entire balance owing from 50%-owned investee company. The comparative numbers for the second quarter and six months ended June 30, 1999 have been restated to reflect the write-offs deemed applicable to those periods -- $574K and $1.2 million respectively. In the six months ended June 30, 2000, revenues reached a record $17.6 million, an increase of 9% over 1999 revenues of $16.1 million. Gross profit margins Gross profit margin Gross profit divided by sales, which is equal to each sales dollar left over after paying for the cost of goods sold. gross profit margin A measure calculated by dividing gross profit by net sales. were a record 33.2%. Net income for the six months amounted to $1.5 million, compared to $1.08 million in 1999. Earnings per share on a fully-diluted basis were $0.23, compared to $0.19, as restated. Fully 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. shares outstanding amounted to 6,652,078 compared to 5,995,648 the previous year. The increased shares outstanding are primarily resultant This article is about the resultant of polynomials. For the result of adding two or more vectors, see Parallelogram rule. For the technique in organ building, see Resultant (organ). In mathematics, the resultant of two monic polynomials from an equity financing in 1999. Jack Berkovits, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of D.G. Jewelry Inc. commented: "Company management has succeeded in maintaining its focus on selective growth and healthy margins. We have programmes in place and commitments received from customers, which indicate that strong sales growth will accelerate for the balance of this year. "Our focus on e-commerce retailers, particularly the TV Shopping industry continues to show ever-improving results and we are confident that this focus will provide positive rewards on a long-term basis," Berkovits concluded. D.G. Jewelry Inc. is primarily engaged in the design, merchandising and distribution of stone-set jewelry for major retailers including department stores This is a list of department stores. In the case of department store groups the location of the flagship store is given. This list does not include large specialist stores, which sometimes resemble department stores. , mass merchants, shopping networks, major high-volume retailers and other major discounters in the U.S., Canada and Europe. For more information, please visit us at www.dgjewelry.com. Except for the historical information contained herein, the matters discussed in this release include 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. that may involve a number of risks and uncertainties. Actual results may vary significantly based on a number of factors, including, but not limited to, risks in product demand, the impact of competitive products and pricing, changing economic conditions, both here and abroad, release and sales of new products, other risk factors detailed in the company's most recent annual report and filings with the Securities and Exchange commission. |
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