D.G. Jewelry Reports Third Quarter and Nine Months 2000 Results.Business Editors TORONTO--(BUSINESS WIRE)--Nov. 22, 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 nine months ended September September: see month. 30, 2000. Revenues for the quarter ended September 30, 2000 of $8.35 million, represent an increase of 20%, over the year-earlier comparable period of $6.97 million. Revenues for the nine months ended September 30, 2000 of $26.0 million, represent an increase of 12.5%, over the corresponding year-earlier revenues of $23.1 million Gross profit percentages for the quarter and nine months were in line with 1999 levels, coming in at 35.22% and 33.85%, respectively. Income before income taxes and unusual items, was $956,173 compared to $586,651, an increase of $369,522, or 63%. 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 a full reserve against the entire balance owing from a 50%-owned investee company. The comparative numbers for the third quarter and the nine months ended September 30, 2000 have been restated to reflect the write-offs and reserves deemed applicable to those periods -- $767,674 and $2,009,223, respectively. Unusual items for the quarter ended September 30, 2000 of $677,418 represent a special charge for consolidation of a Houston-based, wholly-owned subsidiary in the amount of $327,418 and additional reserves against advances made to a 50%-owned investee company: Unusual items deemed applicable to the third quarter ended September 30, 1999, amounted to $767,674. Unusual items for the nine months ended September 30, 2000 amounted to $1,212,071, compared to $2,009,223, deemed applicable to the nine months ended September 30, 1999. Net income for the three months ended September 30, 2000 amounted to $131,090, compared to a loss, as restated, of $181,023. Net income for the nine months ended September 30, 2000, amounted to $1,674,242, compared to $906,192, as restated, for the nine months ended September 30, 1999, an increase of 85%. Fully diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of for the three months ended September 30, 2000 were $0.02, compared to a restated loss of $0.03. Fully diluted earnings per share for the nine months ended September 30, 2000 were $0.25, compared to $0.15, as restated, for the year earlier corresponding period. Number of shares outstanding on a 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. basis were 6,649,655 as at September 30, 2000, compared to 6,244,624 at September 30, 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: "We are extremely pleased that revenues continue to grow at significant levels, while maintaining our continued healthy gross margin levels. This is 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 our continued emphasis on partnering with quality retailers, who recognize the benefits of superb quality jewelry, outstanding design, service and value. In addition, we continue to improve our state-of-the-art manufacturing efficiencies, for the ultimate benefit of our clients and stakeholders Stakeholders All parties that have an interest, financial or otherwise, in a firm-stockholders, creditors, bondholders, employees, customers, management, the community, and the government. ." Berkovits further commented: "While there is much to cheer about our results, the single most important advance in my opinion, is that our 50%-owned investee company, Netjewels.Inc., has dramatically reduced its losses and is heading to profitability in the very near future. A truly remarkable achievement. We continue to prioritize pri·or·i·tize v. pri·or·i·tized, pri·or·i·tiz·ing, pri·or·i·tiz·es Usage Problem v.tr. To arrange or deal with in order of importance. v.intr. those relationships and businesses that will ultimately give our shareholders the best results today and tomorrow." D.G. Jewelry Inc. is primarily engaged in the design, merchandising merchandising Element of marketing concerned especially with the sale of goods and services to customers. One aspect of merchandising is advertising, which aims to capture the interest of the segment of the population most likely to buy the product. 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 his 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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