Danskin announces second quarter results.(NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :DANS) today reported that after a year and a half of losses, the company has returned to profitability. Net income for the second quarter ended Sept. 23, 1995 rose by $2.3 million to $307,000 or $0.05 per share from a net loss of $2.0 million or ($0.34) per share from the second quarter ended Sept. 24, 1994. Net income for the six months increased by $3.2 million to $202,000 or $0.03 per share from a net loss of $3.0 million or ($.50) per share from a year ago. For the second quarter, gross margins improved to 34.6% from 31.9% although net revenues declined to $33.6 million this year from $35.3 million last year. The increased gross profits resulted in income from operations improving by $1.6 million to $1.7 million in the second quarter of Fiscal 1996 from $62,000 in the second quarter of Fiscal 1995. Gross margins continued to improve for the six month period to 34.5% from 32.0% on a net revenue decline of $1.1 million to $63.2 million from $64.3 million. Howard Cooley, 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. , said "it is encouraging that The Turnaround Turnaround A situation where a company that has had poor performance for an extended period of time experiences a positive reversal. Notes: A speculator may profit from a turnaround if he or she accurately anticipates the improvement of a poorly performing company. Letter and Womens' Wear Daily have had some positive things to say about Danskin and that we have been invited to talk to a number of fund managers, brokers, and analysts to discuss our progress." Danskin Inc. markets and manufactures leading brands of women's activewear and dancewear dance·wear n. Clothing such as leotards and warmup suits that are worn for dance practice and exercising. under the DANSKIN, SHAPE and DANCE FRANCE France (frăns, Fr. fräNs), officially French Republic, republic (2005 est. pop. 60,656,000), 211,207 sq mi (547,026 sq km), W Europe. trademarks and legwear under the DANSKIN, ANNE KLEIN Anne Klein (August 3, 1923 - March 19, 1974) was an American fashion designer whose label was continued by designer Donna Karan after Anne Klein's death. Anne Klein was born as Hannah Golofski in New York City on August 3, 1923. , CHRISTIAN DIOR Noun 1. Christian Dior - French couturier whose first collection in 1947 created a style that became known as the New Look (1905-1957) Dior , GIVENCHY and ROUND-THE-CLOCK trademarks. Also, its Pennaco division is the largest manufacturer of private label hosiery hosiery Knit or woven coverings for the feet and legs, worn inside shoes. In the 8th century BC, Hesiod referred to linings for shoes; the Romans wrapped their feet, ankles, and legs in long strips of leather or woven cloth. sold in department and fine specialty stores 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" . -0-
DANSKIN INC. AND SUBSIDIARIES (NASDAQ:DANS)
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
(In Thousands)
Three Months Ended Six Months Ended
9/23/95 9/24/94 9/23/95 9/24/94
Net Revenues Danskin $21,156 $21,486 $39,259 $37,736 Pennaco 12,469 13,768 23,968 26,551 Total 33,625 35,254 63,227 64,287 Gross Profit Danskin 8,123 8,348 15,096 14,466 Pennaco 3,513 2,883 6,695 6,086 Total 11,636 11,231 21,791 20,552 Selling, general and administrative expenses 9,967 11,169 18,974 21,209 Operating income (loss) 1,669 62 2,817 (657) Non-recurring charges -- 1,802(a) -- 1,645(a) Interest expense 1,191 864 2,454 1,624 Income (loss) before income taxes 478 (2,614) 363 (3,926) Income tax provision (benefit) 171 (579) 161 (975) Net income (loss) $307 ($2,025) $202 ($2,951) Primary earnings (loss) per common shares $0.05 ($0.34) $0.03 ($0.50) Primary weighted average common shares 6,520 5,898 6,519 5,898 Fully diluted earnings per common shares $0.04 ($0.34) $0.02 ($0.50) Fully diluted weighted average common shares 8,151 5,898 8,150 5,898 (a) Non-recurring charges (net of $73,000 and $230,000 in related party interest income for the second quarter and six months of fiscal 1995, respectively) include costs associated with the potential acquisition of affiliate entities, a reserve for additional amounts due from affiliate, an accrual accrual, n continually recurring short-term liabilities. Examples are accrued wages, taxes, and interest. for certain executive compensation costs, and costs associated with certain litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. which was subsequently settled. CONTACT: Danskin Inc. Beverly Eichel, 212/930-9157 |
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