Jenna Lane, Inc. Reports Record Sales and Net Income For Fiscal 1998.NEW YORK--(BUSINESS WIRE)--May 28, 1998--Jenna Lane, Inc. today announced financial results for its fourth quarter ending March 31, 1998 and for the year.
Net sales Net Sales
The amount a seller receives from the buyer after costs associated with the sale are deducted.
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 three months ended March 31, 1998 (fourth quarter of fiscal 1998) were $11.8 million as compared to net sales of $9.8 million for the three months ended March 31, 1997, an increase of 17%. Operating income Operating Income
The profit realized from a business' own operations.
This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. for the three months ended March 31, 1998 was $457,865, compared to $159,007 for the same period last year. Net income applicable to common shares for the three months ended March 31, 1998 was $267,772, or $0.06 per share (basic), $0.05 (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. ) compared to $19,154 or $0.01 per share (basic and diluted) for the same period last year. Results for the quarter were enhanced by higher gross margins in all major product categories.
For the year, net sales were a record $42.6 million, a 16.9% increase over the $35.4 million generated last year. Gross profit as a percent of net sales was 18.9% versus 17.8% for the previous year and operating expenses Operating expenses
The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. as a percent of net sales was 16.7% versus 16.5% Operating income for the year ended March 31, 1998 more than doubled to $919,324 compared to $450,395 in the prior year. Net income applicable to common shares for the year ended March 31, 1998 was $517,159, or $0.11 per share (basic), $0.09 (diluted) compared to $61,260, or $0.03 per share (basic and diluted) for the same period last year.
Commenting on Jenna Jenna is a common birth name given to females. It is a variation of Jennifer or Genevieve. Its origin is English and means Fair Phantom.
The total value of sales orders waiting to be fulfilled.
This figure is used mainly in the manufacturing industry. Increases or decreases in a company's backlog indicate the future direction of sales and earnings. is at an all time high. The backlog as of today is $15.1 million versus $8.5 million at June 1, 1997. We are hopeful that revenue growth will continue in the first quarter of fiscal 1999".
Jenna Lane, Inc. is a leading women's apparel manufacturer.
Jenna Lane Inc. Selected Financial Information (In thousands, except per share amounts) Three Months Ended Year Ended March 31, March 31, 1998 1997 1998 1997 Net sales $11,808 $9,777 $42,582 $35,372 Gross profit 2,375 1,676 8,047 6,285 Operating Income 458 159 919 450 Income Before Taxes 458 42 919 209 Net Income 268 19 517 136 Preferred Dividends -- -- -- 75 Net Income applicable to Common Shares 268 19 517 61 Net Income per common share - basic (a) $0.06 $0.01 $0.11 $0.03 - diluted (a) $0.05 $0.01 $0.09 $0.03 (a) Adjusted to retroactively reflect the effect of 10 percent stock dividend distributed March 13, 1998. -0-
This press release contains certain 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. and are made pursuant to the safe harbor Safe Harbor
1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated.
2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provisions of 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. These forward-looking statements reflect assumptions and involve risks and uncertainties which may affect the company's business and prospects and cause actual results to differ materially from these forward-looking statements.
CONTACT: Jenna Lane Inc., New York Mitchell Dobies, President 212/704-0002 or GHI Group, LTD Gregory H. Laborde 212/701-8597