Mikasa, Inc. Reports First Quarter Financial Results.Business EditorsSECAUCUS Secaucus (sēkô`kəs), town (1990 pop. 14,061), Hudson co., NE N.J., on the Hackensack River, adjoining Jersey City; inc. 1917. It is a distribution and factory-outlet center and an area of industrial development, especially in the , NJ--(BUSINESS WIRE)--April 27, 2000 Mikasa Mikasa (Japanese: 三笠) refers to a number of different places, people, and things:
See: New York Stock Exchange :MKS (Mortice Kern Systems Inc., Waterloo, Ontario, www.mks.com) A software company that specializes in programming tools and utilities for a variety of platforms. For example, its RCS system for Windows, OS/2 and Unix is a version control software package. ) today announced financial results for the first quarter ended March 31, 2000. Operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. increased to $1.4 million for the first quarter ended March 31, 2000, compared to an operating loss operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. of $0.4 million in the first quarter of 1999. Net income for the first quarter was break even, compared to a net loss of $1.2 million, or $0.07 per 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. share for the first quarter of 1999. 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 were $80.3 million for both the first quarters ended March 31, 2000 and 1999. Sales to retail accounts decreased 4.0%, from the first quarter of 1999, while comparable store sales decreased 5.7% over the prior year period. International sales increased 31% for the quarter. Gross profit for the first quarter increased 2.7% to $37.9 million, compared to $36.9 million for the prior year, gross margins expanding 120 basis points to 47.2%. Selling, general and administrative expenses for the quarter decreased to 45.5% of sales, versus 46.4% of sales in the first quarter of 1999. "Despite the fact that sales for the quarter were flat, we are pleased with our continuing improved financial performance for the quarter," commented Raymond Raymond, town, Canada Raymond, town (1991 pop. 3,130), S Alta., Canada, SE of Lethbridge, in a sugar beet area. Sugar is refined and honey is produced there. A provincial agricultural college is in the town. B. Dingman, President and Chief Executive Officer. "Comparable store sales for the first quarter were hampered by the timing of the Easter Holiday, given the fact that many of our locations are in tourist and vacation destinations. Our gross profit margin 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. significantly improved 120 basis points to 47.2%. Our overall international sales performance continued on its successful track with a 31% increase in net sales for the firstquarter over the prior period. We are encouraged that we have been able to continue to improve our operating efficiencies and have successfully reduced selling, general and administrative expenses by 90 basis points during the quarter." Mr. Dingman concluded, "As we look ahead, we remain confident regarding our future prospects. With our overall expenses showing nice improvement, we plan to expand our efforts in branded advertising during the latter part of the year. We fully expect that the strength of the Mikasa brand name, as well as the infrastructure, operating and growth strategies we have in place will continue to fuel our growth going forward and continue to generate improved profitability and efficiencies." Mikasa, Inc. is a leading designer, developer and marketer of quality tabletop products. The Company markets its products to retail accounts, 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. , specialty retail stores and mass merchants, and through Company operated retail stores. With the exception of the historical information contained in this press release, the matters described herein contain 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 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. Forward-looking statements involve a number of risks, uncertainties and other factors beyond the Company's control, which may cause material differences in actual results, performance or other expectations. Those factors include risks and uncertainties relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the Company's ability to open new stores within planned parameters, the success of new product introductions and the continued success of existing products, our ability to enhance margins through future gains in efficiency, the capabilities of our distribution system to handle increased volume and the general business risks associated with a consumer products company. These and other factors are detailed in the Company's registration statements and periodic reports filed with the Securities and Exchange Commission.
MIKASA, INC. AND SUBSIDIARIES
(In thousands, except per share data)
(Unaudited)
For The Three Months
Ended March 31,
2000 1999
Net sales by channel of distribution:
Direct to consumers $ 44,689 $ 45,667
Retail accounts 26,837 27,952
International 8,819 6,716
Total 80,345 80,335
Cost of sales 42,404 43,390
Gross profit 37,941 36,945
Selling, general and administrative expenses 36,533 37,305
Income (loss) from operations 1,408 (360)
Interest expense, net 1,464 1,567
Income (loss) before income taxes (56) (1,927)
Income tax provision (benefit) (22) (756)
Net income (loss) $ (34) $(1,171)
Basic and diluted net income (loss) per
share of common stock $ (0.00) $ (0.07)
Weighted average number of shares
of common stock outstanding
and dilutive securities 17,121 17,816
Cash dividend per share of common stock $ 0.05 $ 0.05
As Of March 31,
2000 1999
Consolidated Balance Sheet Data Highlights:
Cash and cash equivalents $26,746 $29,931
Accounts receivable trade, net 30,521 31,408
Inventories 155,752 147,801
Current assets 220,896 218,368
Total assets 352,343 351,701
Current liabilities 46,089 50,752
Long-term liabilities 95,977 104,397
Stockholders' equity 210,277 196,552
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