Printer Friendly

NUTMEG'S ANNUAL SALES, EARNINGS REACH RECORD HIGHS

 TAMPA, Fla., March 8 /PRNewswire/ -- Nutmeg Industries, Inc. (NYSE: NTM) today reported sales of $160.0 million and earnings of $11,453,000 for the fiscal year ended Jan. 30, 1993, both record highs. Earnings per share increased 30 percent to $.61 this year compared to $.47 a year ago. The per-share amounts reflect two three-for-two stock splits in January 1992 and June 1992.
 Sales were up 31 percent over last year's $122.4 million and earnings were up 68 percent over last year's $6,799,000.
 The fourth quarter ended Jan. 30, 1993 was the company's 11th consecutive quarter of record sales and earnings. Sales of $41.0 million produced earnings of $3,498,000 or $.19 per share in this year's fourth quarter compared to sales of $36.6 million and earnings of $2,674,000 or $.15 per share in the quarter a year ago.
 Richard E. Jacobson, Nutmeg chairman and chief executive officer, said "Our sales increased despite the termination of our Saturday's Hero joint venture in January 1992. The joint venture contributed $16 million in sales to fiscal 1992's results, including $5 million in the fourth quarter. As satisfying as this year's results have been, they could have been better. The manufacturing and distribution cost challenges we have faced this past year are being addressed aggressively and we believe gross profit margin improvements will be realized over the next year. We have continued to make large commitments to our systems and management depth, but at the same time have maintained excellent controls over our selling, general and administrative expenses. Our commitment to creativity, quality and delivery was reinforced by our $14 million capital expenditure program this past year."
 Mr. Jacobson said Nutmeg's balance sheet is "one of the strongest in the industry. We ended the year with no short- or long-term debt, over $3 million in cash and $85 million in equity, and we now have unrestricted access to $50 million in long-term unsecured bank credit on very attractive terms. Our inventory grew only 6 percent while sales grew 31 percent, and management of accounts receivable has continued to improve."
 Mr. Jacobson said that Nutmeg's backlog at year end was approximately $54 million compared to the $45 million reported last year. "Our spring bookings are very encouraging," he said, "led by our new Break Out' design which is one of the fastest- selling t-shirts on the market. Fall bookings, although off to a later start this year than last, have gained excellent momentum recently. Our healthy international business will be boosted further by Tryrare Limited, a British sportswear manufacturer that we acquired on Jan. 31, 1993.
 "As expected," Mr. Jacobson continued, "the consolidation of manufacturers and retailers in our industry continues. This creates some uncertainty in the marketplace, but should prove beneficial both to Nutmeg and the industry. We look enthusiastically ahead to our achieving continued gains in sales and earnings."
 Nutmeg designs, manufactures and markets high-quality sportswear under licenses granted by Major League Baseball, the National Basketball Association, the National Football League, the National Hockey League, most major colleges and universities, various European soccer clubs and other licensors. The licenses authorize Nutmeg to use team names, logos and other graphics on a wide variety of apparel.
 NUTMEG INDUSTRIES, INC.
 CONDENSED CONSOLIDATED STATEMENTS OF INCOME
 (In thousands, except per-share data)
 Quarter Ended Year Ended
 Jan. 30, Jan. 25, Jan. 30, Jan. 25,
 1993 1992 1993 1992
 Net sales $41,044 $36,600 $159,989 $122,373
 Cost and expenses:
 Cost of
 merchandise sold 27,943 25,372 108,862 84,325
 Selling, general and
 administrative 7,744 7,476 33,364 26,923
 Interest (income)
 expense, net (5) 226 73 1,417
 Minority interest and
 other (income) expense 6 (805) 38 (1,283)
 Total costs
 and expenses 35,688 32,269 142,337 111,382
 Income before
 income taxes 5,356 4,331 17,652 10,991
 Income tax
 provision (1,858) (1,657) (6,199) (4,192)
 Net income $ 3,498 $ 2,674 $ 11,453 $ 6,799
 Net income per
 share $ .19 $ .15 $ .61 $ .47
 Weighted average number
 of common shares used
 in the
 calculation 18,499 17,798 18,830 14,475
 -0- 3/8/93
 /CONTACT: George N. Derhofer, senior vice president and chief financial officer of Nutmeg Industries, Inc., 813-963-6153, ext. 122/
 (NTM)


CO: Nutmeg Industries, Inc. ST: Florida IN: TEX SU: ERN

SS-XX -- FL009 -- 3845 03/08/93 09:08 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Mar 8, 1993
Words:741
Previous Article:GSA AWARDS CONTRACT TO HELP HEARING-IMPAIRED PEOPLE
Next Article:CASINO AMERICA REPORTS THIRD QUARTER RESULTS
Topics:


Related Articles
NUTMEG REPORTS RECORD SALES AND EARNINGS FOR THIRD QUARTER
NUTMEG REPORTS RECORD SALES AND EARNINGS FOR FISCAL 1992
NUTMEG REPORTS RECORD FIRST QUARTER SALES AND EARNINGS
NUTMEG REPORTS NINTH CONSECUTIVE QUARTER OF RECORD SALES AND EARNINGS
NUTMEG NAMES OLTMAN AS CHIEF OPERATING OFFICER
NUTMEG REPORTS TENTH CONSECUTIVE QUARTER OF RECORD SALES AND EARNINGS
NUTMEG REPORTS RECORD SALES AND EARNINGS FOR 13TH CONSECUTIVE QUARTER
NUTMEG RECORD THIRD-QUARTER INCOME OF $6.4 MILLION IS 14TH CONSECUTIVE QUARTERLY INCREASE
VF TO ACQUIRE NUTMEG INDUSTRIES, INC.
VF CORPORATION ANNOUNCES FIRST QUARTER RESULTS AND DECLARES DIVIDEND

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters