Printer Friendly

ANDOVER TOGS ANNOUNCES FOURTH QUARTER AND YEAR-END RESULTS

 ANDOVER TOGS ANNOUNCES FOURTH QUARTER AND YEAR-END RESULTS
 NEW YORK, Feb. 7 /PRNewswire/ -- Andover Togs, Inc. (NASDAQ: ATOG), today announced its profits for the fourth quarter and year ended Nov. 30, 1991.
 For the three months ended Nov. 30, 1991, net income totaled $649,000 or 18 cents per share compared with a loss of $815,000 or 23 cents per share in the fourth quarter a year earlier. Sales in the 1991 quarter were $25,761,000, compared with $22,957,000 the year before.
 Net income for the 1991 fiscal year was $1,202,000 or 34 cents per share compared with a net loss of $363,000 (10 cents per share) in fiscal 1990. Included in the 1991 results is a pre-tax loss of approximately $268,000 from the sale, during the second quarter of the company's 80 percent owned subsidiary and a charge to earnings of approximately $400,000 as a result of Hills Department Stores and other bankruptcies. Sales for 1991 were $92,089,000 as compared to $94,796,000 in 1990. The decline in sales was principally attributable to the sale of the 80 percent owned subsidiary.
 The company is proud that as a result of careful planning and implementation, the company was more profitable in 1991 than in any of the last five years. William L. Cohen, president of the company, said, in announcing the earnings, "Despite the continuing weak economy, intense price competition and pressure on margins, the company was able to maintain its sales base while carefully focusing on expense control, and improving its ability to closely manage its operations." Cohen added that "the company plans to continue to make changes and improvements in order to strengthen its leadership position.
 "The 1991 results demonstrate the success of the company's aggressive marketing strategies that have positioned it with the retailers who are best suited to prosper in these economically depressed times and its ability to closely manage its operations." Cohen stated that "the company's strategic planning had well positioned the company in the market as a leading supplier of private label children's apparel, while continuing to implement its strategies of increasing the company's branded apparel lines through various licensing programs in both children's wear and ladies' active wear."
 Cohen concluded by saying that he was excited by the company's plans for 1992, where he anticipates growth in both the branded and private label areas. He again alluded to the excellent job the company did in maintaining its core business, improving its manufacturing performance, reducing its expenses and expanding in the mass-market field.
 Andover Togs manufactures children's and ladies' private label and branded apparel. The company currently has licensing agreements for Sasson(R) for children's wear and women's knit tops and active-wear. In addition, the company has a boys' wear license for the Tonka(R) trademark.
 ANDOVER TOGS, INC. AND SUBSIDIARIES
 Summary of Operations
 (In $000s, except per share)
 Periods ended Year Three Months
 Nov. 30 1991 1990 1991 1990
 Net sales $92,089 $94,796 $25,761 $22,957
 Earns. (loss) before
 loss on sale of
 subsidiary and prov.
 for income taxes 2,431 (441) 1,138 (1,295)
 Loss on sale of
 subsidiary 268 -- -- --
 Earnings (loss)
 before provision
 for income taxes 2,163 (441) 1,138 (1,295)
 Net earnings (loss) $ 1,202 $ (363) $ 649 $ (815)
 Net earnings (loss)
 per common share $.34 ($.10)(A) $.18 ($.23)(A)
 Wtd. aver. common
 shares outstg. 3,537,000 3,557,000(A) 3,521,000 3,552,000(A)
 (A) -- Restated for the 10 percent stock dividend distributed on Dec. 9, 1991, to shareholders of record on Nov. 25, 1991.
 -0- 2/7/92
 /CONTACT: Alan Kanis, treasurer of Andover Togs, 212-244-0700/
 (ATOG) CO: Andover Togs, Inc. ST: New York IN: TEX SU: ERN


GK-TS -- NY010 -- 8054 02/07/92 08:43 EST
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Feb 7, 1992
Words:641
Previous Article:SPINNAKER SOFTWARE CORPORATION RESPONDS TO DOW JONES INVESTOR REPORT; STORY INCORRECTLY LINKED STOCK RISE TO UNREALISTIC VIEWS
Next Article:T CELL SCIENCES NAMES ALAN W. TUCK PRESIDENT & CEO
Topics:


Related Articles
ANDOVER TOGS DECLARES TEN PERCENT STOCK DIVIDEND
ANDOVER TOGS ANNOUNCES FIRST QUARTER RESULTS AND FIVE-FOR-FOUR STOCK SPLIT
ANDOVER TOGS, INC., REPORTS THIRD QUARTER NET UP 26 PERCENT ON 13 PERCENT REVENUE GAIN
ANDOVER TOGS INC. (NASDAQ) FISCAL 1992 NET EARNINGS INCREASE TO $.34 PER SHARE FROM $.27
ANDOVER TOGS INC. REPORTS FIRST QUARTER RESULTS
ANDOVER TOGS INC. REPORTS SECOND QUARTER RESULTS
ANDOVER TOGS INC. REPORTS THIRD QUARTER RESULTS
ANDOVER TOGS ANNOUNCES LOSS FOR FISCAL 1995
Andover Togs, Inc. (OTC) Reports First Quarter Results
The Andover Apparel Group, Inc. (OTC) Reports Second Quarter Results

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