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GENESCO REPORTS A PROFIT FOR THE YEAR AND SIGNIFICANT OPERATING ACCOMPLISHMENTS

 GENESCO REPORTS A PROFIT FOR THE YEAR AND
 SIGNIFICANT OPERATING ACCOMPLISHMENTS
 NASHVILLE, Tenn., Feb. 27 /PRNewswire/ -- GENESCO Inc. (NYSE: GCO) announced today operating results for its fiscal year ended Jan. 31, 1992, and for its fourth quarter.
 "I am pleased to announce that despite the recession and over $2.1 million in start up expenses for two new branded shoe lines, GENSECO made a profit for the year," GENESCO Chairman and Chief Executive Officer William S. Wire II said.
 For fiscal year 1992, the Company reported net earnings of $461,000 or $.01 per share. Last year the Company reported a net loss of $406,000, or $.03 per share. GENESCO sales were $471,766,000 as compared to $476,342,000 in fiscal 1991.
 "We entered the year cautious about the recession's impact on our sales and earnings. However, we remained committed to our strategic growth and expansion programs," Wire said.
 "There were some significant operating accomplishments during the year. For example, our boot company, Laredo and Code West, continued to gain market share and posted a 38 percent sales increase. This increase included our Boot Factory operation which made a profit in only its third year of operation with a three-fold sales increase.
 "It was a record year for Mitre. Sales in soccer shoes and Street Hot court shoes, along with the move into soccer apparel, boosted Mitre's total sales 24 percent.
 "We moved Johnston & Murphy more into the men's casual footwear market by signing licensing agreements with Levis Strauss & Co. for the Dockers(R) brand and with State-O-MainE for the Nautica(R) brand," Wire said.
 During fiscal 1992, GENESCO incurred an expense of $2.1 million in developing and launching these two brands. Nautica(R) footwear will be available to the consumer this spring and Dockers(R) footwear will be in stores this fall.
 For the fourth quarter of fiscal 1992, GENESCO sales were $125,327,000 as compared to $130,606,000 reported in the same period of the previous year.
 Net earnings for the final quarter of fiscal 1992 were $1,473,000, or $.06 per share. In the comparable quarter of the prior year, net earnings were $1,652,000, or $.07 per share.
 "Despite disappointing sales in fiscal 1992, we are very pleased with our improved inventory turn during a recession year. Inventories at yearend were $11 million lower than last year," Wire said.
 "Looking to the future, we expect GENESCO to emerge from this recession a stronger, more competitive company."
 GENESCO, headquartered in Nashville, Tenn., is a consumer products company with operations concentrated in footwear and men's apparel.
 GENESCO INC.
 Consolidated Earnings Summary
 Three Months Ended Twelve Months Ended
 Jan. 31, Jan. 31,
 In Thousands 1992 1991 1992 1991
 Net sales $125,327 $130,606 $471,766 $476,342
 Cost of sales 79,002 86,038 301,125 305,624
 Selling and administrative
 expenses 43,546 42,415 165,756 163,124
 Earnings from operations
 before other income and
 expenses 2,779 2,153 4,885 7,594
 Other expenses (income):
 Interest expense 966 1,456 4,707 7,144
 Interest income (23) (73) (60) (837)
 Other expenses (income) 275 (915) (332) (55)
 Total other expenses, net 1,218 468 4,315 6,252
 Pretax earnings 1,561 1,685 570 1,342
 Income taxes 88 (482) 109 60
 Earnings before
 extraordinary loss 1,473 2,167 461 1,282
 Loss on retirement of debt
 (net of tax) 0 515 0 1,688
 Net Earnings (Loss) $1,473 $1,652 $461 ($406)
 Earnings Per Share Information
 Three Months Ended Twelve Months Ended
 Jan. 31, Jan. 31,
 In Thousands (except 1992 1991 1992 1991
 per share amounts)
 Preferred dividend
 requirements $79 $69 $296 $279
 Average common and
 common equivalent shares
 Primary 22,937 22,749 22,893 22,669
 Fully diluted 23,034 23,503 23,011 23,504
 Per common share
 Earnings before
 extraordinary loss
 Primary $0.06 $0.09 $0.01 $0.04
 Fully diluted $0.06 $0.09 $0.01 $0.04
 Extraordinary loss
 Primary $0.00 $(0.02) $0.00 $(0.07)
 Fully diluted $0.00 $(0.02) $0.00 $(0.07)
 Net earnings (loss)
 Primary $0.06 $0.07 $0.01 $(0.03)
 Fully diluted $0.06 $0.07 $0.01 $(0.03)
 GENESCO INC.
 CONSOLIDATED EARNINGS SUMMARY
 3 Months Ended 12 Months Ended
 Jan. 31 Jan. 31
 In Thousands 1992 1991 1992 1991
 Sales:
 Footwear retail $63,839 $63,680 $212,942 $218,949
 Footwear wholesale
 and manufacturing 35,344 36,505 139,533 136,791
 Tailored clothing 26,144 30,421 119,291 120,602
 Total Sales $125,327 $130,606 $471,766 $476,342
 Pretax Earnings:
 Footwear retail $2,416 $3,520 ($47) $6,732
 Footwear wholesale
 and manufacturing 2,775 1,615 13,094 5,164(A)
 Tailored clothing (404) (30) 3,724 5,081
 Operating income 4,787 5,105 16,771 16,977
 Corporate expenses:
 Interest expense (966) (1,456) (4,707) (7,144)
 Interest income 23 73 60 837
 Other corporate expenses (2,283) (2,037) (11,554) (9,328)(B)
 Total Pretax Earnings $1,561 $1,685 $ 570 $1,342
 (A) Includes a net reserve of $2,044,000 to sell or close a
 footwear wholesale company and to close a footwear components
 manufacturing operation.
 (B) Includes $750,000 of income from favorable adjustments to
 reserves relating to previously divested operations.
 Consolidated Balance Sheet
 Jan. 31
 In Thousands 1992 1991
 Assets
 Cash and short-term
 investment $7,242 $3,379
 Accounts receivable 54,318 63,096
 Inventories 111,472 122,679
 Other current assets 7,117 7,232
 Total current assets 180,149 196,386
 Plant, equipment and
 capital leases 44,965 45,167
 Other non-current assets 12,130 9,831
 Total Assets $237,244 $251,384
 Liabilities and
 Shareholders' equity
 Total current liabilities $47,278 $52,848
 Long-term debt and
 capital leases 22,460 31,665
 Other long-term liabilities 18,342 17,712
 Shareholders' equity 149,164 149,159
 Total Liabilities and
 Shareholders' Equity $237,244 $251,384
 -0- 2/27/92
 /CONTACT: Media - Teresa N. Miller, 615-367-8281, or Financial - James S. Gulmi, 615-367-8325, both of GENESCO Inc./
 (GCO) CO: GENESCO Inc. ST: Tennessee IN: TEX SU: ERN


CM-DF -- CH015 -- 3441 02/27/92 16:41 EST
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Date:Feb 27, 1992
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