Printer Friendly

K-SWISS REPORTS RECORD ANNUAL RESULTS

 CHATSWORTH, Calif., Feb. 16 /PRNewswire/ -- Steven Nichols, chairman of the board and president of K-Swiss Inc. (NASDAQ: KSWS), announced record net earnings for the year ended Dec. 31, 1992, of $8,902,000. Record earnings were achieved even though, as previously reported, on Dec. 31, 1992, the company prepaid $10,000,000 of senior subordinated debt which resulted in an extraordinary prepayment penalty charge of $896,000 (net of an income tax benefit of $462,000) for the year ended Dec. 31, 1992. Revenue for the year ended Dec. 31, 1992, of $127,807,000 increased 7.4 percent over 1991. Earnings per share for the year were $1.35.
 Revenues were as follows (in thousands, except percents):
 Three months ended Dec. 31,
 (Unaudited)
 1992 1991 Increase (Decrease)
 Amount Percent
 Domestic $15,507 $13,967 $1,540 11.0 pct.
 International 5,670 6,213 (543) (8.7)pct.
 Total revenues $21,177 $20,180 $997 4.9 pct.
 12 months ended Dec. 31,
 1992 1991 Increase
 Amount Percent
 Domestic $99,479 $91,930 $7,549 8.2 pct.
 International 28,328 27,085 1,243 4.6 pct.
 Total $127,807 $119,015 $8,792 7.4 pct.
 Domestic footwear "futures" orders with start ship dates subsequent to Dec. 31, 1992 and 1991, were approximately $48,187,000 and $39,140,000, respectively. International footwear "futures" orders with start ship dates subsequent to Dec. 31, 1992 and 1991, were approximately $14,415,000 and $8,721,000, respectively. Combined domestic and international "futures" orders were $62,602,000 at Dec. 31, 1992, an increase of 30.8 percent compared to combined "futures" orders at Dec. 31, 1991. The mix of "futures" and "at once" orders can vary significantly from quarter-to-quarter and year- to-year and, therefore, "futures" orders are not necessarily indicative of revenues for subsequent periods.
 Inventories were approximately $30,439,000 and $35,152,000 as of Dec. 31, 1992 and 1991, respectively, a decrease of 13.4 percent from Dec. 31, 1991. Accounts receivable were approximately $24,348,000 and $16,680,000 as of Dec. 31, 1992 and 1991, respectively, an increase of 46.0 percent over Dec. 31, 1991.
 K-Swiss Inc. designs, develops and markets athletic footwear for high performance sports use and fitness activities. The company presently offers footwear for court and nautical sports, hiking and walking.
 K-SWISS
 Financial Summary
 (In thousands, except per share amounts)
 Three months ended 12 months ended
 Dec. 31, Dec, 31,
 (Unaudited)
 1992 1991 1992 1991
 Revenues $21,177 $20,180 $127,807 $119,015
 Cost of
 goods sold 13,234 12,706 80,623 75,503
 Gross profit 7,943 7,474 47,184 43,512
 Selling,
 general and
 administrative
 expenses 5,473 5,095 30,372 26,726
 Operating
 profit 2,470 2,379 16,812 16,786
 Interest
 expense 511 1,014 2,011 2,908
 Earnings
 before income
 taxes and
 extraordinary
 charge 1,959 1,365 14,801 13,878
 Income tax
 expense 668 43 5,003 5,092
 Earnings
 before
 extra-
 ordinary
 charge 1,291 1,322 9,798 8,786
 Extraordinary
 charge -
 prepayment
 penalty from
 early repayment
 of senior
 subordinated
 debt, net of
 $462,000 income
 tax benefit 896 --- 896 ---
 Net earnings $395 $1,322 $8,902 $8,786
 Earnings
 per share:
 Earnings
 before
 extraordinary
 charge $.20 $.20 $1.49 $1.34
 Extraordinary
 charge .14 --- .14 ---
 Net earnings $.06 $.20 $1.35 $1.34
 Weighted
 average common
 and common
 equivalent
 shares
 outstanding 6,597 6,500 6,585 6,551
 -0- 2/16/93
 /CONTACT: George Powlick, CFO of K-Swiss, 818-998-3388/
 (KSWS)


CO: K-Swiss Inc. ST: California IN: TEX SU: ERN

JL-JB -- LA021 -- 6929 02/16/93 16:07 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:Feb 16, 1993
Words:617
Previous Article:KASLER CORP. SIGNS LETTER OF INTENT TO MERGE WITH WASHINGTON CONTRACTORS GROUP
Next Article:OPTICAL RADIATION CORP. REPORTS RESULTS
Topics:


Related Articles
K-SWISS REPORTS RECORD ANNUAL RESULTS
K-SWISS ANNOUNCES QUARTERLY CASH DIVIDEND
K-SWISS ANNOUNCES QUARTERLY CASH DIVIDEND
K-SWISS ANNOUNCES QUARTERLY CASH DIVIDEND
K-SWISS INC. REPORTS FIRST QUARTER RESULTS
K-Swiss Reports First Quarter Results
K-Swiss Inc. Registers With SEC 300,000 Shares of Class A Common Stock Held by Stockholder
K-Swiss Announces Quarterly Cash Dividend
K-Swiss Puts its Website in the Spotlight.
K-SWISS SCORES; ATHLETIC FOOTWEAR COMPANY'S 1998 EARNINGS SOAR.

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