Printer Friendly

K-SWISS REPORTS RECORD SECOND QUARTER RESULTS

 CHATSWORTH, Calif., July 28 /PRNewswire/ -- Steven Nichols, chairman of the board and president of K-Swiss Inc. (NASDAQ: KSWS), announced record second quarter net earnings for the quarter ended June 30, 1993, of $3,065,000, an increase of 40.4 percent over the quarter ended June 30, 1992. Revenues for the quarter ended June 30, 1993, increased 16.6 percent to $38,299,000 over the quarter ended June 30, 1992. Net earnings for the six months ended June 30, 1993, of $6,512,000 represented an increase of 33.7 percent over the six months ended June 30, 1992.
 Revenues were as follows (in thousands, except percents):
 Three Months Ended June 30,
 (Unaudited)
 Increase
 1993 1992 Amount Percent
 Domestic $29,104 $25,011 $4,093 16.4 pct.
 International 9,195 7,832 1,363 17.4 pct.
 Total revenues $38,299 $32,843 $5,456 16.6 pct.
 Six Months Ended June 30,
 (Unaudited)
 Increase
 1993 1992 Amount Percent
 Domestic $64,456 $54,694 $9,762 17.8 pct.
 International 17,400 14,853 2,547 17.1 pct.
 Total revenues $81,856 $69,547 $12,309 17.7 pct.
 Domestic footwear "futures" orders with start ship dates subsequent to June 30, 1993 and 1992, were approximately $40,937,000 and $33,219,000, respectively. International footwear "futures" orders with start ship dates subsequent to June 30, 1993 and 1992, were approximately $13,873,000 and $6,474,000, respectively. Combined domestic and international "futures" orders were $54,810,000 at June 30, 1993, an increase of 38.1 percent over combined "futures" at June 30, 1992. 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.
 The company's accounts receivable and inventories were approximately $33,743,000 and $23,489,000, respectively, as of June 30, 1993.
 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 INC.
 Financial Summary
 Three Months Ended Six Months Ended
 June 30, June 30,
 (In thousands, except per share amounts)
 (Unaudited)
 1993 1992 1993 1992
 Revenues $38,299 $32,843 $81,856 $69,547
 Cost of goods sold 23,051 20,832 50,231 44,216
 Gross profit 15,248 12,011 31,625 25,331
 Selling, general and
 administrative expenses 10,391 8,199 21,394 16,962
 Operating profit 4,857 3,812 10,231 8,369
 Interest expense 130 507 282 1,032
 Earnings before
 income taxes 4,727 3,305 9,949 7,337
 Income tax expense 1,662 1,122 3,437 2,465
 Net earnings $3,065 $2,183 $6,512 $4,872
 Earnings per share $.46 $.33 $.98 $.74
 Weighted average common
 and common equivalent
 shares outstanding 6,684 6,603 6,666 6,586
 -0- 7/28/93
 /CONTACT: George Powlick, CFO of K-Swiss, 818-998-3388/
 (KSWS)


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

JB-MF -- LA044 -- 6893 07/28/93 16:04 EDT
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:Jul 28, 1993
Words:523
Previous Article:UNION BANKSHARES ANNOUNCES RESULTS
Next Article:CTL CREDIT INC. REPORTS 1993 SECOND QUARTER RESULTS
Topics:

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