REPORTS FIRST QUARTER RESULTS Hartmarx Corp.
CHICAGO, April 6 /PRNewswire/ -- Hartmarx Corp. today reported operating results for the first quarter ended Feb. 28. Revenues for the quarter were $186,931,000, compared to $304,740,000 in 1992, which included results of Hartmarx Specialty Stores Inc., sold in September 1992, and the Old Mill store group formerly operated by Country Miss. Sales in continuing Hartmarx operations were essentially unchanged from last year. The pre-tax loss for the quarter was $1,235,000 compared to a loss of $10,145,000 for the first quarter of 1992. As a tax benefit was not recognized in the current quarter, the net loss was $1,235,000 or $.04 per share, compared to a net loss of $6,595,000, or $.26 per share, for the first quarter of 1992, after considering a tax benefit of $3,550,000. Per share results for 1993 also reflect 5.7 million additional shares resulting from the company's Dec. 30, 1992 equity sale. Elbert O. Hand, chairman and chief executive officer of Hartmarx, commented, "Debt reduction is an important element of our operating plan. At Feb. 28, 1993, total debt was $286 million, $25 million lower than a year ago. As of April 5, 1993, total debt was $277 million. While seasonal factors will cause our debt levels to fluctuate, we expect the trend of our debt reductions compared to prior year levels to continue. The company's restructuring plan is progressing on schedule. Corporate operations are being reorganized and expenses will be reduced to a level appropriate for our current structure by year end. "Hartmarx brands and products are selling well through the nation's best stores in a variety of retail channels. Advance orders for Fall 1993 in tailored clothing, womenswear, fashion sportswear and golfwear have met projections. While 1993 will be a challenging year, we expect that our efforts to return Hartmarx to profitability will be successful." Hartmarx, headquartered in Chicago, is the nation's leading manufacturer and wholesaler of men's and women's apparel. HARTMARX CORP. Period ended First Quarter Feb. 28 1993 1992 Net sales $186,931,000 $304,740,000 Loss before taxes (1,235,000) (10,145,000) Tax benefit --- (3,550,000) Net loss (1,235,000) (6,595,000) Loss per share (.04) (.26) Average common shares and equivalents outstanding 29,785,000 25,363,000 -0- 04/06/93 /CONTACT: Frank Brenner of Hartmarx Corp., 312-372-6300/ (HMX)
CO: Hartmarx Corp. ST: Illinois IN: TEX SU: ERN
AH -- NY042 -- 3427 04/06/93 12:15 EDT
|Printer friendly Cite/link Email Feedback|
|Date:||Apr 6, 1993|
|Previous Article:||NEWBURYPORT DEFENSE CONTRACTOR SETTLES GOVERNMENT'S CIVIL DEFENSE PROCUREMENT FRAUD CLAIMS|
|Next Article:||AMBER'S COMPLETES COMMON STOCK OFFERING|