LOS ANGELES, CA (NASDAQ: JOEZ) today announced financial results
for the fourth quarter ended November 30, 2007. Highlights
were:
-- Annual net sales of $62.8 million, a 35% increase over 2006 sales of
$46.6 million.
-- Full year profitability of $2.3 million in net income compared to a
loss of $9.3 million in the prior year, translating into earnings per share
of $0.05 on a fully diluted basis.
-- Record quarterly sales for the fourth quarter of $18.0 million, a 29%
increase over the fourth quarter of 2006.
-- Gross margins from the Joe's� brand of 42% for the full year
compared to 37% for the year ended November 25, 2006, a 5 percentage point
improvement.
For the year ended November 30, 2007, overall net sales were
$62.8 million compared to overall net sales of $46.6 million from
the prior year comparative period, a 35% increase. For the fourth
quarter, Joe's Jeans net sales were $18.0 million, a 29% increase
over net sales of $14.0 million during the prior year comparative
period. The Company generated net income of $2.3 million for the
fiscal year ended November 30, 2007, or $0.05 per share on a fully
diluted basis. For the fourth quarter, the Company earned net
income of $1.1 million, or $0.02 per share on a fully diluted
basis.
Marc Crossman, President and Chief Executive Officer, commented,
"We are very pleased to be reporting better than expected sales
growth and strong margin improvement for both the full year and
fourth quarter of 2007, which resulted in our first profitable year
since 2002. The strong sales growth was driven primarily by solid
performance in our women's department store and specialty store
businesses, and 175% growth in our men's business from the prior
year. Improvements to our gross margin were due to shifting our
production outside the U.S."
Crossman continued, "As we move through 2008 and beyond, we plan
to build on the success of the past year by continuing to grow our
women's domestic wholesale business, expand our men's presence,
open new distribution channels internationally to capture sales
opportunities abroad, and see our new retail strategy materialize.
We are truly excited for the opportunities that lie ahead for the
Joe's� brand, and look forward to another successful year for
2008."
For the year ended November 30, 2007, gross margins for the
Joe's� brand were 42% compared to 37% for the year ended November
25, 2006, a 5 percentage point increase. For the fourth quarter,
gross margins for the Joe's� brand were 42% compared to gross
margins of 38% during the prior year comparative period, a 4
percentage point increase. SG&A during the fourth quarter was
$6.2 million compared to $5.2 million in the fourth quarter of
2006, a 19% increase primarily due to: higher distribution and
shipment costs due to increased sales volume from the prior year
period; higher professional fees associated with the acquisition of
the Joe's� brand; and, additional headcount to support the
Company's retail strategy and its growth.
The Company will host a conference call to discuss its 2007
fourth quarter and year end results today, February 28, 2008
beginning at 4:30 PM Eastern Time. To access the live call, please
dial (800) 599-9829 (U.S.) or (617) 847-8703 (International). The
conference ID number and participant passcode is 59761133 and is
entitled the "Q4 2007 Joe's Jeans Inc. Earnings Conference Call."
The information provided on the teleconference is only accurate at
the time of the conference call, and the Company will take no
responsibility for providing updated information. A telephone
replay of the conference call will be available beginning at 6:30
PM Eastern Time on February 28, 2008 until 11:59 PM Eastern Time on
March 13, 2008 by dialing (888) 286-8010 (U.S.) or (617) 801-6888
(International) and using the conference passcode 69860962. In
addition, the conference call will be archived for two weeks on the
Company's website at www.joesjeans.com.
Joe's Jeans Inc. and Subsidiaries
Consolidated Statements Of Operations
Quarter End Year End
---------------------- ----------------------
11/30/2007 11/25/2006 11/30/2007 11/25/2006
---------- ---------- ---------- ----------
Net sales $ 18,074 $ 13,971 $ 62,767 $ 46,633
Cost of goods sold 10,473 8,576 36,137 31,224
---------- ---------- ---------- ----------
Gross profit 7,601 5,395 26,630 15,409
Selling, general and
administrative 6,256 5,281 23,444 21,877
---------- ---------- ---------- ----------
Operating income (loss) 1,345 114 3,186 (6,468)
Interest expense / other (218) (194) (841) (640)
---------- ---------- ---------- ----------
Income (loss) from
continuing operations,
before taxes 1,127 (80) 2,345 (7,108)
Income taxes 35 8 91 36
---------- ---------- ---------- ----------
Income (loss) from
continuing operations 1,092 (88) 2,254 (7,144)
Loss from discontinued
operations, net of tax - (11) - (2,149)
---------- ---------- ---------- ----------
Net income (loss) $ 1,092 $ (99) $ 2,254 $ (9,293)
========== ========== ========== ==========
Earnings (loss) per common
share - Basic
Income (loss) from
continuing operations $ 0.02 $ (0.00) $ 0.05 $ (0.21)
Loss from discontinued
operations $ - $ (0.00) $ - $ (0.06)
---------- ---------- ---------- ----------
Income (loss) per common
share - Basic $ 0.02 $ (0.00) $ 0.05 $ (0.27)
Earnings (loss) per common
share - Diluted
Income (loss) from
continuing operations $ 0.02 $ (0.00) $ 0.05 $ (0.21)
Loss from discontinued
operations $ - $ (0.00) $ - $ (0.06)
---------- ---------- ---------- ----------
Income (loss) per common
share - Diluted $ 0.02 $ (0.00) $ 0.05 $ (0.27)
About Joe's Jeans Inc.
Joe's Jeans Inc. designs, produces and sells apparel and
apparel-related products to the retail and premium markets under
the Joe's� brand and related trademarks. More information is
available at the company website at www.joesjeans.com.
Statements in this news release which are not purely historical
facts are forward-looking statements, including statements
containing the words "intend," "believe," "estimate," "project,"
"expect" or similar expressions. Forward-looking statements in this
press release include, without limitation, our ability to capture
market share in the premium denim category, both domestically and
internationally, our ability to achieve long-term profitability,
our expectations for our Joe's Jeans� brand in the marketplace,
including our ability to transition to a lifestyle brand, our
belief in our growth strategy, and our ability to implement our
retail strategy. These statements are made pursuant to the safe
harbor provisions of Section 21E of the Securities Exchange Act of
1934, as amended. All forward-looking statements are based upon
information available to Joe's Jeans Inc. on the date of this
release. Any forward-looking statement inherently involves risks
and uncertainties that could cause actual results to differ
materially from the forward-looking statements. Factors that would
cause or contribute to such differences include, but are not
limited to: uncertainty regarding the effect or outcome of the
Company's expectations in the domestic and international
marketplaces; continued acceptance of the Company's products in the
marketplace, particularly acceptance and near-term sales of the
Joe's� brand; successful implementation of the Company's retail
strategy; the ability of the Company to continue to improve its
gross margins; the ability to obtain new financing from other
financing sources; the ability to generate positive cash flow from
operations; competitive factors, including the possibility of major
customers sourcing product overseas in competition with our
products; dependence upon third-party vendors; a possible
oversupply of denim in the marketplace; and other risks detailed in
the Company's periodic report filings with the Securities and
Exchange Commission. By making these forward-looking statements,
the Company undertakes no obligation to update these statements for
revisions or changes after the date of this release. Readers are
cautioned not to place undue reliance on forward-looking
statements.
Contact: Joe's Jeans Inc. Dustin A. Huffine 323-837-3727
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