Joe's Jeans Reports 2008 First Quarter Results
14 Abril 2008 - 5:00PM
Marketwired
LOS ANGELES, CA (NASDAQ: JOEZ) today announced financial results
for the first quarter ended February 29, 2008. Highlights were:
-- Gross sales increased 23% over the first quarter of 2007, exceeding
gross sales guidance of 15% growth by 8 percentage points.
-- Net sales improved 10% to $15.2 million compared to $13.8 million in
the first quarter of 2007 which included an increase of $975,000 in the
prior year period relating to an adjustment for returns.
-- Gross margins of 45% compared to 37% in the prior year period and a
300 basis point improvement over gross margins of 42% in the fourth quarter
of 2007.
-- Fourth consecutive quarter of profitability with net income of
$843,000 compared to a net loss of $173,000 in the first quarter of 2007,
translating into earnings per share of $0.01 on a fully diluted basis.
-- Announcement of two retail outlet stores for Fall 2008 at Woodbury
Common Premium Outlets� in New York and Orlando Premium Outlets� in
Florida.
Marc Crossman, President and Chief Executive Officer, commented,
"We are very pleased to start 2008 off with a strong first quarter.
These financial results reflect continued sales growth of the Joe's
brand�, as well as continued increases to our gross margins. The
sales growth continues to be driven primarily by solid performance
in our women's domestic business, strong growth in our men's line
and gains in international sales as a result of recent efforts to
realign our business overseas. Additionally, we are extremely
excited to be opening retail stores in 2008, and believe all of
these efforts will lead to long-term success for the Joe's� brand
and its shareholders."
For the first quarter ended February 29, 2008, net sales
improved to $15.2 million from $13.8 million in the first quarter
ended February 24, 2007, a 10% increase, which included an increase
of $975,000 in the first quarter of 2007 relating to an adjustment
for returns. Gross margins during the first quarter of 2008 were
45% compared to 37% for the prior year period, an 8 percentage
point increase. SG&A during the first quarter ended February
29, 2008 was $5.6 million compared to $5.0 million in the first
quarter of 2007, a 12% increase primarily due to: higher headcount
to support the Company's continued growth and its planned retail
strategy; increased distribution and shipment costs as a result of
higher sales volume over the prior year period; and an increase in
stock-based compensation expense during the first quarter of 2008.
The Company generated net income of $843,000 during the first
quarter of 2008 compared to a net loss of $173,000 during the first
quarter of 2007, translating into earnings per share of $0.01 on a
fully diluted basis.
The Company will host a conference call to discuss its 2008
first quarter results today, April 14, 2008 beginning at 4:30 pm
ET. To access the live call, please dial (866) 383-8119 (U.S.) or
(617) 597-5344 (International). The conference ID number and
participant passcode is 96404584 and is titled the "Q1 2008 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 April 14, 2008
until 11:59 PM Eastern Time on April 28, 2008 by dialing (888)
286-8010 (U.S) or (617) 801-6888 (international) and using the
conference passcode 41512293. 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
2/29/2008 2/24/2007
Net sales $ 15,210 $ 13,814
Cost of goods sold 8,422 8,719
--------- ---------
Gross profit 6,788 5,095
Selling, general and administrative 5,604 4,982
Depreciation and amortization 87 88
--------- ---------
Operating income 1,097 25
Interest expense / other (192) (190)
--------- ---------
Income (loss) from before taxes 905 (165)
Income taxes 62 8
--------- ---------
Net income (loss) $ 843 $ (173)
========= =========
Earnings (loss) per common share - basic $ 0.01 $ (0.00)
========= =========
Earnings (loss) per common share - diluted $ 0.01 $ (0.00)
========= =========
Weighted average shares outstanding:
Basic 59,261 39,450
Diluted 59,558 39,450
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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