Joe's Jeans Reports 2009 First Quarter Results
30 Abril 2009 - 5:00PM
Marketwired
Joe's Jeans Inc. (the "Company") (NASDAQ: JOEZ) today announced
financial results for the first quarter ended February 28, 2009.
Highlights were:
-- First quarter net sales of $16.5 million, an 8 percent increase over
the prior year comparative period.
-- Net income of $800,000 compared to net income of $321,000 in the prior
year comparative period, translating into earnings per share of $0.01 on a
fully diluted basis.
-- Gross margins of 50 percent compared to 45 percent for the first
quarter of fiscal 2008, a 5 percentage point improvement.
For the first quarter, overall net sales were $16.5 million
compared to overall net sales of $15.2 million from the prior year
comparative period, an 8 percent increase. Gross profit for the
first quarter of fiscal 2009 was $8.3 million compared to $6.8
million, a 22 percent increase. This translated into a 149 percent
increase in net income for the first quarter from $321,000 in the
first quarter of fiscal 2008 to $800,000 for the first quarter of
fiscal 2009.
Marc Crossman, President and Chief Executive Officer, commented,
"We are pleased to be reporting better than expected sales growth
and strong margin improvement for our first fiscal quarter, coming
in at the high end of our previously announced guidance for net
sales. Given the current economic and retail environment, we are
pleased with our results for the first quarter."
Crossman continued, "As we move through the remainder of 2009
and beyond, we plan to build on the success of the past year by
continuing to expand our men's presence, open new distribution
channels internationally to capture sales opportunities abroad, and
focus on the operation of our retail stores. We are also actively
looking for licensees for our brand to expand into other product
categories. Accordingly, despite the current economic environment,
we believe we are in a good position to grow our business and
capture additional market share."
For the first quarter of fiscal 2009, gross margins were 50
percent compared to 45 percent for the prior year period, a five
percentage point increase. SG&A expenses during the first
quarter of fiscal 2009 were $7.1 million compared to $6.1 million
in the first quarter of fiscal 2008, a sixteen percent increase,
primarily due to expenses associated with an increase in
professional fees and expenses associated with our four retail
stores we opened during the fourth quarter.
To access the live call, please dial (800) 901-5231 (U.S.) or
(617) 786-2961 (International). The conference ID number and
participant passcode is 80085541 and is titled the "Q1 2009 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 7:30 PM Eastern Time on April 30, 2009
until 11:59 PM Eastern Time on May 7, 2009 by dialing (888)
286-8010 (U.S.) or (617) 801-6888 (International) and using the
conference passcode 19009049. 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
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
Three months ended
--------------------------
February 28, February 29,
2009 2008
------------ ------------
(unaudited)
Net sales $ 16,482 $ 15,210
Cost of goods sold 8,216 8,422
------------ ------------
Gross profit 8,266 6,788
------------ ------------
Operating expenses
Selling, general and administrative 7,085 6,126
Depreciation and amortization 135 87
------------ ------------
7,220 6,213
------------ ------------
Operating income 1,046 575
Interest expense (106) (192)
------------ ------------
Income before provision for taxes 940 383
Income taxes 140 62
------------ ------------
Net income $ 800 $ 321
============ ============
Earnings per common share - basic $ 0.01 $ 0.01
============ ============
Earnings per common share - diluted $ 0.01 $ 0.01
============ ============
Weighted average shares outstanding
Basic 59,724 59,261
Diluted 59,724 59,558
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.
This release contains forward-looking statements within the
meaning of the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995, as amended. The matters discussed in
this news release involve estimates, projections, goals, forecasts,
assumptions, risks and uncertainties that could cause actual
results or outcomes to differ materially from those expressed in
the forward-looking statements. All statements in this news release
that are not purely historical facts are forward-looking
statements, including statements containing the words "intend,"
"believe," "estimate," "project," "expect" or similar expressions.
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: the
risk that the Company will be unsuccessful in gauging fashion
trends and changing customer preferences; the risk that changes in
general economic conditions, consumer confidence, or consumer
spending patterns will have a negative impact on the Company's
financial performance or strategies; the highly competitive nature
of the Company's business in the United States and internationally
and its dependence on consumer spending patterns, which are
influenced by numerous other factors; the Company's ability to
respond to the business environment and fashion trends; continued
acceptance of the Joe's� brand in the marketplace; successful
implementation of any growth or strategic plans; effective
inventory management; the Company's ability to continue to have
access on favorable terms to sufficient sources of liquidity
necessary to fund ongoing cash requirements of its operations,
which access may be adversely impacted by a number of factors,
including the reduced availability of credit generally and the
substantial tightening of the credit markets, including lending by
financial institutions, who are sources of credit for the Company,
the recent increase in the cost of capital, the level of the
Company's cash flows, which will be impacted by the level of
consumer spending and retailer and consumer acceptance of its
products; 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; the risk that acts or omissions by the company's third
party vendors could have a negative impact on the company's
reputation; a possible oversupply of denim in the marketplace; and
other risks. The Company discusses certain of these factors more
fully in its additional filings with the SEC, including its last
annual report on Form 10-K filed with the SEC, and this release
should be read in conjunction with that annual report on Form 10-K,
together with all of the Company's other filings, including current
reports on Form 8-K, made with the SEC through the date of this
release. The Company urges you to consider all of these risks,
uncertainties and other factors carefully in evaluating the
forward-looking statements contained in this release.
Any forward-looking statement is based on information current as
of the date of this document and speaks only as of the date on
which such statement is made, and the Company undertakes no
obligation to update these statements to reflect events or
circumstances after the date on which such statement is made.
Readers are cautioned not to place undue reliance on
forward-looking statements.
Contact: Joe's Jeans Inc. Hamish Sandhu 323-837-3700 x 304
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