Wellco Enterprises, Inc. Announces Expected Net Loss for the Fiscal Quarter Ended October 1, 2005
10 Novembro 2005 - 3:27PM
Business Wire
Wellco Enterprises, Inc. (AMEX: WLC) today announced that its
production of boots under contract with the U. S. Department of
Defense during the quarter ended October 1, 2005, the first quarter
of fiscal year 2006, was 63% less than the first quarter of fiscal
year 2005. This decrease was caused by two situations. In early
August 2005 the sole supplier of a major boot component had a
quality problem that was not resolved until late September. This
supplier's quality problem severely limited the supply of this
component material. The limited supply of this sole source
component material reduced the Company's production and also caused
manufacturing inefficiencies. In addition, the quantity of total
boots under Defense Department orders against which the Company was
producing during the quarter ended October 1, 2005 was lower than
prior periods. The Company has now received new delivery orders for
a total of 280,000 pairs of boots. These orders have required
delivery dates from November 2005 through June 2006. Because of
these situations, the Company expects to report a net loss for the
quarter ending October 1, 2005 of between $600,000 and $700,000, or
approximately $.50 per share. For the prior year quarter ended
October 2, 2004, the Company had net income of $397,000 (basic
earnings per share-$.32; diluted earnings per share-$.31). The
Company will announce operating results for the quarter ended
October 1, 2005 not later than November 16, 2005. CAUTIONARY
STATEMENT CONCERNING FORWARD-LOOKING INFORMATION Statements
throughout this report that are not historical facts are
forward-looking statements. These statements are based on current
expectations and beliefs, and involve numerous risks and
uncertainties. Many factors could affect the Company's actual
results, causing results to differ materially from those expressed
in any such forward-looking information. These factors include, but
are not limited to, the receipt of contracts from the U. S.
government and the performance thereunder; the ability to control
costs under fixed price contracts; the cancellation of contracts;
and other risks detailed from time to time in the Company's
Securities and Exchange Commission filings, including Form 10-K for
the year ended July 2, 2005. Those statements include, but may not
be limited to, all statements regarding intent, beliefs,
expectations, projections, forecasts, and plans of the Company and
its management. Actual results may differ materially from
management expectations. The Company assumes no obligation to
update any forward-looking statements.
Wellco (AMEX:WLC)
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