OROA killer Q4 numbers/ conf call today 4/5 12:30pm EST
OroAmerica 4Q01 Earnings Conference Call
9:30am PST (12:30pm EST) Today- Thursday, April 5, 2001 -
dial in # 415-537-1846
>
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biz.yahoo.com
Thursday April 5, 7:02 am Eastern Time
Press Release
OroAmerica Inc. Reports Results for Fourth Quarter Fiscal 2001
BURBANK, Calif.--(BUSINESS WIRE)--April 5, 2001--OroAmerica Inc. (Nasdaq:OROA - news) today reported results for its fourth
quarter ended and year ended February 2, 2001.
Net sales for the quarter ended February 2, 2001 were $59.3 million compared with $48.6 million for the fourth quarter of the prior fiscal year.
Net income for the quarter ended February 2, 2001 was $3.6 million, or $0.64 per share on 5.4 million weighted average shares outstanding, compared with net income of
$869,000, or $0.14 per share on 5.9 million weighted average shares outstanding, for the fourth quarter of the prior fiscal year.
Net sales for the year ended February 2, 2001 were $171.7 million compared with $169.5 million for the prior fiscal year. Net income for the year ended February 2, 2001 was
$5.9 million, or $1.04 per share on 5.7 million weighted average shares outstanding, compared with net income of $3.4 million, or $0.56 per share on 6.0 million weighted
average shares outstanding, for the prior fiscal year.
Commenting on the company's performance for the quarter, Guy Benhamou, chairman and chief executive officer of OroAmerica Inc. said, ``We are pleased with the results for
the fourth quarter and year ended February 2, 2001.
``These results reflect our continuing efforts to be the best direct resource for our customers and the successful introduction of new product lines, such as Omega chain, which we
are now manufacturing. With the expansion of our overseas factories in the categories of chains and earrings now complete, we look forward to focusing our energies on
increasing sales and executing our business strategy,'' said Benhamou.
OroAmerica Inc., with facilities in the United States and overseas, designs, manufactures and distributes gold and silver jewelry products.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: Certain statements contained in this news release, that are not historical facts, may be deemed
forward-looking statements and involve a number of risks and uncertainties. OroAmerica Inc.'s actual results may differ materially from the expectations expressed in such
forward-looking statements. Among the factors that could cause actual results to differ materially are business, economic and industry conditions in OroAmerica Inc.'s markets,
fluctuations in the price of gold, competitive conditions, and other risks detailed from time to time in OroAmerica Inc.'s filings with the Securities and Exchange Commission,
including but not limited to, OroAmerica Inc.'s Annual Report on Form 10-K for the year ended Jan. 28, 2000, and OroAmerica's Quarterly Report on Form, 10-Q for the period
ended Oct. 27, 2000.
OROAMERICA INC.
CONSOLIDATED STATEMENTS OF INCOME
Periods Ended February 2, 2001 and January 28, 2000
(Unaudited)
(Dollars in thousands, except per share amounts)
For the For the
Quarter Ended Year Ended
February 2, January 28, February 2, January 28,
2001 2000 2001 2000
Net sales $ 59,338 $ 48,617 $ 171,660 $ 169,455
Cost of goods
sold, exclusive
of depreciation 45,394 37,348 137,160 136,868
Gross profit 13,944 11,269 34,500 32,587
Selling,
general and
administrative
expenses 6,854 5,457 22,033 18,195
Depreciation and
amortization
expense 967 1,459 3,570 3,585
Interest expense 494 905 1,879 2,240
Other income (275) (102) (2,078) (790)
Total expenses 8,040 7,719 25,404 23,230
Net income
from
continuing
operations
before
income taxes 5,904 3,550 9,096 9,357
Provision for
income taxes 2,276 1,324 3,457 3,464
Net income
from
continuing
operations 3,628 2,226 5,639 5,893
Net income
(loss) from
discontinued
operations 20 (1,357) 258 (2,521)
Net income $ 3,648 $ 869 $ 5,897 $ 3,372
Basic net
income (loss)
per share:
Net income
from
continuing
operations $ 0.66 $ 0.36 $ 1.01 $ 0.98
Net income
(loss) from
discontinued
operations 0.00 (0.22) 0.05 (0.42)
Net income
per share $ 0.66 $ 0.14 $ 1.06 $ 0.56
Diluted net
income (loss)
per share:
Net income
from
continuing
operations $ 0.64 $ 0.37 $ 0.99 $ 0.97
Net income
(loss) from
discontinued
operations 0.00 (0.23) 0.05 (0.41)
Net income
per share $ 0.64 $ 0.14 $ 1.04 $ 0.56
Weighted
average
shares
outstanding 5,294,598 5,858,048 5,589,381 6,023,824
Dilutive
effect of
stock options 82,014 21,471 74,375 21,471
Weighted average
shares
outstanding
assuming
dilution 5,376,612 5,879,519 5,663,756 6,045,295
Contact:
OroAmerica Inc.
Shiu Shao, 818/848-5555 |
