Here's the official release:
------------------------------------------------------------------------
Tuesday February 10, 7:00 am Eastern Time
Company Press Release
SOURCE: Jones Apparel Group, Inc.
Jones Apparel Group, Inc. Reports Record 1997 Sales & Earnings for the Year
NEW YORK, Feb. 10 /PRNewswire/ -- Jones Apparel Group, Inc. (NYSE: JNY - news) today announced record sales and earnings for the fourth quarter and year ended December 31, 1997.
Net income for the fourth quarter increased by 47% to $23,967,000, an increase of $7,648,000 over the $16,319,000 reported in the fourth quarter of 1996. Net income for the full year increased by 51% to $121,725,000, an increase of $40,851,000 over net income reported for the full year 1996 of $80,874,000.
Earnings of $.45 per share for the fourth quarter increased by 50% over earnings of $.30 per share for the fourth quarter of 1996. Earnings of $2.26 per share for the full year increased by 50% over earnings of $1.51 per share reported for the full year of 1996. All earnings per share figures are diluted and are stated to reflect the adoption of Statement of Financial Accounting Standard No. 128 ''Earnings Per Share.''
Total revenues for the fourth quarter increased by 33% to $349,219,000, as compared to $261,990,000 reported during the fourth quarter of 1996. Total revenues for the full year increased by 34% to $1,387,471,000, as compared to $1,034,078,000 reported for the full year of 1996.
Sidney Kimmel, Chairman, commented, ''We are extremely pleased with our fourth quarter and full year results. The healthy performance of our Jones New York labels and our Lauren by Ralph Lauren lifestyle collection contributed to the record fourth quarter and year.''
Mr. Kimmel further stated, ''Our momentum continues, as reflected by a 33% increase in our backlog of open orders at year end l997. We are optimistic that we can look forward to solid performance across our significant businesses in 1998.''
Mr. Kimmel indicated, ''Our year-end balance sheet was strong and we are committed to utilizing our strong financial position to enhance shareholder value through our share repurchase program. During the fourth quarter of 1997, we repurchased 1.1 million shares and have repurchased an additional 1.0 million shares year to date in 1998, representing an aggregate value of approximately $96 million. We currently have approximately $35 million available under our share repurchase authorization.''
Jones Apparel Group, Inc. is a leading designer and marketer of better priced women's sportswear, suits and dresses. The Company markets its products under several nationally known brands, including Jones New York, Evan-Picone, Rena Rowan, Saville, and the Lauren by Ralph Lauren brand licensed from Polo Ralph Lauren Corporation [NYSE:RL - news].
JONES APPAREL GROUP, INC.
FINANCIAL HIGHLIGHTS
(All amounts in thousands except per-share data)
Three months ended
12/31/97 12/31/96
Total revenues $349,219 $261,990
Operating income 38,665 26,282
Net interest expense 318 502
Income before taxes 38,347 25,780
Provision for income taxes 14,380 9,461
Net income $23,967 $16,319
Diluted earnings per share $0.45 $0.30
Weighted average common shares and
share equivalents outstanding 53,315 53,755
Year ended
12/31/97 12/31/96
Total revenues $1,387,471 $1,034,078
Operating income 196,637 130,256
Net interest expense 2,028 2,493
Income before taxes 194,609 127,763
Provision for income taxes 72,884 46,889
Net income $121,725 $80,874
Diluted earnings per share $2.26 $1.51
Weighted average common shares and
share equivalents outstanding 53,905 53,651
SOURCE: Jones Apparel Group, Inc. |
