L.A. T Sportswear, Inc. Reports First Quarter Net Income
PR Newswire - May 07, 1998 09:20
BALL GROUND, Ga., May 7 /PRNewswire/ -- L.A. T Sportswear, Inc. (OTC Bulletin Board: LATS) today reported net
income of $203,000, or $0.05 per share, for the quarter ended April 4, 1998 as compared to a net loss of ($666,000), or
($0.16) per share for the first quarter of 1997. Sales for the first quarter of 1998 amounted to $17.7 million compared to
$16.2 million in the first quarter of 1997.
The net income for the first quarter was attributable, in large part, to the increase in sales and to operational streamlining. In
addition, interest expense decreased approximately 31.9%, to $293,000, in the first quarter of 1998 from $430,000 in the first
quarter of 1997 due to better working capital management. The increase in sales was partly due to the fact that the first quarter
of 1998 consisted of fourteen weeks compared to thirteen weeks in the first quarter of 1997.
Certain statements contained in this press release are "forward-looking statements" within the meaning of the Private Securities
Litigation Reform Act of 1995, such as statements relating to financial results and plans for future business development
activities, and are thus prospective. Such forward-looking statements are subject to risks, uncertainties and other factors which
could cause actual results to differ materially from future results expressed or implied by such forward-looking statements.
Potential risks and uncertainties include, but are not limited to, economic conditions, competition and other uncertainties
detailed from time to time in the Company's Securities and Exchange Commission filings.
L.A. T Sportswear. Inc. is a major manufacturer and national distributor of imprintable and decorable sportswear.
L.A. T SPORTSWEAR, INC.
STATEMENTS OF OPERATIONS (UNAUDITED)
(In thousands, except per share data)
Quarter Ended
April 4, March 29,
1998 1997
NET SALES $17,666 $16,211
COST OF GOODS SOLD 14,572 13,420
Gross Profit 3,094 2,791
OPERATING EXPENSES 2,598 3,027
OPERATING INCOME (LOSS) 496 (236)
INTEREST EXPENSE 293 430
INCOME (LOSS) BEFORE INCOME TAXES 203 (666)
INCOME TAX PROVISION (BENEFIT) --- ---
NET INCOME (LOSS) $ 203 $ (666)
BASIC AND DILUTED NET INCOME (LOSS) PER SHARE $ 0.05 $ (0.16)
WEIGHTED AVERAGE SHARES OUTSTANDING 4,200 4,200
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