Cutter & Buck part 2
FINANCIAL HIGHLIGHTS (unaudited, unless otherwise stated)
($ in thousands, except per share data)
Condensed Consolidated Statements of Income Three months ended July 31,
2002 2001
(Restated)
Net sales $36,572 $ 40,228
Cost of sales 20,873 23,306
Gross profit 15,699 16,922
Operating expenses
Design and production 928 1,268
Selling and shipping 9,365 12,455
General and administrative 3,861 4,672
Restructuring and asset impairment 3,814 --
Total operating expenses 17,968 18,395
Operating loss (2,269) (1,473)
Other expense - Factor commission and
interest expense, net of interest income 136 528
Loss before income tax benefit (2,405) (2,001)
Income tax benefit 818 822
Net loss $(1,587) $(1,179)
Basic and diluted earnings per share $(0.15) $(0.11)
Shares used in computation of basic
and diluted earnings per share 10,594,430 10,548,785
Condensed Consolidated Balance Sheets July 31, 2002 April 30, 2002
(audited)
Assets
Current assets:
Cash and cash equivalents $19,216 $6,989
Accounts receivable, net 24,072 41,904
Inventories, net 28,566 26,208
Deferred income taxes 3,525 3,525
Prepaid expenses and other current assets 12,361 10,764
Total current assets 87,740 89,390
Furniture and equipment, net 15,251 16,444
Deferred income taxes 190 190
Other assets 942 935
Total assets $104,123 $106,959
Liabilities & Shareholders' Equity
Current liabilities:
Accounts payable $5,308 $7,273
Accrued liabilities 5,022 6,854
Current portion of capital lease
obligations and long-term debt 3,263 3,212
Other current liabilities 640 126
Total current liabilities 14,233 17,465
Capital lease obligations,
less current portion 2,878 3,716
Deferred income taxes 2,040 2,040
Other liabilities 2,843 343
Total shareholders' equity 82,129 83,395
Total liabilities and shareholders' equity $104,123 $106,959
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SOURCE Cutter & Buck Inc.
CONTACT: Fran Conley, CEO of Cutter & Buck, +1-206-622-4191 |
