CAND... A Sweet Buy...
Candies has come through with a great
earnings report... I've been adding to my position in
this irrational discounting market..
Candie's, Inc.
Condensed Consolidated Statements of Income
(000's omitted, except per share data)
Three Months Ended Six Months Ended
July 31 July 31
1998 1997 1998 1997
Net revenues $ 41,477 $ 29,726 $ 67,170 $ 46,587
Cost of goods sold 29,561 23,088 47,856 34,862
Gross profit 11,917 6,638 19,315 11,725
Operating expenses 6,183 4,265 11,551 7,681
Operating income 5,734 2,373 7,764 4,044
Other expenses:
Interest expense -- net 223 254 497 528
Other -- 30 -- 98
223 284 497 626
Income before
income taxes 5,511 2,090 7,267 3,418
Provision (benefit) for
income taxes 2,150 (105) (a) 2,850 400 (a)
Net Income $ 3,361 $ 2,195 $ 4,417 $ 3,018
Net income per share (b)
- Basic $ 0.24 $ 0.20 $ 0.32 $ 0.29
- Diluted $ 0.21 $ 0.17 $ 0.27 $ 0.23
Weighted average #
of common shares
- Basic 14,174 11,153 13,920 10,564
- Diluted 16,363 13,150 16,191 12,845
(a) Includes recognition of $900,000 in 1997, resulting from a
reduction in the valuation allowance of net deferred tax assets.
(b) Earnings per share data and the weighted average shares for the
prior year periods have been restated to reflect the Company's
adoption of Statement of Financial Accounting Standards No. 128
"Earnings Per Share."
7/31/98 1/31/98
Selected Balance Sheet data (Recast) (c)
Current Assets $ 58,307 $ 39,992
Current Liabilities $ 28,504 $ 22,723
Stockholders' equity $ 37,604 $ 24,681
Working Capital $ 29,802 $ 17,268
Current Ratio 2.05:1 1.76:1
(c) Recast on a Pro-Forma basis to conform with the current year's
presentation.
SOURCE: Candie's, Inc.
Jim |
