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Improving sales trends at American Apparel
09 Aug '11
4 min read
Interest expense for the second quarter of 2011 increased to $7.8 million from $5.7 million in the second quarter of 2010 due to a higher balance of outstanding debt and a higher average rate of interest.
A non-cash change in the value of the Company's warrant liabilities caused a $14.0 million improvement in the loss before income taxes between the quarterly periods.
Net loss for the second quarter of 2011 was $0.2 million, or $0.00 per common share, compared to net loss for the second quarter of 2010 of $14.7 million, or $0.21 per common share. The 2011 second quarter net loss included an income tax provision of $0.5 million vs. an income tax benefit of $2.2 million in the 2010 second quarter.
In accordance with U.S. GAAP, the Company has discontinued recognizing potential tax benefits associated with current operating losses. As of December 31, 2010, the Company has available net operating loss and tax credit carry forwards of $33.9 million which may be available to reduce future U.S. income taxes that would otherwise be payable.
Weighted average shares outstanding for the 2011 second quarter were 89.1 million vs. 71.4 million for the 2010 second quarter. As of July 31, 2011 there were 103.3 million shares outstanding.
American Apparel is a vertically integrated manufacturer, distributor, and retailer of branded fashion basic apparel based in downtown Los Angeles, California. As of June 30, 2011, American Apparel had approximately 10,000 employees and operated 254 retail stores in 20 countries, including the United States, Canada, Mexico, Brazil, United Kingdom, Ireland, Austria, Belgium, France, Germany, Italy, Netherlands, Spain, Sweden, Switzerland, Israel, Australia, Japan, South Korea, and China.
A non-cash change in the value of the Company's warrant liabilities caused a $14.0 million improvement in the loss before income taxes between the quarterly periods.
Net loss for the second quarter of 2011 was $0.2 million, or $0.00 per common share, compared to net loss for the second quarter of 2010 of $14.7 million, or $0.21 per common share. The 2011 second quarter net loss included an income tax provision of $0.5 million vs. an income tax benefit of $2.2 million in the 2010 second quarter.
In accordance with U.S. GAAP, the Company has discontinued recognizing potential tax benefits associated with current operating losses. As of December 31, 2010, the Company has available net operating loss and tax credit carry forwards of $33.9 million which may be available to reduce future U.S. income taxes that would otherwise be payable.
Weighted average shares outstanding for the 2011 second quarter were 89.1 million vs. 71.4 million for the 2010 second quarter. As of July 31, 2011 there were 103.3 million shares outstanding.
American Apparel is a vertically integrated manufacturer, distributor, and retailer of branded fashion basic apparel based in downtown Los Angeles, California. As of June 30, 2011, American Apparel had approximately 10,000 employees and operated 254 retail stores in 20 countries, including the United States, Canada, Mexico, Brazil, United Kingdom, Ireland, Austria, Belgium, France, Germany, Italy, Netherlands, Spain, Sweden, Switzerland, Israel, Australia, Japan, South Korea, and China.
American Apparel Inc
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