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Online sales soar at American Apparel
10 Nov '11
4 min read
Interest expense for the third quarter of 2011 increased to $8.8 million from $6.4 million in the third quarter of 2010, due to a higher balance of outstanding debt and a higher average rate of interest.
Net loss for the third quarter of 2011 was $7.2 million, or $0.07 per common share, compared to net loss for the third quarter of 2010 of $9.5 million, or $0.13 per common share. The 2011 third quarter net loss included an income tax provision of $0.2 million vs. an income tax benefit of $1.2 million in the 2010 third quarter. Weighted average shares outstanding were 102.3 million in the third quarter of 2011 vs. 71.4 million for the third quarter of 2010. As of November 7, 2011 there were approximately 104.6 million shares outstanding.
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.
American Apparel is a vertically integrated manufacturer, distributor, and retailer of branded fashion basic apparel based in downtown Los Angeles, California. As of September 30, 2011, American Apparel had approximately 10,000 employees and operated 247 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.
Net loss for the third quarter of 2011 was $7.2 million, or $0.07 per common share, compared to net loss for the third quarter of 2010 of $9.5 million, or $0.13 per common share. The 2011 third quarter net loss included an income tax provision of $0.2 million vs. an income tax benefit of $1.2 million in the 2010 third quarter. Weighted average shares outstanding were 102.3 million in the third quarter of 2011 vs. 71.4 million for the third quarter of 2010. As of November 7, 2011 there were approximately 104.6 million shares outstanding.
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.
American Apparel is a vertically integrated manufacturer, distributor, and retailer of branded fashion basic apparel based in downtown Los Angeles, California. As of September 30, 2011, American Apparel had approximately 10,000 employees and operated 247 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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