The Company concluded the quarter ended December 31,2013 with $1.4 million in cash and cash equivalents as compared to $12.5 million as of December 31, 2012. The decline in cash was primarily the result of annual operating losses and an increase in accounts receivables.Working capital (excluding discontinued operations) declined to $21.2 million at the conclusion of the quarter ended December 31, 2013 as compared to working capital of $22.8 million as of December 31, 2012.
“While the fourth quarter and full year 2013 results were disappointing, several one-time expenses during the quarter and year, as well as losses from discontinued operations, mask underlying progress in gross profit margins and expense reduction,” said Paul Buxbaum, CEO of Hampshire Group.
Hampshire Group, Limited announced its results for the fourth quarter ended December 31, 2013.For the quarter ended December 31, 2013, the Company #
“We've accounted for several historic obligations more accurately with these accounting charges, and we produced with the fourth quarter figures our first significant quarterly improvement in cost reductions.” Buxbaum added, “We expect a continued difficult 2014 sales environment; however, we expect to see operating improvement in 2014. We expect an increase in gross profit margin in men’s brands stemming from new sourcing arrangements.
Hampshire Group, Limited announced its results for the fourth quarter ended December 31, 2013.For the quarter ended December 31, 2013, the Company #
“We expect to recapture lost gross profit margin at Rio, and should see sustained gross profit margin growth throughout 2015. More than half of our expected gross profit margin gains from new sourcing should occur in 2014 with the balance in 2015. We will not realize the full annual benefit of James Campbell’s revenues until 2015. James Campbell’s annual revenues are projected to total approximately $8 million in 2015 with gross profit margin generation higher than our core license or manufacturing businesses.”
Hampshire Group, Limited announced its results for the fourth quarter ended December 31, 2013.For the quarter ended December 31, 2013, the Company #
Hampshire Group