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True Religion gross margin expands to 57.2% from 54.6%
30 Apr '08
3 min read
• True Religion's effective tax rate for the fourth quarter of 2007 was 41.0%.
• Net income for the 2007 fourth quarter was $8.9 million, or $0.37 per diluted share based on weighted average shares outstanding of 24.0 million, compared to $4.1 million, or $0.18 per diluted share based on weighted average shares outstanding of 23.6 million in the 2006 fourth quarter.
• On a Non-GAAP basis, adjusted net income for the fourth quarter of 2007 was $9.4 million, or $0.40 per diluted share based on 23.6 million weighted average shares outstanding. The Company's Non-GAAP adjusted EPS excludes approximately $395,000 of additional income taxes resulting from compensation recorded in the fourth quarter of 2007 that was not deductible and reflects a reduced weighted average share count by approximately 300,000 shares.
• The Company's weighted average share count for the fourth quarter and full year 2007 exceeded the share count used when the Company reiterated its full year 2007 guidance in September of 2007 by approximately 300,000 shares. This is due to a change in the anticipated future tax treatment of vested stock options. The change was identified in the review of the Company's accounting for stock options during the restatement process.
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• Net income for the 2007 fourth quarter was $8.9 million, or $0.37 per diluted share based on weighted average shares outstanding of 24.0 million, compared to $4.1 million, or $0.18 per diluted share based on weighted average shares outstanding of 23.6 million in the 2006 fourth quarter.
• On a Non-GAAP basis, adjusted net income for the fourth quarter of 2007 was $9.4 million, or $0.40 per diluted share based on 23.6 million weighted average shares outstanding. The Company's Non-GAAP adjusted EPS excludes approximately $395,000 of additional income taxes resulting from compensation recorded in the fourth quarter of 2007 that was not deductible and reflects a reduced weighted average share count by approximately 300,000 shares.
• The Company's weighted average share count for the fourth quarter and full year 2007 exceeded the share count used when the Company reiterated its full year 2007 guidance in September of 2007 by approximately 300,000 shares. This is due to a change in the anticipated future tax treatment of vested stock options. The change was identified in the review of the Company's accounting for stock options during the restatement process.
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True Religion Apparel Inc
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