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FOH records a net loss of $0.08 per diluted share
11
Jun '08
Frederick's of Hollywood Group Inc announced financial results for its fiscal 2008 third quarter and nine months ended April 26, 2008. They represent the results of the combined company following the consummation of the merger on January 28, 2008 of the Company and FOH Holdings Inc ("FOH Holdings"), the parent company of Frederick's of Hollywood Inc.

The merger was accounted for as a reverse acquisition in which the Company was treated as the acquired company and FOH Holdings was treated as the acquiring company. The historical financial information presented for the periods and dates prior to January 28, 2008, the closing date of the merger, is that of FOH Holdings and its subsidiaries, and for periods subsequent to January 28, 2008 is that of the merged company.

Net sales for the fiscal 2008 third quarter were $60,526,000, compared to $42,835,000 for the similar period in the prior year. Gross margin, as a percentage of sales, was 35.8% for the fiscal 2008 third quarter, compared to 45.6% in the fiscal 2007 third quarter.

The Company recorded a net loss of $1,985,000, or $(0.08) per diluted share, for the fiscal 2008 third quarter, as compared to net income of $1,113,000, or $0.09 per diluted share, for the fiscal 2007 third quarter.

Net sales for the nine months ended April 26, 2008 were $139,253,000, compared to $122,409,000 for the similar period in the prior year. For the first nine months of fiscal 2008, the gross margin was 38.4%, compared to 43.5% in the comparable period of fiscal 2007.

For the fiscal 2008 first nine months, the Company recorded a net loss of $8,333,000, or $(0.51) per share, compared to net income $3,012,000, or $0.25 per diluted share, in the comparable period of fiscal 2007.

Although net sales for the three and nine-month periods increased due to the addition of $20,292,000 of net sales generated by the Movie Star wholesale division, we experienced decreased retail sales as a result of the challenging retail environment.

Gross margin for the three and nine months also decreased due to the addition of the Movie Star wholesale division, which operates on a lower gross margin than the retail division.


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