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Cherokee finishes Q1 in another strong cash position
Jun '10
Cherokee Inc., a leading global licensor and brand management company, reported its financial results for the first quarter ended May 1, 2010. Royalty revenues for our First Quarter totaled $8.2 million, as compared to $8.9 million in the comparable period last year. Cherokee's operating expenses for the First Quarter totaled $3.4 million, as compared to $3.1 million in the comparable period last year.

Cherokee's net income for the First Quarter totaled $2.9 million or $0.33 per diluted share, as compared to $3.8 million or $0.43 per diluted share in the year ago period. However, the year ago period included an unusually low effective tax rate of 33.7%, as compared to the First Quarter effective tax rate of 40.3%. The lower effective tax rate in the first quarter of last year was a result of a tax provision decrease primarily due to the filing of a state tax refund claim relating to the calculation of apportionment of net income.

Russell J. Riopelle, Chief Financial Officer of Cherokee, commented, "We finished the quarter in another strong cash position, with cash and cash equivalents of $7.4 million, trade receivables of $7.7 million, and no debt. As we previously announced, we will pay a dividend of $0.38 per share on June 16th. We will continue to implement and execute strategies designed to maximize value for our shareholders."

Cherokee Inc., based in Van Nuys, CA, is a marketer, licensor and manager of a variety of brands it owns (Cherokee, Sideout, Carole Little and others) and represents. Currently, Cherokee has licensing agreements in a number of categories, including family apparel, fashion accessories and footwear, as well as home furnishings and recreational products. Premier clients for the Cherokee brand around the world include Target Stores (U.S.), Tesco (U.K., Ireland and certain other European countries), Zellers (Canada), Pick 'n Pay (South Africa), Grupo Pão de Acucar (Brazil), S.A.C.I. Falabella (Chile, Peru and Colombia), Arvind Mills (India, and certain countries in the Middle East), Shufersal LTD. (Israel), Comercial Mexicana (Mexico), Eroski (Spain) and RT-Mart (People's Republic of China). Premier clients for Cherokee's other brands include the TJX Companies (U.S., Canada and Europe) for the Carole Little brands, and Shanghai Bolderway (China) for the Sideout Brand. Cherokee also placed the Laila Ali brand with IBB for beauty and personal care.

Cherokee Inc

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