For the six months ended June 30, 2010, net revenues increased 10.2% to $217.5 million. Operating income improved by $19.8 million to $2.1 million versus a loss of ($17.7) million in the same period of fiscal 2009. As a result, diluted earnings per share grew by $0.79 to $0.15 versus the year-ago loss of ($0.64).
The Company noted there was minimal tax expense in the quarter and six months ended June 30, 2010 due to the reversal of a portion of the Company's deferred tax valuation allowance.
The Company's balance sheet at June 30, 2010 remained strong with increased cash and no long-term debt. Cash and cash equivalents at the end of the quarter were $79.2 million, up $21.3 million versus the $57.9 million at June 30, 2009. Inventory was $35.2 million, approximately flat to the year-ago level compared to double-digit sales growth.
Third Quarter Guidance
The Company also issued revenue and earnings per share guidance for the third quarter ending September 30th. The Company currently expects third quarter net revenues to grow between 10% and 12%, and earnings per diluted share to be in the range of $0.08 to $0.10 versus the year-ago level of $0.01 per share.
Kenneth Cole Productions Inc
20240830145952.gif)
.jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "UBM China (Shanghai)")
-Ltd..jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Thermore (Far East) Ltd.")
