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Increase in shipments of Hampshire Men's business
13 Aug '10
5 min read
Basic and diluted loss per share from continuing operations for the three months ended July 3, 2010 was $1.42, compared to a basic and diluted loss per share of $1.54 for the same period last year.
Results for the Six Months Ended July 3, 2010
Net sales decreased 29.7% to $35.2 million for the six months ended July 3, 2010 from $50.0 million for the same period last year. The decrease in net sales resulted from a decline in volume in the Company's Women's businesses and lower average selling prices due to larger customer allowances, which were somewhat offset by an increase in shipments from the Company's Men's business.
For the six months ended July 3, 2010, the Company had a loss from continuing operations of $12.9 million compared to a loss from continuing operations of $16.2 million for the same period last year. The reduction in the loss from continuing operations was primarily due to a $3.1 million reduction in non-operational expenses and additional savings from the cost reduction plan.
For the six months ended July 3, 2010, the Company had negative adjusted EBITDA of $6.9 million compared to $7.4 million for the same period last year.
Basic and diluted loss per share from continuing operations for the six months ended July 3, 2010 was $2.33, compared to a basic and diluted loss per share of $2.96 for the same period last year.
Additional Information
On July 3, 2010, cash and cash equivalents totaled $31.6 million compared with $34.9 million, including restricted cash of $13.5 million, on June 27, 2009. The Company's working capital related to continuing operations was $49.5 million at July 3, 2010 compared with $47.0 million at June 27, 2009. As of July 3, 2010, the Company had no outstanding borrowings from its credit facility with $32.5 million of availability and $15.4 million of letters of credit outstanding.
Hampshire Group, Limited is a leading U.S. provider of women's and men's sweaters, wovens and knits, and a designer and marketer of branded apparel. Its customers include leading retailers such as JC Penney, Kohl's, Macy's, Belk's and Dillard's, for whom it provides trend-right, branded apparel. Hampshire's owned brands include Spring+Mercer, Designers Originals, Mercer Street Studio, Requirements, RQT, and Scott James. Hampshire also licenses the Geoffrey Beene and Dockers labels for men's sweaters, both of which are market leaders in their categories, and licenses JOE Joseph Abboud for men's sportswear and Alexander Julian Colours for men's tops.
Results for the Six Months Ended July 3, 2010
Net sales decreased 29.7% to $35.2 million for the six months ended July 3, 2010 from $50.0 million for the same period last year. The decrease in net sales resulted from a decline in volume in the Company's Women's businesses and lower average selling prices due to larger customer allowances, which were somewhat offset by an increase in shipments from the Company's Men's business.
For the six months ended July 3, 2010, the Company had a loss from continuing operations of $12.9 million compared to a loss from continuing operations of $16.2 million for the same period last year. The reduction in the loss from continuing operations was primarily due to a $3.1 million reduction in non-operational expenses and additional savings from the cost reduction plan.
For the six months ended July 3, 2010, the Company had negative adjusted EBITDA of $6.9 million compared to $7.4 million for the same period last year.
Basic and diluted loss per share from continuing operations for the six months ended July 3, 2010 was $2.33, compared to a basic and diluted loss per share of $2.96 for the same period last year.
Additional Information
On July 3, 2010, cash and cash equivalents totaled $31.6 million compared with $34.9 million, including restricted cash of $13.5 million, on June 27, 2009. The Company's working capital related to continuing operations was $49.5 million at July 3, 2010 compared with $47.0 million at June 27, 2009. As of July 3, 2010, the Company had no outstanding borrowings from its credit facility with $32.5 million of availability and $15.4 million of letters of credit outstanding.
Hampshire Group, Limited is a leading U.S. provider of women's and men's sweaters, wovens and knits, and a designer and marketer of branded apparel. Its customers include leading retailers such as JC Penney, Kohl's, Macy's, Belk's and Dillard's, for whom it provides trend-right, branded apparel. Hampshire's owned brands include Spring+Mercer, Designers Originals, Mercer Street Studio, Requirements, RQT, and Scott James. Hampshire also licenses the Geoffrey Beene and Dockers labels for men's sweaters, both of which are market leaders in their categories, and licenses JOE Joseph Abboud for men's sportswear and Alexander Julian Colours for men's tops.
Hampshire Group Limited
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