Cherokee announces Q2 fiscal 2011 financial results

09 Sep '10

1 min read

Cherokee Inc., a leading global licensor and brand management company, reported total royalty revenues for the second quarter ended July 31, 2010 (the "Second Quarter") of $7.5 million, as compared to $8.1 million in the comparable period last year.

Cherokee's operating expenses for the Second Quarter totaled $3.36 million, which was slightly greater than the $3.34 million in the comparable period last year. Cherokee's net income for the Second Quarter decreased by a total of $0.4 million to $2.5 million or $0.28 per diluted share, as compared to $2.9 million, or $0.32 per diluted share in the comparable period last year. The Company ended the quarter with cash and cash equivalents of $7.3 million, net receivables of $6.7 million and no debt.

Russell J. Riopelle, Chief Financial Officer, commented, "We finished the quarter in another strong cash position and a debt-free balance sheet. During our Second Quarter we paid a $0.38 per share dividend in June, and announced our September dividend of $0.38 per share."

Howard Siegel, Chief Operating Officer of Cherokee, stated, "Slight increases in our U.S. royalties were offset by less favorable exchange rates and lower royalties from certain international accounts."

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