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Cherokee finishes Q3 in another strong cash position
09
Dec '10
Cherokee Inc, a leading global brand management company, reported total royalty revenues for the third quarter ended October 30, 2010 (the "Third Quarter") of $7.7 million, as compared to $8.0 million in the comparable period last year.

Cherokee's operating expenses for the Third Quarter totaled $3.87 million, which was greater than the $3.33 million in the comparable period last year. Cherokee's net income for the Third Quarter decreased by a total of $0.5 million, to $2.3 million or $0.26 per diluted share, as compared to $2.8 million, or $0.31 per diluted share in the comparable period last year. The Company ended the quarter with cash and cash equivalents of $8.8 million, net receivables of $7.1 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 Third Quarter we paid a $0.38 per share dividend in September, and announced our December dividend of $0.38 per share. We are encouraged that our Third Quarter U.S. royalties kept pace with last year, however, this was offset by less favorable exchange rates and retailers' reducing their prices, resulting in lower royalties from certain international accounts."

Cherokee Inc. is a global marketer and manager of a portfolio of LIFESTYLE BRANDS it owns and represents in multiple consumer product categories and sectors around the world. The Company has license agreements with premier retailers and manufacturers covering over 30 countries around the world.

Cherokee Inc

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