The loss from operations includes several non-operational items, such as restructuring charges, special costs, and tender offer related costs. The Company is providing earnings before income taxes, interest, depreciation and amortization and adjusted EBITDA as an additional means of comparison. For the year ended December 31, 2010, the Company had negative EBITDA of $8.9 million compared to $9.6 million for the same period last year. For the year ended December 31, 2010, the Company had negative Adjusted EBITDA of $4.3 million compared to $2.8 million for the same period last year.
Basic and diluted loss per share from continuing operations for the three months ended December 31, 2010, was $0.02, compared to a basic and diluted income per share of $1.95 and $1.81, respectively, for the same period last year. For the year ended December, 3l, 2010, basic and diluted loss per share from continuing operations was $1.74, compared to a loss per share of $1.10 last year.
On December 31, 2010, cash and cash equivalents totaled $36.4 million, including $2.7 million of restricted cash, compared with $33.4 million on December 31, 2009. The Company's working capital related to continuing operations was $51.9 million at December 31, 2010 compared with $59.6 million at December 31, 2009. As of December 31, 2010, the Company had no outstanding borrowings from its credit facility with approximately $11.8 million of availability and approximately $33.7 million of cash that is not included in the availability calculation.
Additional Information
Non-Operational Expenses - The Company resolved significant non-operational matters that generated considerable costs during 2010 and 2009. To this end, the Company incurred no restructuring charges in 2010 versus $4.8 million in 2009. There were no tender offer related costs incurred in 2010 as compared to $2.1 million in 2009. The Company does not expect to incur special costs in 2011 as it resolved the remaining matters associated with the 2006 Audit Committee Investigation in 2010. During 2010 and 2009, the Company incurred $4.5 million in special costs each year.
New Credit Facility - On October 28, 2010, the Company entered into a new $50.0 million asset based revolving credit facility with Wells Fargo Capital Finance, LLC, with a $30.0 million sub-limit for letters of credit. This facility has a term of four years and expires on October 28, 2014 and is secured by substantially all assets of the Company and each of its domestic subsidiaries. This facility is designed to provide working capital and trade letters of credit that will be used primarily for the purchase and importation of inventory and for general corporate purposes.
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.
20240830145952.gif)
20240925092649.png)
.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.")
