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Tefron regains global leadership position in seamless market
16 May '11
4 min read
First quarter financial results:
The Company's sales in the first quarter of 2011 amounted to 27.9 million dollars, an increase of 8.4% compared to 25.8 million dollars during the equivalent period last year, and an increase of 61% in sales compared to 17.3 million dollars sales in the fourth quarter of 2010. The main increase in sales compared to the equivalent quarter in 2010 relates to an increase in sales of intimate apparel and athletic wear in the seamless segment resulting mainly from initial sales to new customers following the acquisition of Nouvelle business.
Gross profit in the first quarter of 2011 amounted to 3.9 million dollars (13.8% of sales of 27.9 million dollars) compared to 0.9 million dollars (3.7% of sales of 25.8 million dollars) during the equivalent period in the previous year. The increase in gross profit and in the rate of gross profit is a result of the successful implementation of the turnaround plan, and from a decrease in the Company's expenses.
The operating loss in the first quarter of 2011 was 1.9 million dollars compared to operating loss of 3.6 million dollars during the equivalent period in the previous year.
EBITDA (Earnings Before Finance, Tax, Depreciation and Amortization costs) amounted to a positive 269 thousand dollars compared to a negative EBITDA of 1.2 million dollars in the equivalent period in the previous year.
Cash flow used for operating activities for the first quarter of 2011 totaled 7.7 million dollars, compared to cash flow used for operating activities of 2.5 million dollars during the equivalent period in the previous year. The increase in cash flow for operating activities is a result of the Company's investment in working capital for the financing of its increase in operation during the quarter.
The loss in the first quarter of 2011 was 2.3 million dollars, compared to a loss of 3.3 million dollars during the equivalent period in the previous year.
The Company's sales in the first quarter of 2011 amounted to 27.9 million dollars, an increase of 8.4% compared to 25.8 million dollars during the equivalent period last year, and an increase of 61% in sales compared to 17.3 million dollars sales in the fourth quarter of 2010. The main increase in sales compared to the equivalent quarter in 2010 relates to an increase in sales of intimate apparel and athletic wear in the seamless segment resulting mainly from initial sales to new customers following the acquisition of Nouvelle business.
Gross profit in the first quarter of 2011 amounted to 3.9 million dollars (13.8% of sales of 27.9 million dollars) compared to 0.9 million dollars (3.7% of sales of 25.8 million dollars) during the equivalent period in the previous year. The increase in gross profit and in the rate of gross profit is a result of the successful implementation of the turnaround plan, and from a decrease in the Company's expenses.
The operating loss in the first quarter of 2011 was 1.9 million dollars compared to operating loss of 3.6 million dollars during the equivalent period in the previous year.
EBITDA (Earnings Before Finance, Tax, Depreciation and Amortization costs) amounted to a positive 269 thousand dollars compared to a negative EBITDA of 1.2 million dollars in the equivalent period in the previous year.
Cash flow used for operating activities for the first quarter of 2011 totaled 7.7 million dollars, compared to cash flow used for operating activities of 2.5 million dollars during the equivalent period in the previous year. The increase in cash flow for operating activities is a result of the Company's investment in working capital for the financing of its increase in operation during the quarter.
The loss in the first quarter of 2011 was 2.3 million dollars, compared to a loss of 3.3 million dollars during the equivalent period in the previous year.
Tefron Ltd
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