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CA Franchise Tax Board refund helps Cherokee
Jun '11
Cherokee Inc, a global brand management company, reported financial results for the first quarter ended April 30, 2011. Net revenues were $6.9 million compared to $8.2 million for the prior year, SG&A expenses were $3.3 million, compared to $3.4 million for the prior year and net income was $3.3 million, or $0.38 per diluted share, compared to $2.9 million, or $0.33 per diluted share, for the prior year.

During the quarter, due to a favorable ruling, the Company received a refund from the California Franchise Tax Board of $2,189,000. This refund had a positive impact on net income through a reduction in tax expense of approximately $1.2 million, or $0.14 per diluted share, during the quarter.

"Now more than ever, we are actively engaged in laying a strong foundation that will stabilize and ultimately grow our business with our existing and future partners. We are confident in our strategic direction and based upon the positive reactions from our partners, we believe in our ability to execute on these plans," said Henry Stupp, Chief Executive Officer of Cherokee Inc.

At April 30, 2011, the Company had cash and cash equivalents of $11.3 million, up from $9.6 million at January 29, 2011; an increase of 17.7%.

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.

Cherokee Inc

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