Home / Knowledge / News / McRae posts earnings for Q1
McRae posts earnings for Q1
14
Jun '10
McRae Industries, Inc. reported consolidated net revenues from operations for the third quarter of fiscal 2010 of $15,476,000 as compared to $13,017,000 for the third quarter of fiscal 2009. Net earnings for the third quarter of fiscal 2010 amounted to $695,000, or $0.35 per diluted Class A common share as compared to a net loss of $1,580,000, or ($0.55) per diluted Class A common share, for the third quarter of fiscal 2009.

Consolidated net revenues from operations for the first nine months of fiscal 2010 totaled $49,228,000 as compared to $49,942,000 for the first nine months of fiscal 2009. Net earnings for the first nine months of fiscal 2010 amounted to $2,442,000, or $1.19 per diluted Class A common share, as compared to $87,000, or $0.26 per diluted Class A common share, for the first nine months of fiscal 2009.

Third quarter Fiscal 2010 compared to third quarter Fiscal 2009
Consolidated net revenues for the third quarter of fiscal 2010 amounted to $15.5 million as compared to $13.0 million for the third quarter of fiscal 2009. The increase in net revenues was attributable to continued strong demand for our western/life style products and a successful turnaround from the supply chain interruptions that significantly impacted third quarter 2009 sales. As a result, net revenues for our western/life style products grew from $5.6 million for the third quarter of fiscal 2009 to $9.4 million for the third quarter of fiscal 2010. Net revenues from our work boot products reported a modest 5% increase over the third quarter results for fiscal 2009 primarily attributable to stronger demand for our branded John Deere products.

Our military boot business continues to be adversely impacted by reduced boot requirements from the U. S. Government (the "Government"). However, on June 3, 2010, the Company was awarded a new contract (the "Contract") to produce a green, temperate weather boot for the United States Air Force. The Contract provides for a base year and one option year with a minimum quantity of 48,792 pair and a maximum quantity of 129,636 pair for the two year period. The Contract could possibly generate revenue of approximately $10.5 million over the two year period if the Government orders the maximum quantity; however, there are no assurances that the Government will purchase the maximum quantity of boots.

Consolidated gross profit totaled $4.6 million for the third quarter of fiscal 2010 as compared to $654,000 for the third quarter of fiscal 2009. This significant increase in gross profit resulted primarily from increased net revenues which were not impacted by the previously noted supply chain interruption issues. Gross profit for the western/life style products, as a percentage of net revenues, grew from 2.4% for the third quarter of fiscal 2009 to 35.8% for the third quarter of fiscal 2010, primarily the result of increased net revenues and the recovery from the supply chain issues as previously discussed. Gross profit for the work boot products, as a percentage of net revenues, grew from 9.1% for the third quarter of fiscal 2009 to 20.5% for the third quarter of fiscal 2010, primarily the result of increased net revenues and improved production efficiencies associated with the military boot business.

Must ReadView All

Apparel/Garments | On 28th Apr 2017

Continue existing Duty Drawback, ROSL scheme post GST: TEA

Tiruppur Exporters' Association (TEA) has made requisitions to...

Courtesy: AAFA

Fashion | On 28th Apr 2017

Andrew Rosen, Stuart Vevers among AAFA awardees

Andrew Rosen, founder and CEO of Theory, Stuart Vevers of Coach, Nick ...

Textiles | On 27th Apr 2017

Maharashtra govt working on second textiles policy

The textiles department of the government of Maharashtra is working...

Interviews View All

Anshul Sood
Oceedee

‘Indian footwear market is nascent and largely a trend follower’

Nitin Soni
Dolphin Jingwei Machines

Taxation policies need to be made simpler

Karan Suratwala
Key Textile Accessories Private Limited

Chinese imports are destroying the supply chain

Suresh Patel
Sidwin Fabric

Sidwin Fabric is a manufacturer and exporter of polypropylene textiles and ...

Johan Berlin
InvestKonsult Sweden AB

Investkonsult Sweden AB has been buying and selling second-hand textile...

Eric Scholler
Groz-Beckert

The Indian market has huge potential in technical textiles, and by far,...

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

Wendell Rodricks
Wendell Rodricks

"We should not compare India and the West. There are things we do that...

Bani Batra

Bani Batra’s couture wedding collection is inspired by traditional Indian...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

news category


Related Categories:
April 2017

April 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search



X