McRae Industries reports footwear net sales climb 17%

15 Jun '05

5 min read

Fashion boot & footwear retailer McRae Industries Inc reported consolidated net revenues from continuing operations for the third quarter of fiscal 2005 of $12,768,000, as compared to $17,585,000 for the third quarter of fiscal 2004. Net earnings for the third quarter of fiscal 2005 amounted to $124,000, or $.05 per share, as compared to net earnings of $790,000, or $.28 per share, for the same period of fiscal 2004.

The 27.3% decrease in consolidated net revenues from continuing operations was primarily due to reduced military boot requirements for the U.S. Government (the "Government") as in the first quarter of fiscal 2005 the Government moved from "surge" levels to their normal contract levels.

Currently we expect these lower levels to continue through at least December 31, 2005. The western and work boot business partially offset the decline in military footwear as net revenues increased 17% on strong demand for western and work products related to current fashion trends and market consolidation.

Consolidated net earnings from continuing operations for the third quarter of fiscal 2005 amounted to $143,000, as compared to $478,000 for the third quarter of fiscal 2004 primarily attributable to lower net revenues and higher selling and administrative costs. Discontinued operations related to our office products business contributed to the lower net earnings as earnings fell from $312,000 for the third quarter fiscal 2004 to a net loss of $19,000 for the third quarter of fiscal 2005.

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