Leather goods maker Jennifer Convertibles Inc has announced its unsuited financial results for the third fiscal quarter ended May 27th 2006.
For the third quarter, revenue from continuing operations increased by 16.4 percent to $35.5 million from the $30.5 million reported for the same period last year. For the nine-month period, revenue from continuing operations increased 21.4 percent to $104.2 million from the $85.8 reported in the same period last year.
For the third quarter, the company generated net income of $2,245,000 or $0.31 and $0.26 per basic and diluted share, respectively, compared to net income of $1,373,000 or $0.19 per basic and diluted share for the same period last year.
For the nine-month period, the net income was $3,646,000 or $0.50 and $0.44 per basic and diluted share, respectively, compared to a net loss of $6,455,000 or ($1.12) per basic and diluted share for the same period last year.
Operating margins from continuing operations increased during the current three and nine month periods to 32.5 percent and 31.4 percent, respectively, compared to operating margins from continuing operations of 29.2 percent and 27.2 percent, respectively, during the three and nine month periods last year.
During the third quarter, the company closed a store in Las Vegas, Nevada. The operating results of this closed store and two stores closed during the prior two quarters are recorded in discontinued operations.
During fiscal 2005, the company closed 20 stores, of which the operating results of 18 were reported as discontinued operations. Loss from discontinued operations amounted to ($11,000) and ($103,000) in the third quarter of 2006 and 2005, respectively.
20240830145952.gif)
.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.")
