Branded casual denim marketer I.C. Isaacs net sales up

27 Nov '06

3 min read

I.C. Isaacs & Company Inc, designer and marketer of the Marithé & François Girbaud brand of casual denim and sportswear, reported third quarter 2006 results.

For the three months ended September 30, 2006, the Company reported that net sales increased 4.9 percent to $21.3 million, compared to $20.3 million in the third quarter of 2005.

Third quarter gross profit remained even at $8.8 million compared to the prior year period. The Company noted that its order backlog as of September 30, 2006 was approximately $21.1 million, an increase of approximately 13 percent from September 30, 2005.

Net income for the third quarter was $2.1 million, or $0.17 per diluted share compared to net income of $2.3 million, or $0.17 per diluted share in the prior year period. Diluted earnings per share for the third quarter included $135,000 of non-cash option expenses and $341,000 of non-cash income tax benefit. Excluding these items, the Company would have reported diluted earnings per share of $0.15.

Peter Rizzo, Chairman and Chief Executive Officer commented, “During the quarter, we continued to operate the business well and to position the Girbaud business for growth over the long term. We built in a broader range of non-denim classifications and built our fashion-basic inventory levels to take advantage of opportunities we saw developing in the second half."

"Even with these efforts, the third quarter was challenging for many of our specialty retail customers and while we shipped well against our backlog during the third quarter, we did not see the level of reorder activity that we had expected. Even so, with a variety of planned marketing and product initiatives, we continue to believe we can achieve our financial objectives for the fiscal year.”

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