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Stride Rite Q2 earnings gain 8%
26 Jun '07
3 min read
The Stride Rite Corporation reported record second quarter fiscal 2007 sales of $209.2 million, an increase of 8% compared to the same period in the prior year. Net income for the second quarter totaled $14.2 million or $.38 per diluted share, compared to the net income of $16.9 million or $.45 per diluted share in the second quarter of 2006.
The second quarter financial results in 2006 included the reversal of certain prior period reserves for income tax exposures that were no longer required and resulted in a lower quarterly tax rate for that period.
The 2007 second quarter tax rate increased to 34.7% from 19.3% in the comparable period of the prior year. The lower tax rate in the prior year was primarily attributable to the favorable outcome of a tax audit which resulted in the reversal of certain prior period reserves. The diluted per share impact of the higher tax rate was $.09 compared to last year.
The second quarter fiscal 2007 financial results include pre-tax expenses of $0.8 million related to Robeez integration costs and the pending merger with Payless ShoeSource Inc. The prior year second quarter financial results included pre-tax Saucony acquisition related integration expenses of $1.0 million.
Excluding acquisition-related merger and integration costs, net income would have been $14.6 million, while diluted earnings per share would have been $.39 for the second quarter of fiscal 2007. Excluding acquisition-related integration costs, net income would have been $17.5 million for the second quarter of fiscal 2006, while diluted earnings per share would have been $.46.
The second quarter financial results in 2006 included the reversal of certain prior period reserves for income tax exposures that were no longer required and resulted in a lower quarterly tax rate for that period.
The 2007 second quarter tax rate increased to 34.7% from 19.3% in the comparable period of the prior year. The lower tax rate in the prior year was primarily attributable to the favorable outcome of a tax audit which resulted in the reversal of certain prior period reserves. The diluted per share impact of the higher tax rate was $.09 compared to last year.
The second quarter fiscal 2007 financial results include pre-tax expenses of $0.8 million related to Robeez integration costs and the pending merger with Payless ShoeSource Inc. The prior year second quarter financial results included pre-tax Saucony acquisition related integration expenses of $1.0 million.
Excluding acquisition-related merger and integration costs, net income would have been $14.6 million, while diluted earnings per share would have been $.39 for the second quarter of fiscal 2007. Excluding acquisition-related integration costs, net income would have been $17.5 million for the second quarter of fiscal 2006, while diluted earnings per share would have been $.46.
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