The Company reported EBITDA, excluding the goodwill charge, for the six-month period of $11.4 million, compared to $16.4 million in the prior year.
As previously reported, sales increased 2.5 percent to $385.5 million for the six month period compared to $376.2 million in the same period a year ago. Total sales for the first six months of fiscal 2005 included $13.9 million of sales related to the Carlyle specialty jewelry stores acquired by the Company in May 2005. Comparable department sales increased 0.3 percent for the first half of fiscal 2005.
Company Outlook
Finlay currently operates the jewelry departments in 42 of the locations included in the list of 68 locations Federated Department Stores recently announced it intends to divest in 2006 in relation to its merger with the May Department Stores Company. Annual sales from these 42 locations in fiscal 2004 were approximately $49.0 million.
Included in the 42 locations are three Macy's central stores and one Macy's Northwest store, which are owned by Federated. The remaining 38 doors consist of current May Company stores that operate under various regional nameplates.
The Company's management will host a conference call to review results and answer questions. The conference call will be held today, August 18, 2005 at 10:00 a.m. Eastern Time.
Finlay Enterprises Inc, through its wholly-owned subsidiary, Finlay Fine Jewelry Corporation, is one of the leading retailers of fine jewelry and the largest operator of licensed fine jewelry departments in department stores throughout the United States with sales of $923.6 million in fiscal 2004. The number of locations at the end of the first quarter of fiscal 2005 totaled 962.
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