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Lower net sales at Jaclyn children's apparel & handbag Biz
14
Feb '08
Jaclyn Inc reported financial results for the second quarter ended December 31, 2007.

Net sales for the three-month period ended December 31, 2007 were $40,193,000 compared to $47,584,000 a year earlier. The Company reported second quarter net earnings of $601,000, or $.24 per diluted share, compared to net earnings of $1,716,000, or $.68 per diluted share, in the second quarter of fiscal 2007.

Net sales for the six-month period ended December 31, 2007 were $77,646,000 compared to $88,208,000 for the same period last year.

Net earnings for the six-month period ended December 31, 2007 were $901,000, or $.36 per diluted share, compared to net earnings of $2,179,000, or $.86 per diluted share in the same period last year.

Commenting on the financial results, Allan Ginsburg, Chairman of the Board, stated, "Net sales decreases in our children's apparel and handbag businesses accounted for the lower net sales in this year's second fiscal quarter due to a reduced number of orders from a significant customer.

In addition, the retail sales environment has been extremely difficult and rising product costs in Asia have begun to affect our gross margins.

However, as we previously disclosed, we have received new orders primarily for our children's apparel division. We expect that these orders will ship during the second half of fiscal 2008 which should bring our fiscal 2008 net sales slightly below our fiscal 2007 sales level."

Jaclyn Inc


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