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Frederick's of Hollywood reports pre-merger fiscal Q2 2008 results
15 Feb '08
3 min read
Net sales for the first half of fiscal 2008 were $29,674,000, compared to $36,214,000 in the same period last year. For the first half of fiscal 2008, the gross margin was 31.4%, compared to 32.8% in the comparable period of fiscal 2007. For the fiscal 2008 first half, the Company recorded a net loss of $669,000, or $0.04 per share, compared to net income of $944,000, or $0.06 per diluted share, in the comparable period of fiscal 2007.
Net income for the first half of fiscal 2008 included $917,000 of merger related fees. Net income for the first half of fiscal 2007 included $1,342,000 of merger related fees and a $496,000 gain on the sale of property, plant and equipment, which was primarily attributable to the sale of the Company's former distribution center in Pennsylvania.
Mel Knigin, President and CEO of the Company's Movie Star division, stated, “We expect second-half sales for the Movie Star division to compare favorably to last year's second half, as a result of our strong open order position, which was approximately $26,830,000 at December 31, 2007, compared with $25,241,000 at December 31, 2006, as well as our subsequent receipt of a $2,500,000 order that was not included in our open orders at December 31, 2007.
In the prior year, we had received a comparable order in the month of December and it was therefore included in our open order position at December 31, 2006. This additional order brings our increase in comparable open orders to approximately $4,000,000.”
Mr. Knigin continued, “We have worked hard to complete the merger and are excited that we can now focus on successfully growing a company that currently has over $200 million in combined annual revenue and offers greater growth opportunities than each company had previously on a stand alone basis.”
Net income for the first half of fiscal 2008 included $917,000 of merger related fees. Net income for the first half of fiscal 2007 included $1,342,000 of merger related fees and a $496,000 gain on the sale of property, plant and equipment, which was primarily attributable to the sale of the Company's former distribution center in Pennsylvania.
Mel Knigin, President and CEO of the Company's Movie Star division, stated, “We expect second-half sales for the Movie Star division to compare favorably to last year's second half, as a result of our strong open order position, which was approximately $26,830,000 at December 31, 2007, compared with $25,241,000 at December 31, 2006, as well as our subsequent receipt of a $2,500,000 order that was not included in our open orders at December 31, 2007.
In the prior year, we had received a comparable order in the month of December and it was therefore included in our open order position at December 31, 2006. This additional order brings our increase in comparable open orders to approximately $4,000,000.”
Mr. Knigin continued, “We have worked hard to complete the merger and are excited that we can now focus on successfully growing a company that currently has over $200 million in combined annual revenue and offers greater growth opportunities than each company had previously on a stand alone basis.”
Frederick's of Hollywood Group Inc
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