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Cygne Designs Private Label products sales decrease
20
Sep '08
Cygne Designs Inc announced results of operations for the second quarter ended July 31, 2008.

Net sales for the second quarter of 2008 were $12,595,000, a decrease of $20,594,000, or 62.1%, from net sales of $33,189,000 for the second quarter of 2007.

The decrease in sales for the second quarter of 2008 compared to the second quarter of 2007 of $20,594,000 was mainly attributable to a decrease in sales of the Company's branded products of $1,134,000 and a decrease in sales of the Company's private label products of $19,460,000.

Furthermore, due to the recent loss of its two major customers, the Company is currently not developing any new products and is focused on selling its existing inventory.

The gross profit for the second quarter of 2008 was $466,000, or 3.70% of net sales, a decrease of $7,352,000 from a gross profit of $7,818,000, or 23.56% of net sales, for the second quarter of 2007.

This decrease in gross profit is primarily attributable to the recent loss of the Company's two major customers and the necessary inventory reserves, chargebacks and discounts required as a result, and an overall lower gross margin on the products purchased during the period.

The Company recorded a net loss of $16,616,000, or $0.44 loss per share on a basic and diluted share basis, for the quarter ended July 31, 2008 as compared to a net profit of $1,581,000, or $0.06 per share on a basic and diluted share basis, for the prior year period. The net loss of $16,616,000 for the three months ended July 31, 2008 included expenses of $13,677,000 for impairment of goodwill.

Cygne Designs Inc


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