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Bernard Chaus announces new 3-year financing agreement
Sep '08
Bernard Chaus Inc reported its financial results for the fourth quarter and fiscal year 2008.

For the fourth quarter ended June 30, 2008, revenues were $24.4 million compared to $29.6 million in the fourth quarter of fiscal 2007. The Company's net loss for the fourth quarter of 2008 was $3.2 million, or a loss of $0.09 per diluted share, compared to a net loss of $2.5 million, or a loss of $0.07 per diluted share, in the year-ago period.

For the fiscal year ended June 30, 2008, revenues were $118.0 million compared to $146.8 million in fiscal year 2007. The Company's net loss for fiscal year 2008 was $7.7 million, or a loss of $0.21 per diluted share, compared to net income of $522,000, or $0.01 per diluted share, last year.

The Company also announced it has entered into a new three-year financing agreement with The CIT Group/Commercial Services, Inc.

Josephine Chaus, Chairwoman and Chief Executive Officer, said, “During the fourth quarter, we saw a continuation of the trends we experienced in the third quarter, with our Chaus and Kenneth Cole department and specialty store labels achieving significant growth, which was more than offset by a decline in our club, private label and Cynthia Steffe businesses.

We are focused on continuing the positive momentum of the Chaus and Kenneth Cole brands, while taking the necessary steps to address the softer areas of our business. Toward that end, we have reduced costs and have strengthened our team across key areas such as sales and sourcing. Among our highest priorities is growing our revenue base, while keeping a close eye on costs, to best position our Company for the long term.”

Bernard Chaus Inc

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