Net income for the third quarter of 2009 totaled $17.8 million, or $0.97 per diluted share as compared to net income of $11.1 million, or $0.62 per diluted share, in the same period of 2008.
The Company closed one retail location and licensed out three stores during the third quarter of 2009, ending the quarter with 88 retail locations, including the Internet store.
Nine-Month 2009 Results: For the first nine months of 2009, consolidated net sales were $364.0 million compared to $337.9 million in the comparable period last year.
Net income totaled $36.6 million, or $2.00 per diluted share, for the first nine months of 2009 compared to $20.8 million or $1.11 per diluted share in the first nine months of 2008. Net income for the first nine months of 2008 included a charge totaling $3.0 million post-tax, or $0.16 per diluted share, related to the resignation of the Company's former CEO.
As of September 30, 2009, cash, cash equivalents and marketable securities totaled $125.7 million. Arvind Dharia, Chief Financial Officer, commented, "Our balance sheet remains very healthy as a result of the continuation of strong growth in our earnings and prudent capital management."
Company Outlook For fiscal 2009, the Company expects net sales to increase in the range of 7%-8% compared to net sales in 2008. Diluted EPS for 2009 is expected to be in the range of $2.55 to $2.65.
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.jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "UBM China (Shanghai)")
-Ltd..jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Thermore (Far East) Ltd.")
