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Swank posts net sales for Q3 & 9-months ended Sept 30
11
Nov '09
John Tulin, Chairman of the Board and Chief Executive Officer of SWANK, INC. reported net sales and net income for the Company's third quarter and nine months ended September 30, 2009.

Net income for the third quarter ended September 30, 2009 was $390,000 or $.07 per diluted share compared to net income of $53,000 or $.01 per diluted share for the corresponding quarter in 2008. For the nine-month period ended September 30, 2009, net income was $512,000 or $.09 per diluted share compared to a net loss of $486,000 or ($.08) per diluted share last year. Net sales for the quarter and nine-month periods were $28,639,000 and $79,111,000, respectively, which in both cases is approximately even with the corresponding periods in 2008.

Commenting on the results for the quarter and nine-month periods, Mr. Tulin said, "Despite the ongoing challenges presented by uncertain economic conditions, we are pleased to report that our net income improved for both our third quarter and nine-month periods relative to the same time last year on approximately flat net sales. While the very difficult retail environment continues to put pressure on margins, we have paid particular attention to cost control and asset management in order to maintain our solid balance sheet. As a result, our financial condition remains strong as we enter the important holiday selling season."

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Swank, Inc


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