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I.C. Isaacs & Co net sales declines to $17.5 mn in Q4

03 Apr '06
3 min read

New York based Sportswear and Jeanswear manufacturer I.C. Isaacs & Company reported fourth quarter and full year 2005 results. For the three months ended December 31, 2005, the Company reported that net sales were $17.5 million compared to $18.3 million in the year ago period. The company reported a fourth quarter net loss of $384 thousand, or ($0.03) per diluted share compared to net income of $1.5 million or $0.11 per diluted share in the prior year period.

As previously announced, the company incurred a fourth quarter charge of $0.13 related to the settlement of arbitration proceedings commenced against it by a former executive. This settlement was recorded as a non-recurring charge in the fourth quarter of fiscal 2005. Excluding this one-time charge, diluted earnings per share would have increased to $0.10, which was in line with management prior earnings estimates.

For the 2005 fiscal year, net sales increased 3.3 percent to $83.3 million compared to $80.7 million in the prior year period. Net income for fiscal 2005 was $6.4 million, or $0.48 per diluted share, compared to net income of $6.2 million, or $0.46 in the prior year period. Excluding the one-time, fourth quarter settlement charge of $0.13, diluted earnings per share for the full year would have been $0.61, an increase of 32.6 percent.

Fourth Quarter 2005 Results
Net sales for the fourth quarter of fiscal 2005 decreased to $17.5 million compared to $18.3 million in the prior year period. Gross profit margins increased 110 basis points to 37.8 percent in the fourth quarter of 2005 from 36.7 percent in the fourth quarter of 2004. This decrease in sales and increase in margin reflects the Company's planned exit from approximately two hundred unproductive men's and women's doors that commenced last year.

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