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Blair reports Q4 results
19 Feb '07
3 min read
Blair Corporation announced results for the fourth quarter and year ended December 31, 2006.
Net sales for the fourth quarter ended December 31, 2006 were $119.2 million, a decrease of $10.9 million or 8.4%, compared to the $130.1 million recorded for the fourth quarter of 2005.
The decline in net sales is attributable to a 4.5% decrease in average selling prices along with a 4.1% reduction in unit volume. Average selling prices declined as the Company experienced higher than normal sales of products at lower price points and corresponding margins.
The Company reported net income of $5.9 million, or $1.56 per basic and $1.52 per diluted share, for the fourth quarter of 2006, compared to net income of $23.4 million or $6.02 per basic and $5.87 per diluted share reported for the fourth quarter of 2005.
In November, 2005, Blair sold its credit portfolio to a third party provider. Net income and earnings per share results for the fourth quarter and twelve months of 2006 reflect the impact of the transition from the Company managing its proprietary credit program to having a third party administer the Blair Credit program. Excluding the net results generated by the sale of the portfolio net income for the fourth quarter of 2005 would have been $5.8 million, or $1.49 per basic and $1.45 per diluted share.
Fourth quarter 2006 results reflect a decrease in general and administrative expenses of $7.4 million compared to fourth quarter 2005levels, a 21.1% reduction. The reduction in expenses is primarily attributable to operational efficiencies, the elimination of prior year costs associated with Blair's in-house credit program, and adjustments to several compensation plans that are based on reported results.
Net sales for the fourth quarter ended December 31, 2006 were $119.2 million, a decrease of $10.9 million or 8.4%, compared to the $130.1 million recorded for the fourth quarter of 2005.
The decline in net sales is attributable to a 4.5% decrease in average selling prices along with a 4.1% reduction in unit volume. Average selling prices declined as the Company experienced higher than normal sales of products at lower price points and corresponding margins.
The Company reported net income of $5.9 million, or $1.56 per basic and $1.52 per diluted share, for the fourth quarter of 2006, compared to net income of $23.4 million or $6.02 per basic and $5.87 per diluted share reported for the fourth quarter of 2005.
In November, 2005, Blair sold its credit portfolio to a third party provider. Net income and earnings per share results for the fourth quarter and twelve months of 2006 reflect the impact of the transition from the Company managing its proprietary credit program to having a third party administer the Blair Credit program. Excluding the net results generated by the sale of the portfolio net income for the fourth quarter of 2005 would have been $5.8 million, or $1.49 per basic and $1.45 per diluted share.
Fourth quarter 2006 results reflect a decrease in general and administrative expenses of $7.4 million compared to fourth quarter 2005levels, a 21.1% reduction. The reduction in expenses is primarily attributable to operational efficiencies, the elimination of prior year costs associated with Blair's in-house credit program, and adjustments to several compensation plans that are based on reported results.
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