Home / Knowledge / News / Textiles / Angelica Corp Q4 profit drops
Angelica Corp Q4 profit drops
09
Apr '08
Angelica Corporation announced financial results for its fourth quarter and fiscal year 2007 ended January 26, 2008. In addition, the Company confirmed that the closure and sale of its Edison, New Jersey facility was completed in January, 2008. As noted below, Edison had a significant negative impact on fiscal year 2007 results.

The Company also confirmed that its strategic alternatives review process, including a possible sale of the Company, continues.

Fourth Quarter Results, Three Months ended January 26, 2008:

Revenues for the fourth quarter of fiscal 2007 were $105.8 million, up 0.1% from $105.7 million for the fourth quarter of fiscal 2006. Total healthcare revenues increased 1.7% while non-healthcare revenues declined due to prior divestiture of non-healthcare accounts. Fourth quarter fiscal 2007 revenues from the closed Edison service center were $1.5 million versus $3.8 million in fourth quarter fiscal year 2006.

Gross profit for the fourth quarter of fiscal 2007 was $13.9 million, down 5.9% from $14.8 million in the fourth quarter of fiscal 2006. Gross margin for the fourth quarter of fiscal 2007 was 13.1%, down from 14.0% in the fourth quarter of fiscal 2006.

The decline in gross margin was related to operational difficulties in the Edison, New Jersey service center. Gross profit for the fourth quarter of fiscal 2007 for the closed Edison service center was a loss of ($3.5 million) versus a loss of ($1.3 million) in thefourth quarter of fiscal 2006.

Excluding the Edison service center in both years, gross margin in fourth quarter of fiscal 2007 was 16.7% versus 15.8% in the fourth quarter of fiscal 2006.

SG&A expenses for the fourth quarter of fiscal 2007 were $11.2 million, up from $10.1 million in the fourth quarter of fiscal 2006. As a percentage of revenue, SG&A was 10.5% in the fourth quarter of fiscal 2007 versus 9.5% in the fourth quarter of fiscal 2006. SG&A in the fourth quarter of fiscal 2007 included $0.4 million of expenses related to the strategic alternatives review process.

Must ReadView All

Apparel/Garments | On 24th Mar 2017

UK online retail sales up 15% in February 2017

Online retail sales in UK have grown by 15 per cent year-on-year in...

Courtesy: Messe Frankfurt

Textiles | On 24th Mar 2017

Over 3341 exhibitors participate in Intertextile Shanghai

More than 3,341 exhibitors from 26 countries and regions participated ...

Apparel/Garments | On 24th Mar 2017

Tiruppur garment cluster hopeful of meeting export target

The Tirupur garment cluster is hopeful of meeting its target of...

Interviews View All

Sanjay Desai & Ashish Mulani
True Colors

Digital textile printing will be the technology of the future

Divyesh Mashruwala
Akshar Industries

Surat dominates foiling, embossing and pleating

Subhashini Srinivasan
The S Studio

Ethnicwear market will see an upward trend if uniqueness and quality are...

Mark Paterson
Technical Absorbents Ltd

Mark Paterson, R&D manager of Technical Absorbents Ltd talks about Super...

Giorgio Mantovani
Corman S.p.A

Giorgio Mantovani, MD of Corman, with a presence in both Milano and New...

Eric Scholler
Groz-Beckert

The Indian market has huge potential in technical textiles, and by far,...

Wendell Rodricks
Wendell Rodricks

"We should not compare India and the West. There are things we do that...

Judy Frater
Somaiya Kala Vidya

Among the many honours showered on Frater, including Fulbright and Ford...

Robert Brunner
Devereux

Golfwear and menswear brand Devereux is set for greener pastures. Robert...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

news category


Related Categories:
March 2017

March 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search