Second Quarter GAAP Results:
Net revenues from continuing operations in the second quarter of 2013 decreased 3.1%, 2.5% on a constant dollar basis, to $172.0 million from $177.6 million in the second quarter of 2012. During the quarter, gross profit margins were 40.5% compared with 39.7% in the 2012 second quarter.
Selling, general, and administrative (SG&A) expenses in the second quarter of 2013 decreased $8.4 million or 12.8% to $56.9 million from $65.2 million in the second quarter of 2012. The second quarter of 2013 included approximately $8.6 million of additional cost reductions from the global restructuring programs and continued tight expense control.
Operating income in the second quarter of 2013 was $6.5 million compared with an operating loss of $84.5 million in the same period last year. Operating expenses in the second quarter of 2013 included restructuring expenses ($1.6 million), management transition expenses ($1.2 million), and Shore to Shore acquisition costs associated with ongoing arbitration ($0.3 million).
These expenses were partially offset by the gain on sale of our interest in the non-strategic Sri Lanka subsidiary ($0.2 million). The second quarter of 2012 loss included goodwill impairment charges ($64.4 million), restructuring expenses ($21.3 million), management transition expenses ($2.9 million), and acquisition costs ($0.1 million).
Foreign exchange loss was $2.0 million during the second quarter of 2013 compared to $0.4 million during the second quarter of 2012. The increased foreign exchange loss is primarily attributed to dollar fluctuations versus currencies in emerging markets where hedging is either impossible or impractical.
Net earnings from continuing operations during the second quarter of 2013 were $0.03 per diluted share compared with a loss of $2.24 per diluted share in the same period last year.
Click here to read full results
Fashion | On 24th Feb 2017
Google has partnered with British fashion designer Christian Cowan to ...
Apparel/Garments | On 24th Feb 2017
SigNatureT DNA is forensic molecular tag by Applied DNA Sciences...
Textiles | On 24th Feb 2017
The value of textile and garment exports made by Pakistan decreased...
Surat dominates foiling, embossing and pleating
Ozone PB Spintex Limited
‘We have made huge investments to ensure quality yarn production.’
Studio Priyanka Rajiv
‘To reinvent the age-old tradition of embroidery to suit demographics and...
Biovation II LLC
Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...
Urs Stalder, CEO, Sanitized AG, talks about the increasing use of hygiene...
Nature Works LLC
Eamonn Tighe, Fibres and Nonwovens - Business Development Manager of...
Designers Pranav Mishra and Shyma Shetty’s Huemn is known for its...
Bridal couture created with rich Indian heritage, exquisite craftsmanship...
Silvia Venturini Fendi
"Yes, my confidence and positive attitude are my strengths and should be...
Information Technology | On 21st Feb 2017