Consolidated Financial Metrics:
Revenue for the second quarter of fiscal year 2014 grew to $370.8 million, a 6 percent increase over revenue of $348.3 million reported in the same quarter a year ago. Excluding the estimated impact from currency exchange rate fluctuations, total revenue grew 6 percent year over year in the second quarter.
Gross margin (revenue minus the cost of revenue as a percent of total revenue) in the second quarter was 67.4 percent, up from 67.2 percent in the same quarter a year ago.
Operating income in the second quarter was $52.5 million, or 14.2 percent of revenue, and reflected a 59 percent increase compared to operating income of $33.0 million, or 9.5 percent of revenue, in the same quarter a year ago.
GAAP net income for the second quarter was $40.9 million, or 11.0 percent of revenue, representing a 78 percent increase compared to $23.0 million, or 6.6 percent of revenue in the same quarter a year ago.
GAAP net income per diluted share for the second quarter was $1.18, versus $0.66 in the same quarter a year ago.
Non-GAAP adjusted net income for the second quarter, which excludes amortization expense for acquisition-related intangible assets, tax charges related to the alignment of acquisition-related intellectual property with global operations, unrealized currency gains and losses on currency hedges and intercompany financing arrangements included in net income, and share-based compensation expense and its related tax effect, was $52.7 million, or 14.2 percent of revenue, representing a 47 percent increase compared to non-GAAP adjusted net income of $35.9 million, or 10.3 percent of revenue, in the same quarter a year ago.
Non-GAAP adjusted net income per diluted share for the second quarter, as defined above, was $1.50, versus $1.02 in the same quarter a year ago.
Capital expenditures in the second quarter were $24.6 million, or 6.6 percent of revenue.
During the second quarter, the company generated $95.0 million of cash from operations and $67.8 million in free cash flow, defined as cash from operations less purchases of property, plant and equipment, purchases of intangible assets not related to acquisitions, and capitalization of software and website development costs.
As of December 31, 2013, the company had $62.3 million in cash and cash equivalents and $204.5 million in short-term and long-term debt. After considering debt covenant limitations, as of December 31, 2013 the company had $289.7 million available for borrowing under its credit facility. The company has subsequently amended its credit facility to increase its debt capacity, as announced on January 22, 2014.
The company did not repurchase shares during the second quarter.
Textiles | On 19th Jun 2018
The requirement of polyester filament yarn (PFY) is increasing as it...
Textiles | On 19th Jun 2018
The Sustainable Apparel Coalition (SAC) will release this year a...
Apparel/Garments | On 19th Jun 2018
Noon, the $1 billion e-commerce venture backed by Dubai businessman...
‘Indian footwear market is nascent and largely a trend follower’
The S Studio
Ethnicwear market will see an upward trend if uniqueness and quality are...
Shingora Textiles Ltd
‘In terms of fabric, the fastest growing category for us is a blend of...
Weko, Weitmann & Konrad GmbH & Co KG, based in south Germany, is...
<div>Delhi-based fast fashion womenswear brand, Besiva, aims to bridge the ...
Oswal Prints Private Limited has been manufacturing and exporting ethnic...
Steve Cole of Xerium Technologies discusses the industry. Xerium is the...
Iago Castro Asensio
RCfil Distribuciones S.L.
Iago Castro Asensio, International Business Manager of RCfil...
Larry L Kinn
Larry L Kinn, Senior Vice President - Operations Americas of Suominen...
Bridal couture created with rich Indian heritage, exquisite craftsmanship...
"You have to truly understand what your client wants, know her needs, what ...
Silvia Venturini Fendi
"Yes, my confidence and positive attitude are my strengths and should be...