Home / Knowledge / News / Apparel/Garments / Broder Bros Q1 sales marginally up 5.4%

Broder Bros Q1 sales marginally up 5.4%

08
May '12
Broder Bros. Co. announced results for its first quarter ended March 31, 2012.

First Quarter 2012 Results Compared to First Quarter 2011 Results
First quarter 2012 net sales were $183.3 million compared to $173.9 million for the first quarter 2011. Income from operations was $2.3 million for the first quarter 2012 compared to $6.5 million for the first quarter 2011.

Net income for the first quarter 2012 was $0.3 million, or $0.03 per diluted share, compared to $4.3 million, or $0.42 per diluted share, for the first quarter 2011.

For the first quarter 2012, the Company reported earnings before interest, taxes, depreciation and amortization ("EBITDA") of $4.2 million compared to $9.2 million for the first quarter 2011.

Excluding these restructuring charges, EBITDA was $9.3 million for the first quarter 2011. A reconciliation of EBITDA to net income is set forth at the end of this earnings release.

First quarter 2012 gross profit was $29.5 million compared to $34.5 million for the first quarter 2011. First quarter 2012 gross margin was 16.1% compared to 19.8% for the first quarter 2011.

The decline in gross profit was due to a reduction in gross profit per unit. The Company's unit volume increased 7% relative to the first quarter 2011 on a 2% decrease in average selling prices.

According to data provided by CREST, the U.S. imprintable activewear market grew 5% in units sold during the first quarter 2012. The Company's units sold grew 6% during the period when using the comparable period used by CREST, which was January 1, 2012 through March 31, 2012. The Company's first quarter 2012 began January 1, 2012 and ended March 31, 2012.

Highlighted Charges
Restructuring charges of less than $0.1 million and $0.1 million were recorded during the first quarter 2012 and 2011, respectively. During both periods the restructuring charges consisted of interest accretion on restructuring charges which have been accrued for previously but not yet paid.

Liquidity Position

The Company relies primarily upon cash flow from operations and borrowings under its revolving credit facility to finance operations, capital expenditures and debt service requirements. Borrowings and availability under the revolving credit facility fluctuate due to seasonal demands.

Historically, borrowing levels have reached peaks during the middle of a given fiscal year and low points during the last quarter of the fiscal year. Borrowings under the revolving credit facility were $135.8 million at March 2012 compared to $126.1 million at March 2011. Borrowing base availability at March 2012 and March 2011 was $37.0 million and $29.1 million, respectively.

The face value of the 2013 Notes outstanding was $117.9 million at March 2012 and December 2011. Guidance provided by the FASB for troubled debt restructuring, however, requires the 2013 Notes to be recorded on the balance sheets as the total future cash payments for the 2013 Notes, including both principal and interest payments.


Must ReadView All

Pic:  InkheartX / Shutterstock.com

Textiles | On 18th May 2021

US Senate committee passes Make PPE in America legislation

The Homeland Security & Governmental Affairs Committee of the US...

Pic: humphery / Shutterstock.com

Textiles | On 18th May 2021

China's textile sector shows strong performance in Q1 2021

China's textile industry showed strong performance in the first...

Pic: Shutterstock

Retail | On 18th May 2021

Retail stores in Ireland open after 4 months of lockdown

Over 280,000 employees in Ireland’s retail sector returned to work as ...

Interviews View All

Textile Industry, Head honchos

Textile Industry
Head honchos

Great step towards realising end goal of 'AtmaNirbhar Bharat'

Textile Industry, Head honchos

Textile Industry
Head honchos

Marry craft and utility

Textile Industry, Head honchos

Textile Industry
Head honchos

One thing is certain, online sales will go up

Tony Naschberger,

Tony Naschberger

With production sites in Klagenfurt and Kufstein, Zimmer Austria is a...

Benedetta Terraneo,

Benedetta Terraneo

Miko Srl, a subsidiary of US-based Sage Automotive Interiors and a member...

Emmi Berlin,

Emmi Berlin

With the support of the first investors - Finland's Technical Research...

Karan Bose, Hula Global

Karan Bose
Hula Global

Hula Global, a leading isolation gown manufacturer in India, has been...

Sameer Sonkusale & Rachel Owyeung, Tufts University

Sameer Sonkusale & Rachel Owyeung
Tufts University

A team at the Tufts University in Massachusetts was recently in news for...

Asif Rahman, MIP

Asif Rahman
MIP

MIP is a manufacturer and distributor of high-performance textiles and...

Seema Gujral, Label Seema Gujral

Seema Gujral
Label Seema Gujral

<b>Seema Gujral</b>'s designs for her eponymous label revolve around...

Suman Nathwani, Suman Nathwani

Suman Nathwani
Suman Nathwani

Designer <b>Suman Nathwani</b> talks about her journey of opening a...

Sweta Agarwal, A Humming Way

Sweta Agarwal
A Humming Way

A Humming Way (AHW) is inspired by the old-world regalia of Rajasthan...

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

Leave your Comments


May 2021

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


Advanced Search