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Everlast Worldwide earnings rise 29% in 2005

Feb '06
Apparel manufacturer Everlast Worldwide Inc has announced its financial results for the fourth quarter and year ended December 31st 2005.

On December 14th 2005, Everlast announced the signing of a licensing agreement whereby it licensed its United States men's apparel category to Jacques Moret Inc effective January 1st 2006.

For the year ended December 31st 2005, net revenues from these continuing operations increased 29 percent to a record $43.3 million as compared to $33.5 million in 2004. The net revenue growth was achieved by a 32 percent increase in net licensing revenue to $12 million as compared to $9.1 million in 2004, along with an increase in sporting goods net revenues of $6.8 million to a record $31.3 million, a 28 percent increase over 2004.

For the fourth quarter of fiscal 2005, net revenues advanced 34.8 percent to a record $14.1 million as compared to net revenues of $10.5 million in 2004. The increase was derived from record sporting goods sales of $11 million, which achieved a 31 percent increase over the 2004 period, along with a 49 percent increase in record net licensing revenues.

Seth Horowitz, Chairman, President and CEO of Everlast Worldwide Inc said, "Over the past five years, the management of Everlast Worldwide has taken the brand to new heights of consumer awareness through innovative marketing and merchandising programs. The execution of this brand-building strategy has resulted in a worldwide and world class licensing business model that has resulted in the achievement of record net licensing revenues in 2005 of $12 million, a 32 percent increase over 2004 levels."

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