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Cygne Designs gross margins up 20.7%

02
May '06
New York based leading private label women's career & casual apparel maker Cygne Designs Inc announced results for the year ended January 31, 2006.

For the year ended January 31, 2006, net sales increased 102 percent to $58.4 million compared to $29.0 million for the prior year. $38.4 million of the increase in sales resulted from Cygne's acquisition of the branded and private label business of Diversified Apparel Resources LLC, which was acquired on July 31, 2005.

Gross profit for the year ended January 31, 2006 increased to $12.1 million compared to $3.8 million for the prior year period.

Gross margins increased to 20.7 percent compared to 13.2 percent in the prior year period as a result of higher gross margins on sales stemming from the acquisition for product primarily sourced through a supply agreement with DAR in the period July 31, 2005 through January 31, 2006.

The Company recorded a net loss of $5.4 million or $0.30 on a basic and diluted per share basis for the year ended January 31, 2006 compared to net earnings of $313,000, or $0.03 on a basic and diluted per share basis for the prior year period.

A $5.3 million of the net loss resulted from the amortization of the intangible asset attributable to the acquisition of DAR, amortization of debt discounts on the secured subordinated promissory note and the deferred purchase price, and the impairment of fixed assets located at Cygne's Guatemalan manufacturing facility.


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