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Tefron reports strong profit rise in Q2

08
Aug '06
Tefron Ltd, a leading producer of seamless intimate apparel and engineered-for-performance active wear, has announced financial results for the second quarter of 2006.

As announced on April 27, 2006, Tefron closed the sale of its ownership interest in AlbaHealth. Accordingly, the financial statements of AlbaHealth are accounted for as discontinued operations. Tefron ceased to consolidate the financial statements of AlbaHealth from April 27, 2006 onward.

Second quarter revenues reached $49.7 million, representing a 21.7% increase over the revenues generated during the second quarter of 2005. The growth in revenues over the second quarter of 2005 was across all of the Company's product lines.

Second quarter gross margin increased to 21.7% from 14.1% in the second quarter of 2005.

Operating income grew to $6.7 million (13.4% of revenues) compared with an operating income of $2.3 million (5.6% of revenues) in the second quarter of 2005. Income from continuing operations, which excludes the recently sold AlbaHealth business, was $4.5 million (9.1% of revenues), or $0.21 per diluted share in the second quarter of 2006, compared with an income from continuing operations of $1.1 million (2.7% of revenues), or $0.06 per diluted share, in the second quarter of 2005.

The improvement in profitability was due to continued improved operating efficiencies in all of the Company's divisions. The efficiency measures included amongst others: increased production and quality performance and further transfer of sewing capacity to Jordan with lower labor costs.


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