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Maidenform Brands reports Q3 2006 results

08
Nov '06

Maidenform Brands Inc, a global branded marketer of intimate apparel, announced financial results for the third quarter and year-to-date periods ended September 30, 2006.

Highlights for the third quarter of 2006 versus the third quarter of 2005 include:

Net sales increased 13.7 percent to $113.8 million.

Wholesale net sales increased 15.4 percent to $96.5 million.

Consolidated gross margins were 37.6 percent.

Net income increased to $8.9 million from $2.1 million.

Diluted earnings per common share were $0.37.

Total cash and cash equivalents was $16.5 million at the end of the third quarter. During the third quarter, Maidenform voluntarily prepaid $5.0 million of its debt outstanding, in addition to purchasing $1.5 million of its common stock.

The Company also paid an additional $5.0 million of its debt outstanding subsequent to September 30, 2006.

Financial Results for Third Quarter 2006 versus Third Quarter 2005
Net sales for the third quarter of 2006 increased $13.7 million, or 13.7 percent, to $113.8 million.

Wholesale segment net sales in the third quarter of 2006 rose $12.9 million, or 15.4 percent, to $96.5 million. Retail segment net sales increased $0.8 million, or 4.8 percent, to $17.3 million in the third quarter of 2006.

Department Stores & National Chain Stores
In the third quarter of 2006, net sales from the department stores and national chain stores channel increased $3.5 million, or 6.4 percent, to $58.3 million contributed by the introduction of the Lite Collection, continued penetration of the Lilyette full-figure brand and solid performance of the Flexees contemporary-firm products that utilize sew-free technology.

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