Net income from operations was $13.6 million, or 31.6% of sales, in the 2006 third quarter, versus $12.7 million, or 36.2% of sales, in the same period in 2005.
For the nine-month period ended September 30, 2006, net sales increased 41.8% to $109.3 million from $77.1 million in the same period last year. Net income, excluding a one-time arbitration settlement of $2.1 million primarily recorded in the second quarter and unusual banking expenses previously discussed for the most recent quarter, increased 41% to $21.3 million, or $0.91 per diluted share. On a reported basis, net income rose 24.0% to $19.6 million, or $0.83 per diluted share, versus $15.8 million, or $0.68 per diluted share in the first nine months of 2005.
Gross profit in the 2006 nine-month period was $57.5 million, compared with $39.6 million last year. Gross margins for the nine month period increased to 52.6% from 51.3% in 2005.
Selling, general and administrative expenses for the first nine months of the year were $23.6 million, compared with $13.8 million in the first nine months of 2005. Included in the increase for 2006 is $2.5 million non-cash compensation and SFAS 123R compensation expense.
Net income from operations for the first nine months of 2006 was $33.9 million, equal to 31.1% of sales, versus $25.8 million, or 33.5% of sales, in the same period last year.
True Religion Apparel Inc
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