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Jones Apparel to record Q4 2006 goodwill & trademark impairment charges
30 Jan '07
3 min read
The non-cash charges have no impact on the liquidity and operating performance of the Company; however, the Company expects to report an approximate net loss for the 2006 fourth quarter and full year of $2.48 per share and $1.27 per share, respectively.
The Company anticipates reporting 2006 fourth quarter and full year adjusted earnings per share of approximately $0.51 and $2.25, respectively, exclusive of the aforementioned charges, expenses associated with the Company's ongoing strategic operating review and certain other items.
The Company's adjusted earnings per share results will also include an approximate $8.5 million reversal of income tax accruals associated with the settlement of 2001-2003 federal and various state tax audits.
Mr. Boneparth continued, "Throughout 2006, we executed well against our strategic plan to improve operations. In the fourth quarter, we successfully navigated an unusually warm weather pattern and a delayed consumer spending response during the Holiday shopping season."
"We expect to report full year 2006 operating cash flow of approximately $420 million, compared to our previously-issued guidance of $390 to $400 million. Additionally, our debt to total capitalization ratio will approximate 29 percent (or 27 percent net of cash on hand)."
The Company is scheduled to release fourth quarter and year end 2006 financial results on Wednesday, February 14, 2007, on which date it will host a conference call with management at 9:00 am eastern time. To participate in the call, please dial 412-858-4600.
The Company anticipates reporting 2006 fourth quarter and full year adjusted earnings per share of approximately $0.51 and $2.25, respectively, exclusive of the aforementioned charges, expenses associated with the Company's ongoing strategic operating review and certain other items.
The Company's adjusted earnings per share results will also include an approximate $8.5 million reversal of income tax accruals associated with the settlement of 2001-2003 federal and various state tax audits.
Mr. Boneparth continued, "Throughout 2006, we executed well against our strategic plan to improve operations. In the fourth quarter, we successfully navigated an unusually warm weather pattern and a delayed consumer spending response during the Holiday shopping season."
"We expect to report full year 2006 operating cash flow of approximately $420 million, compared to our previously-issued guidance of $390 to $400 million. Additionally, our debt to total capitalization ratio will approximate 29 percent (or 27 percent net of cash on hand)."
The Company is scheduled to release fourth quarter and year end 2006 financial results on Wednesday, February 14, 2007, on which date it will host a conference call with management at 9:00 am eastern time. To participate in the call, please dial 412-858-4600.
Jones Apparel Group Inc
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