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Hampshire files Q2 report on Form 10-Q, Shane Hunter sales decline
23 Nov '07
3 min read
The loss from operations for the six months ended June 30, 2007 was $14.2 million compared to $7.8 million for the same period of the prior year. The loss from operations for the six months ended June 30, 2007 and July 1, 2006 included expenses associated with the Audit Committee investigation of $3.8 million and $0.4 million, respectively.
Hampshire Eliminates Underperforming Businesses
As previously disclosed, the Company determined in May 2007 to cease domestic activities of Marisa Christina. The Company recognized charges of $0.9 million to exit this business during the quarter ended June 30, 2007.
The Company disclosed on November 8, 2007 that it sold the David Brooks' trademarks and all associated inventory. In addition, Hampshire sold the rights to the Marisa Christina trademarks in all countries other than Japan.
David Brooks' and Marisa Christina's aggregate net sales, SG&A expenses, and operating losses for fiscal year 2006 were $18.0 million, $8.5 million, and $1.3 million, respectively. For the six months ended June 30, 2007, their aggregate net sales, SG&A expenses, and operating losses were $7.8 million, $4.6 million, and $2.9 million, respectively.
Timetable for Additional Financial Statement Filings
As previously disclosed in the Form 8-K filed August 31, 2007, the Company committed to deliver to its lenders its financial statements for the quarter ended September 29, 2007 no later than December 10, 2007. The Company anticipates filing with the SEC the appropriate Form 10-Q concurrently with the delivery of the financial statements to its lenders.
Hampshire Eliminates Underperforming Businesses
As previously disclosed, the Company determined in May 2007 to cease domestic activities of Marisa Christina. The Company recognized charges of $0.9 million to exit this business during the quarter ended June 30, 2007.
The Company disclosed on November 8, 2007 that it sold the David Brooks' trademarks and all associated inventory. In addition, Hampshire sold the rights to the Marisa Christina trademarks in all countries other than Japan.
David Brooks' and Marisa Christina's aggregate net sales, SG&A expenses, and operating losses for fiscal year 2006 were $18.0 million, $8.5 million, and $1.3 million, respectively. For the six months ended June 30, 2007, their aggregate net sales, SG&A expenses, and operating losses were $7.8 million, $4.6 million, and $2.9 million, respectively.
Timetable for Additional Financial Statement Filings
As previously disclosed in the Form 8-K filed August 31, 2007, the Company committed to deliver to its lenders its financial statements for the quarter ended September 29, 2007 no later than December 10, 2007. The Company anticipates filing with the SEC the appropriate Form 10-Q concurrently with the delivery of the financial statements to its lenders.
Hampshire Group Limited
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