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Maidenform Brands reports Q4 and 2007 results

Mar '08
Maidenform Brands Inc, a global branded marketer of intimate apparel announced financial results for the fourth quarter and year ended December 29, 2007.

Fourth quarter 2007 highlights versus fourth quarter 2006:
• Net sales increased 12.7% to $95.8 million.
• Consolidated gross margins increased 330 basis points to 40.7%.
• Operating income increased 63.6% to $12.6 million.
• Diluted earnings per common share more than doubled to $0.27.

2007 highlights versus 2006 (excludes pension curtailment gain of $6.3 million and $2.4 million of deferred financing costs, or $0.10 per share, in 2007):

• Net sales increased 1.3% to $422.2 million.
• Consolidated gross margins increased 170 basis points to 39.3%.
• Operating income increased 11.0% to $61.6 million.
• Diluted earnings per common share growth of 15.7% to $1.33 per share.
• Total cash and cash equivalents was $16.6 million at the end of 2007. In 2007, Maidenform voluntarily prepaid $20.0 million of its debt outstanding and repurchased $12.5 million of its common stock.

Thomas J. Ward, Chief Executive Officer, stated, "Our results for the fourth quarter and 2007 reflected a number of key steps to grow our business and shape our future. These 2007 milestones included:

1) continuing net sales growth of our wholesale branded business of 8.7% over 2006;
2) implementing sourcing initiatives that contributed to gross margins increasing 170 basis points to 39.3%;

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