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HAMP announces results for 12-months ended Dec 31
17 Mar '08
4 min read
Hampshire Group Limited announced its 2007 results and that it has filed its annual report on Form 10-K for the year ended December 31, 2007 with the United States Securities and Exchange Commission. This press release should be read in conjunction with the filed annual report referred to in this release.
Results for the Twelve Months Ended December 31, 2007:
Net sales from continuing operations for the year ended December 31, 2007 decreased 5.8% to $310.8 million from $330.0 million for the prior year. The decrease was mainly driven by the general discontinuance of low margin products and a decline experienced during the first quarter of 2007 at our women's related sportswear division.
In addition, the Company experienced an increase in customer allowances during the fourth quarter of 2007 due to slow retail sales, resulting in heavy discounting by our retail partners in order to accelerate inventory liquidation, which was especially apparent in our women's knitwear division. Offsetting the sales volume decline was a 3.8% increase in the average unit selling price.
Income from continuing operations for the years ended December 31, 2007 and 2006 was $122,000 and $5.8 million, respectively, which included expenses associated with the previously announced Audit Committee investigation of $5.3 million and $6.2 million, respectively.
The decrease in income from continuing operations in 2007 was due mainly to higher customer allowances and seasonal reserves and higher non-cash rent expense associated with our new office lease, all of which had a disproportionate impact on the fourth quarter of 2007 somewhat offset by the decrease in investigation costs.
Results for the Twelve Months Ended December 31, 2007:
Net sales from continuing operations for the year ended December 31, 2007 decreased 5.8% to $310.8 million from $330.0 million for the prior year. The decrease was mainly driven by the general discontinuance of low margin products and a decline experienced during the first quarter of 2007 at our women's related sportswear division.
In addition, the Company experienced an increase in customer allowances during the fourth quarter of 2007 due to slow retail sales, resulting in heavy discounting by our retail partners in order to accelerate inventory liquidation, which was especially apparent in our women's knitwear division. Offsetting the sales volume decline was a 3.8% increase in the average unit selling price.
Income from continuing operations for the years ended December 31, 2007 and 2006 was $122,000 and $5.8 million, respectively, which included expenses associated with the previously announced Audit Committee investigation of $5.3 million and $6.2 million, respectively.
The decrease in income from continuing operations in 2007 was due mainly to higher customer allowances and seasonal reserves and higher non-cash rent expense associated with our new office lease, all of which had a disproportionate impact on the fourth quarter of 2007 somewhat offset by the decrease in investigation costs.
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