Lifestyle products marketer Everlast achieves record results for Q1
30 Apr '07
3 min read
First quarter operating income grew 53% to $2.2 million, or 17.9% of net revenues, versus the year-ago level of $1.5 million, or 14.6% of net revenues. This increase was primarily driven by higher revenues and improved gross profit margins, partially offset by planned increases in both marketing development initiatives and increased overhead costs within general and administrative expenses to support our Global Brand Integration.
Adjusted earnings per diluted share for the first quarter of 2007, adding back approximately $0.04 of non-cash expense associated with stock-based compensation, was $0.20 per diluted share, 43% increase over adjusted earnings of $0.14 per diluted share in 2006.
The first quarter 2006 amount adds back approximately $0.02 of non-cash expense associated with stock-based compensation, and excludes the $0.52 non-recurring gain on the redemption of our Series A Preferred Stock and prepayment of related notes payable recorded in the first quarter of fiscal 2006. The EPS growth was achieved in spite of a 13% increase in diluted shares outstanding compared to the year ago period.
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