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Samsonite announces Q1 fiscal 2008 guidance
08 Jun '07
4 min read
Samsonite Corporation reported revenue of $264.7 million, operating income of $19.4 million and net loss to common stockholders of $3.0 million, or net loss of less than $0.01 per common share, for the quarter ended April 30, 2007.
These results compare to revenue of $241.0 million, operating income of $19.1 million and net income to common stockholders of $1.0 million, or net income of $0.01 per common share, for the first quarter of the prior year. Net income for the prior year includes a benefit of $1.4 million, or $0.01 per common share, relating to the cumulative effect of an accounting change.
Net loss to common stockholders before the effect of the accounting change was $0.4 million, or less than $0.01 per common share, for the prior year. Operating income reflects deductions for restructuring charges of $1.3 million in fiscal 2008 and an asset impairment charge of $1.6 million in fiscal 2007.
In fiscal year 2008, these charges relate to the planned closure of the Company's Denver, Colorado facilities and related consolidation of its corporate functions in its Mansfield, Massachusetts office and the planned relocation of distribution functions from the Company's Denver, Colorado facilities to the southeast region of the U.S. The prior year asset impairment relates to the closure of the Company's manufacturing plant in Samorin, Slovakia.
Adjusted EBITDA a measure of core business cash flow, was $30.8 million for the first quarter of the current year compared to $29.2 million for the first quarter of the prior year.
During the first quarter of fiscal 2008, the Company implemented its new ERP software system in the United States and, as a result, experienced a slowdown in customer order processing and product shipments in the region. The Company estimates that its reported North American sales for the quarter ended April 30, 2007 were adversely affected by approximately $9.5 million due to customer order cancellations and retail inventory shortages in its company-operated retail stores due to the slowdown in product shipments.
These results compare to revenue of $241.0 million, operating income of $19.1 million and net income to common stockholders of $1.0 million, or net income of $0.01 per common share, for the first quarter of the prior year. Net income for the prior year includes a benefit of $1.4 million, or $0.01 per common share, relating to the cumulative effect of an accounting change.
Net loss to common stockholders before the effect of the accounting change was $0.4 million, or less than $0.01 per common share, for the prior year. Operating income reflects deductions for restructuring charges of $1.3 million in fiscal 2008 and an asset impairment charge of $1.6 million in fiscal 2007.
In fiscal year 2008, these charges relate to the planned closure of the Company's Denver, Colorado facilities and related consolidation of its corporate functions in its Mansfield, Massachusetts office and the planned relocation of distribution functions from the Company's Denver, Colorado facilities to the southeast region of the U.S. The prior year asset impairment relates to the closure of the Company's manufacturing plant in Samorin, Slovakia.
Adjusted EBITDA a measure of core business cash flow, was $30.8 million for the first quarter of the current year compared to $29.2 million for the first quarter of the prior year.
During the first quarter of fiscal 2008, the Company implemented its new ERP software system in the United States and, as a result, experienced a slowdown in customer order processing and product shipments in the region. The Company estimates that its reported North American sales for the quarter ended April 30, 2007 were adversely affected by approximately $9.5 million due to customer order cancellations and retail inventory shortages in its company-operated retail stores due to the slowdown in product shipments.
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