For the first six months of fiscal 2007, net sales were $403.9 million, an increase of 7% from the net sales of $377.4 million for the same period in fiscal 2006. On a diluted basis, earnings per share were $.67 in the first half of fiscal 2007 compared to $.67 in fiscal 2006.
Net income for the first half of fiscal 2007 totaled $25.3 million, versus the $25.2 million reported in the comparable period in 2006. The first half financial results in 2006 included the reversal of certain prior period reserves for income tax exposures that were no longer required.
The 2007 six-month financial results include pre-tax expenses of $1.1 million related to Robeez integration and costs related to the pending merger with Payless ShoeSource Inc. The prior year first half financial results included pre-tax Saucony acquisition related integration expenses of $2.2 million.
The 2006 first half financial results also included a pre-tax expense of $2.6 million related to the flow through of the write-up of inventory purchased in the Saucony acquisition to fair value as required by GAAP accounting rules.
Excluding acquisition-related merger and integration costs, net income would have been $25.9 million for the first six months of fiscal 2007, while diluted earnings per share would have been $.69 for the first half of fiscal 2007.
Excluding acquisition-related integration costs, the Saucony inventory write-up, net income would have been $28.0 million for the first half of fiscal 2006, while diluted earnings per share would have been $.74.
-Ltd..jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Thermore (Far East) Ltd.")
.jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Telangana State Industrial Infrastructure Corporation Limited (TSllC Ltd)")
.jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Taiwan Textile Federation (TTF)")
