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McRae Industries updates guidance for Q3 fiscal 2007

28
Jun '07
McRae Industries Inc reported consolidated net revenues from operations for the third quarter of fiscal 2007 of 16,227,000 as compared to $17,122,000 for the third quarter of fiscal 2006.

Net earnings for the third quarter of fiscal 2007 amounted to $430,000, or $.23 per diluted Class A common share as compared to net earnings of $1,137,000, or $.51 per diluted Class A common share, for the third quarter of fiscal 2006.

Consolidated net revenues from operations for the first nine months of fiscal 2007 totaled $50,915,000 as compared to $56,106,000 for the first nine months of fiscal 2006. Net earnings for the first nine months of fiscal 2007, excluding net earnings attributable to the sale of our Florida property amounted to $1,800,000, or $.91 per diluted Class A common share as compared to net earnings of $3,508,000, or $1.51 per diluted Class A common share, for the first nine months of fiscal 2006.

The sale of the Florida property contributed net earnings of $860,000 or $.32 per diluted Class A common share for the first nine months of fiscal 2007.

THIRD QUARTER FISCAL 2007 COMPARED TO THIRD QUARTER FISCAL 2006 Consolidated net revenues for the third quarter of fiscal 2007 amounted to $16.2 million as compared to $17.1 million for the third quarter of fiscal 2006. This decline in net revenues was primarily attributable to reduced sales of bar code products and military combat boots to the U.S. Government ("Government").

Increased sales of western and work boot products partially offset the decline in net revenues. Consolidated gross profit totaled $4.5 million for the third quarter of fiscal 2007, down from $4.8 million for the third quarter of fiscal 2006


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