People's Liberation reports record net income in Q3
15 Nov '07
4 min read
The gross proceeds of $530,000 will be used for general working capital purposes. More importantly, management expects to benefit from expanded relationships with these strategic shareholder partners. • Subsequent to quarter's end, the Company amended the William Rast Sourcing, LLC operating agreement, which eliminated $172,899 of minority interest that was accrued for in Q2.
“I am very pleased with the momentum we are seeing in our business,” said Chief Executive Officer Colin Dyne. “In the third quarter we achieved strong profitability as we saw a convergence of events including strong top line growth, which was driven by the expansion of our specialty and department store business, coupled with continued progress in our efforts to control overhead costs.”
“Also, the significance of our financing transaction in which we raised additional working capital lies in the strategic importance of the members of the fashion apparel industry, who, by participating, have expressed their confidence in our growth potential.
In addition to forming important alliances with members of the apparel industry, we are also exploring potential acquisition candidates as a part of our strategy to create a portfolio of high-end contemporary brands under the People's Liberation umbrella,” said Dyne.
As of September 30, 2007, the company had cash and equivalents of approximately $614,000, a working capital balance of approximately $4.4 million and approximately $2.6 million of borrowing availability under its factoring agreements.
This compares with $1.3 million in cash and equivalents, a working capital balance of approximately $4.9 million and approximately $2.5 million of borrowing availability under its factoring agreements, as of September 30, 2006. On October 23, 2007, the Company's borrowing availability under its inventory financing agreements was increased to a maximum of $1.3 million.
Investors are invited to participate in the conference call, November 14 outside the U.S. A telephone replay will be available beginning Wednesday, November 14, 2007 at 7:30 p.m. ET, through Wednesday, November 28, 2007 at 12:00 p.m. ET.
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