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Western & work boot sales up at McRae Industries

Nov '08
McRae Industries Inc reported consolidated net revenues for fiscal 2008 of $80,021,000 as compared to $68,271,000 for fiscal 2007. Net earnings for fiscal 2008 totaled $5,041,000, or $2.27 per diluted Class A common share as compared to net earnings of $3,818,000, or $1.75 per diluted Class A common share for fiscal 2007. The after-tax gain on the sale of our Florida real estate property in fiscal 2007 favorably impacted earnings per diluted Class A common share by $.26.

Consolidated net revenues for fiscal 2008 totaled $80.0 million as compared to $68.3 million for fiscal 2007. This 17% growth in net revenues was primarily attributable to increased sales for both the military boot business and the western and work boot business, which was partially offset by a decline in net revenues in the bar code business.

Consolidated gross profit amounted to $23.2 million for fiscal 2008 as compared to $18.5 million for fiscal 2007. The growth in consolidated gross profit was the result of increased net revenues and improved profit margins in the bar code and military boot businesses.

Consolidated selling, general and administrative ("SG&A") expenses, including research and development ("R&D") costs, totaled $15.5 million for fiscal 2008 as compared to $14.4 million for fiscal 2007, as adjusted for the approximately $1.1 million reduction in expenses related to the gain on the sale of our real estate property in Florida.

This increase in SG&A expenses resulted primarily from higher outlays for sales commissions, travel expenses, administrative salaries, professional fees, computer services, bad debts and employee benefit costs, which were partially offset by reduced charges for R&D, group health insurance and building repair.

As a result of the above, consolidated operating profit amounted to $7.7 million for fiscal 2008 as compared to $5.2 million for fiscal 2007.

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McRae Industries

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