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Danier Leather reports fiscal 2010 first quarter results

28
Oct '09
Danier Leather Inc.announced its unaudited interim consolidated financial results for the 13 week period ended September 26,2009.

Net loss during the first quarter of fiscal 2010 decreased by 7% or $0.3 million to $3.4 million ($0.58 loss per diluted share) compared with $3.7 million ($0.59 loss per diluted share) during the first quarter last year. The improvement was due to lower expenses and an increase in gross profit margin.

During the first quarter of fiscal 2010, gross profit as a percentage of revenue increased by 5.5% or 550 basis points to 48.4% compared with 42.9% during the first quarter last year.With 23% less inventory and reduced clearance activity than the same time last year, sales decreased by 12% during the first quarter of fiscal 2010 while gross profit dollars only decreased 1%. Comparable store sales decreased by 9%. Sales were $20.0 million compared with $22.6 million during the first quarter of fiscal 2009.

Selling, general and administrative expenses during the first quarter of fiscal 2010 decreased by 4% or $0.7 million to $15.1 million compared with $15.8 million during the first quarter last year. The decrease was mainly due to cost reduction initiatives implemented during the last half of fiscal 2009. SG&A during the first quarter of fiscal 2010 included $0.4 million of stock-based compensation expense compared with a recovery of $0.1 million during the first quarter last year. Excluding the effect of stock-based compensation, SG&A during the first quarter of fiscal 2010 was approximately $1.2 million lower than the same period last year.

Danier continues to maintain a strong balance sheet with cash of $8.4 million compared with $0.8 million last year, working capital of $33.8 million, no long-term debt and a book value of $9.03 per outstanding share.

Danier Leather Inc


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