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Apparel maker Blue Holdings reports $11.8 mn sales in Q4

08
Mar '06
Designer, manufacturer and distributor of high-end fashion jeans and denim apparel, Blue Holdings Inc announced financial results for the fourth quarter and year ended December 31, 2005.

Three Months Ended December 31, 2005

Net sales for the fourth quarter of 2005 were $11.8 million.

Fifty-eight percent of sales in the quarter were generated from the Antik Denim brand, 27 percent from Taverniti So Jeans and 15 percent from Yanuk.

Net income for the fourth quarter of 2005 was $1.26 million or $0.05 per basic and diluted share.

Per share results are based on weighted average shares outstanding of 26.1 million.

Blue Holdings' wholly-owned subsidiaries, Antik Denim, LLC and Taverniti So Jeans, LLC, both commenced operations in September 2004.

As a result, there are no substantive year-over-year comparisons to report.

Gross profit in the fourth quarter of 2005 was $5.8 million or 48.8 percent of net sales.

Selling, distribution and administrative expenses were $4.1 million in the quarter.

Operating expenses as a percentage of sales increased to 34.6 percent.

The significant increase in overhead was due to the acquisition of Taverniti So Jeans, LLC and the need to build up a production team for the Yanuk division.

Blue Holdings expects that the increase in fixed overhead expenses will slow down significantly despite the continued expansion of its business.

Year Ended December 31, 2005


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