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McRae Industries reports footwear net sales climb 17%
15 Jun '05
5 min read
Consolidated net revenues from continuing operations for the first nine months of fiscal 2005 totaled $48.7 million as compared to $48.5 million for the first nine months of fiscal 2004. This increase in net revenues resulted primarily from the continued strong demand for western and work boot products and slightly improved performance of the bar code business.
Net earnings for the first nine months of fiscal 2005, which included $2,174,000 of estimated gain, net of income tax expense, on the sale of the office products business, amounted to $3,319,000, or $1.20 per share, as compared to $1,338,000, or $.48 per share for the first nine months of fiscal 2004. Net earnings from continuing operations were $1.4 million for the first nine months of both fiscal 2005 and 2004.
Net earnings from discontinued operations amounted to $1.9 million for the first nine months of fiscal 2005, as compared to a net loss of $90,000 for the same period of fiscal 2004.
In May 2005, the Company negotiated the terms of an asset purchase agreement providing for the purchase by the Company of certain trademarks and other assets from Texas Boot, Inc. Texas Boot is currently operating as a debtor-in-possession in a case under Chapter 11 of the United States Bankruptcy Code. Under the terms of the asset purchase agreement, the Company would acquire Texas Boot's trademarks (including the marks Laredo, J. Chisolm, Code West and Performair), its outstandingest and Performair), its outstanding accounts receivable and certain inventory for approximately $1.175 million plus an amount equal to 75% of the gross book value of the acquired accounts receivable.
Net earnings for the first nine months of fiscal 2005, which included $2,174,000 of estimated gain, net of income tax expense, on the sale of the office products business, amounted to $3,319,000, or $1.20 per share, as compared to $1,338,000, or $.48 per share for the first nine months of fiscal 2004. Net earnings from continuing operations were $1.4 million for the first nine months of both fiscal 2005 and 2004.
Net earnings from discontinued operations amounted to $1.9 million for the first nine months of fiscal 2005, as compared to a net loss of $90,000 for the same period of fiscal 2004.
In May 2005, the Company negotiated the terms of an asset purchase agreement providing for the purchase by the Company of certain trademarks and other assets from Texas Boot, Inc. Texas Boot is currently operating as a debtor-in-possession in a case under Chapter 11 of the United States Bankruptcy Code. Under the terms of the asset purchase agreement, the Company would acquire Texas Boot's trademarks (including the marks Laredo, J. Chisolm, Code West and Performair), its outstandingest and Performair), its outstanding accounts receivable and certain inventory for approximately $1.175 million plus an amount equal to 75% of the gross book value of the acquired accounts receivable.
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