Interviews
News Flash
Nitches women's sleepwear & specialty lines sales up in Q3
21 Jul '05
4 min read
In October 2002, the Company acquired a 28 percent interest in Designer Intimates Inc, which owns 100 percent of NAP Inc, a New York-based intimate apparel company.
Nitches reports any income or loss from the ongoing operation of Designer Intimates using the equity method of accounting, whereby Nitches' 28 percent interest in Designer Intimates is reported as a single line item on the Consolidated Statement of Income.
For the three-month period March through May, the Company recognized a $66,000 loss from the unconsolidated subsidiary. Furthermore, for the nine-month period September through May, the Company recognized $8,000 in income on this investment.
This income is reported net of tax and is not taxable to the Company. For the same nine-month period, Designer Intimates had net income of $28,000 on sales of $40.0 million.
The Company had unfilled customer orders of $13.6 million at May 31, 2005, compared to $10.3 million at February 29, 2004, with such orders generally scheduled for delivery by November 2005 and November 2004, respectively.
These amounts include both confirmed and unconfirmed orders that the Company believes, based on industry practice and past experience, will be confirmed. While cancellations, rejections and returns have generally not been material in the past, there can be no assurance that cancellations, rejections and returns will not reduce the amount of sales realized from the backlog of orders at May 31, 2005.
Nitches reports any income or loss from the ongoing operation of Designer Intimates using the equity method of accounting, whereby Nitches' 28 percent interest in Designer Intimates is reported as a single line item on the Consolidated Statement of Income.
For the three-month period March through May, the Company recognized a $66,000 loss from the unconsolidated subsidiary. Furthermore, for the nine-month period September through May, the Company recognized $8,000 in income on this investment.
This income is reported net of tax and is not taxable to the Company. For the same nine-month period, Designer Intimates had net income of $28,000 on sales of $40.0 million.
The Company had unfilled customer orders of $13.6 million at May 31, 2005, compared to $10.3 million at February 29, 2004, with such orders generally scheduled for delivery by November 2005 and November 2004, respectively.
These amounts include both confirmed and unconfirmed orders that the Company believes, based on industry practice and past experience, will be confirmed. While cancellations, rejections and returns have generally not been material in the past, there can be no assurance that cancellations, rejections and returns will not reduce the amount of sales realized from the backlog of orders at May 31, 2005.
Popular News
Leave your Comments
Kimberly Morgan and Rik Veltman
K3 Business Technology Group PLC
Andreas Rass
ZIMMER AUSTRIA | Digital Printing Systems
Esteemed Clients
-Ltd..jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Thermore (Far East) Ltd.")
.jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Telangana State Industrial Infrastructure Corporation Limited (TSllC Ltd)")
.jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Taiwan Textile Federation (TTF)")
