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Celebrate Express net sales up 25%, fiscal 2005 ended May 31

26
Jul '05
A leading celebration products online catalog retailer Celebrate Express Inc reported financial results for its fourth quarter and full year fiscal 2005 ended May 31, 2005.

Celebrate Express reported net sales of $19.5 million in the fourth quarter of fiscal 2005 ended May 31, 2005, an increase of 25 percent from net sales of $15.6 million during the same period last year. Net income before income taxes was $1.7 million for the fourth quarter of fiscal 2005, an increase of 127 percent from $732,000 for the fourth quarter of fiscal 2004.

Net income for the fourth quarter of fiscal 2005 was $1.0 million, or $0.13 per diluted share, compared with net income of $9.7 million, or $1.86 per diluted share in the fourth quarter of fiscal 2004. Net income for the fourth quarters of fiscal 2005 and 2004 are not directly comparable as a result of the accounting for income taxes.

Net income for the fourth quarter of fiscal 2005 included income tax expense of $621,000. Net income for the fourth quarter of fiscal 2004 included an income tax benefit of $9.0 million due to the reversal of the valuation allowance against the deferred tax asset in May 2004. Weighted average diluted shares outstanding were 8.0 million for the fourth quarter of fiscal 2005, compared with 5.2 million for the fourth quarter of fiscal 2004.

For the fiscal year ended May 31, 2005, net sales increased 33 percent to $69.1 million from $51.9 million for the prior fiscal year. Net income before income taxes was $4.0 million for the fiscal year ended May 31, 2005, an increase of 728 percent from $480,000 for the fiscal year ended May 31, 2004.


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