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Everlast Worldwide Inc presents Q2 results on Aug 5

05
Aug '05
New York based leading sporting goods manufacturer and marketer Everlast Worldwide Inc reported its financial results for the second quarter and six-months ended June 30, 2005.

The Company reported record net revenues for its continuing operations of $12.5 million for its fiscal 2005-second quarter ended June 30, 2005, representing an increase of 36 percent over net revenues of $9.2 million in the prior year period. The increase in net revenues was attributable to net sales from continuing apparel operations and sporting goods, which increased 41 percent to $9.5 million compared with $6.8 million in the second quarter of fiscal 2004.

Net licensing revenues advanced 22 percent to $2.9 million compared with $2.4 million in the prior period. For the six-months ended June 2005, net revenues increased 29 percent to $24.7 million, over the 2004 corresponding period, led by a 35 percent increase in licensing revenues along with a 28 percent increase in continuing apparel operations and sporting goods net sales.

During the second quarter the Company's operating results were impacted by certain unusual and non-recurring events aggregating $600,000 consisting of: $273,000 for a minimum withdrawal pension liability settlement with the former union representing employees of the Bronx, New York facility which was closed in December 2003; $100,000 of higher air freight charges associated with the United States' imposition of tariff and import quota restrictions on products manufactured in China, causing the Company to air ship in product before quota restrictions went into affect and enabling us to maintain customer relationships and ensure future business; and $230,000 in higher promotion and marketing development funds to customers for products sold in connection with "The Contender" reality television show, which funds were used to markdown out of season apparel due to programming delays the show experienced from November to March.


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