Everlast Worldwide Inc presents Q2 results on Aug 5

05 Aug '05

4 min read

Operating income and earnings before interest, taxes, depreciation and amortization ("EBITDA"), adjusted for these costs would have been $626,000 and $1 million, respectively for the quarter ending June 30, 2005, as compared to $448,000 and $900,000 over the 2004 comparable period. For the six months ended June 30, 2005, our adjusted operating income and EBITDA was $1.3 million and $2.1 million, respectively, as compared to $1 million and $2 million, respectively over the 2004 comparable period.

Net income adjusted for these non-recurring costs was approximately breakeven, or $ nil per share from continuing operations for the three months ended June 30, 2005 and $56,000, or $0.02 per basic share, for the six months ended June 30, 2005 period. Reported net loss was $596,000, or $0.18 per common share, for the quarter ended June 30, 2005 and the reported net loss for the six months ended June 30, 2005 was $689,000, or $0.21 per common share.

"Second quarter historically has been their most challenging one, yet they achieved tremendous growth in net revenues with a 36 percent increase over last year, led by a 41 percent increase in continuing apparel and sporting goods net sales. During the quarter they incurred $600,000 of unusual and non-recurring costs that impacted their operating results.

Company operating income from continuing operations, adjusted for these costs, was $626,000 and $1.3 million for the quarter and six months ended June 30, 2005 periods, respectively. Very much pleased with the significant increases in their net revenues over the 2004 periods.

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