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R.G. Barry's revamp shows up in 41.2% qtly profits

16
Aug '05
Comfort footwear marketer R.G. Barry Corporation reported operating results for the second quarter and first half ended July 2, 2005.

For the second quarter, the Company reported:

- Net sales were $16.2 million compared to $14.5 million in the second quarter of 2004.

- A quarterly net loss of approximately $113,000, or $0.01 cent per share loss, compared to a quarterly net loss of $8.9 million, or $0.91 per share loss, in the second quarter of 2004.

The 2004 quarterly net loss included restructuring and asset impairment charges of about $3.6 million related to the Company's phase out of its manufacturing operations and implementation of a new business model. Comparable charges in the second quarter 2005 totaled $108,000.

- Quarterly gross profit as a percent of sales improved to 42.2 percent under the Company's revamped operating model compared to 27.8 percent in the second quarter of 2004.

- Selling, general and administrative expenses also declined in the quarter to approximately $6.8 million from approximately $8.9 million in the comparable period of 2004.

For the half, the Company reported:
- Net sales were $33.2 million compared to net sales of $32.9 million in the first half of 2004.

- The Company's first half net loss was approximately $1.0 million, or a $0.10 cents per share loss, compared to a net loss of $23.1 million, or $2.34 per share loss, in the first half of 2004. Included in the 2004 first half net loss were restructuring and asset impairment charges of $11.9 million. Comparable charges in the first half of 2005 totaled approximately $350,000.


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