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Home / Knowledge / News / Fashion / Jewelry retailer Finlay presents Q2 & H1 results

Jewelry retailer Finlay presents Q2 & H1 results

18
Aug '05
Leading jewelry retailer & fine jewellery operator Finlay Enterprises Inc announced financial results for the second quarter and first six months of fiscal 2005.

Second Quarter Results

For the 13 weeks ended July 30, 2005, the Company reported a net loss of $74.8 million, or $8.33 per share, which includes a pre-tax non-cash charge of $77.3 million, or $8.12 per share, for the impairment of goodwill. Excluding this charge, the current year's second quarter net loss was $1.9 million or $0.21 per share.

Last year's second quarter net loss totaled $5.7 million, or $0.66 per share, which includes pre-tax charges of $9.1 million, or $0.64 per share, associated with early debt extinguishment costs related to the refinancing of the Company's debt, and a $625,000 credit, or $0.07 per share, associated with the reversal of income tax accruals that were no longer required. Excluding these charges and credits, the prior year's second quarter net loss was $0.8 million or $0.09 per share.

Income from operations before depreciation and amortization expenses (EBITDA), excluding the goodwill charge, for the second quarter of fiscal 2005 totaled $6.9 million compared to $8.9 million in the prior year period.

As previously reported, sales increased 5.9 percent to $199.7 million for the second quarter compared to $188.6 million in the same period a year ago. Total sales for the second quarter of fiscal 2005 included $13.9 million of sales related to the Carlyle specialty jewelry stores acquired by the Company in May 2005. Comparable department sales (departments open for the same months during the comparable period) for the first quarter increased 0.1 percent.


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