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Casual bags maker Samsonite posts Q2 results

09
Sep '05
Casual bags maker Samsonite Corporation reported revenues for the six months ended July 31, 2005 of $468.9 million compared to revenues of $425.3 million during the same six-month period in the prior year. Operating income for the first six months of the year was $39.9 million compared to $20.4 million during the prior year.

Net income to common stockholders for the first six months of the year was $2.1 million, or $0.01 per share, versus a net loss of $28.8 million, or $0.13 per share, during the prior year. The net loss for the six months ended July 31, 2004 included bond tender offer premiums of $13.7 million and the write-off of deferred financing costs of $4.1 million related to the prior year second quarter refinancing of the Company's senior subordinated notes.

Net income (loss) to common stockholders includes charges of $7.3 million in the current year and $6.7 million in the prior year for preferred stock dividends.

For the second quarter of fiscal year 2006, revenues reached $236.5 million, generating operating income of $17.6 million and net loss to common stockholders of $1.6 million, or $0.01 per common share. These results compare to revenues of $224.8 million, operating income of $14.0 million and net loss to common stockholders of $21.7 million, or $0.10 per share, for the second quarter of the prior year.

Adjusted EBITDA (earnings before interest expense, taxes, depreciation and amortization, adjusted for minority interests, restructuring charges, executive severance, stock and deferred compensation expense, asset impairment charges, ERP project expenses and to include realized currency hedge gains and losses) for the first six months of the current year was $55.4 million versus $42.9 million for the same period in the prior year.


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