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Alberto-Culver generates strong sales outside US
29 Jan '08
5 min read
As a result of the transaction, beginning in the first quarter of fiscal year 2007, the results of operations of Sally Beauty and Beauty Systems Group are reported as discontinued operations.
The Company reported earnings from discontinued operations of $1.4 million (net of tax) in the first quarter of fiscal 2008 compared to a loss from discontinued operations of $5.9 million (net of tax) during the first quarter of fiscal 2007.
Discontinued operations include the earnings of the beauty supply distribution business, which was separated from the Company on November 16, 2006, together with other fees and expenses associated with the separation.
The diluted earnings per share from discontinued operations was 2 cents this quarter versus a diluted loss per share of 6 cents in the prior year quarter.
Including continuing and discontinued operations, the Company reported net earnings of $30.9 million or 31 cents per share on a fully diluted basis this quarter, compared to a net loss of $5.9 million or 6 cents per fully diluted share in the first quarter of fiscal 2007.
On December 1, 2006, the Company announced a reorganization plan following the completion of the separation. All costs incurred related to this plan, as well as certain other charges recorded in connection with the closing of the separation, are classified as "restructuring and other" on the statement of earnings.
During the first quarter of fiscal year 2008 and 2007, the Company recorded restructuring costs related to the reorganization of $1.6 million and $31.4 million, respectively.
The pre-tax amount in the prior year quarter consisted primarily of severance related to the restructuring ($9.5 million), charges related to the acceleration of vesting of stock options and restricted stock ($12.2 million) and contractual termination benefits for the Company's former President and Chief Executive Officer relating to the separation ($9.9 million).
On October 29, 2007, the Company announced a plan to close its manufacturing facility in Toronto, Canada. All costs incurred related to this plan are also classified as "restructuring and other" on the statement of earnings. During the first quarter of fiscal year 2008, the Company recorded restructuring costs related to the closure of $3.2 million.
In total, the Company recorded restructuring and other costs during the first quarter of fiscal year 2008 of $4.8 million ($3.2 million after taxes or 3 cents per diluted share from continuing operations) versus $31.4 million ($20.3 million after taxes or 21 cents per diluted share from continuing operations) in the first quarter of fiscal year 2007.
Due to the disclosure of financial results excluding restructuring and other expenses, this press release contains certain non-GAAP financial measures as defined by Regulation G of the Securities and Exchange Commission.
A reconciliation of non-GAAP financial measures to the most directly comparable GAAP measures is included as a schedule to this release and can also be found on the Company's web site.
The Company will discuss its first quarter fiscal year 2008 results with investors in a call to be held later(Monday, January 28) at 11 a.m. Eastern Time.
The Company reported earnings from discontinued operations of $1.4 million (net of tax) in the first quarter of fiscal 2008 compared to a loss from discontinued operations of $5.9 million (net of tax) during the first quarter of fiscal 2007.
Discontinued operations include the earnings of the beauty supply distribution business, which was separated from the Company on November 16, 2006, together with other fees and expenses associated with the separation.
The diluted earnings per share from discontinued operations was 2 cents this quarter versus a diluted loss per share of 6 cents in the prior year quarter.
Including continuing and discontinued operations, the Company reported net earnings of $30.9 million or 31 cents per share on a fully diluted basis this quarter, compared to a net loss of $5.9 million or 6 cents per fully diluted share in the first quarter of fiscal 2007.
On December 1, 2006, the Company announced a reorganization plan following the completion of the separation. All costs incurred related to this plan, as well as certain other charges recorded in connection with the closing of the separation, are classified as "restructuring and other" on the statement of earnings.
During the first quarter of fiscal year 2008 and 2007, the Company recorded restructuring costs related to the reorganization of $1.6 million and $31.4 million, respectively.
The pre-tax amount in the prior year quarter consisted primarily of severance related to the restructuring ($9.5 million), charges related to the acceleration of vesting of stock options and restricted stock ($12.2 million) and contractual termination benefits for the Company's former President and Chief Executive Officer relating to the separation ($9.9 million).
On October 29, 2007, the Company announced a plan to close its manufacturing facility in Toronto, Canada. All costs incurred related to this plan are also classified as "restructuring and other" on the statement of earnings. During the first quarter of fiscal year 2008, the Company recorded restructuring costs related to the closure of $3.2 million.
In total, the Company recorded restructuring and other costs during the first quarter of fiscal year 2008 of $4.8 million ($3.2 million after taxes or 3 cents per diluted share from continuing operations) versus $31.4 million ($20.3 million after taxes or 21 cents per diluted share from continuing operations) in the first quarter of fiscal year 2007.
Due to the disclosure of financial results excluding restructuring and other expenses, this press release contains certain non-GAAP financial measures as defined by Regulation G of the Securities and Exchange Commission.
A reconciliation of non-GAAP financial measures to the most directly comparable GAAP measures is included as a schedule to this release and can also be found on the Company's web site.
The Company will discuss its first quarter fiscal year 2008 results with investors in a call to be held later(Monday, January 28) at 11 a.m. Eastern Time.
Alberto-Culver Company
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