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People's Liberation Q4 gross margin reaches record 50.5%

25
Mar '08
People's Liberation Inc, designer of high-end casual apparel under the brand names People's Liberation and William Rast, announced financial results for the fourth quarter and year ended December 31, 2007.

Fiscal Year 2007 Financial Results:
Net sales for the 2007 full year rose 27% to a record $20.3 million compared with $16.0 million for 2006. Gross margin improved to 48.6% compared with 44.8% in 2006. Total operating expenses for 2007 increased to $10.5 million from $8.1 million in 2006. This increase was due primarily to increased selling and general and administrative expenses incurred to promote the People's Liberation and William Rast brands.

Net loss for the year ended December 31, 2007 amounted to $768,000 compared with a net loss of $865,000 in 2006. The decrease in net loss is due primarily to increased net sales, gross profit and other income, offset by increased operating expenses and minority interest. In the second half of 2007, the Company recorded net income totaling approximately $651,000 for the six-month period, as compared with a net loss of $162,000 for the corresponding period of 2006.

2007 Fourth Quarter Financial Results:
Net sales for the fourth quarter of 2007 were $5.6 million compared with $4.4 million in the corresponding prior-year quarter. Gross margin increased to 50.5% for the fourth quarter of 2007 compared with 49.5% in the fourth quarter of 2006. Operating expenses for the fourth quarter of 2007 amounted to $2.7 million, compared with $2.5 million in the fourth quarter of 2006.


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