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Cherokee extends licensing agreement with Target

Apr '08
Cherokee Inc, a leading licensor and global brand management company, reported financial results for the fourth quarter and fiscal year ended February 2, 2008.

Fiscal Year 2008 Highlights:
• Royalties from international territories totaled $21.6 million, representing a 17% increase from the prior year, and 52% of the Company's total fiscal 2008 royalties. The Company expects royalties from international territories to continue to increase, as its new international licensees begin to sell Cherokee branded products over the next two years.
• Worldwide annual retail sales of Cherokee-branded products exceeded $2.5 billion.
• Cash and cash equivalents of $22.0 million, receivables of $7.4 million, and zero debt.
• Paid $3.00 per share, or a total of $26.7 million, in dividends to shareholders during Fiscal 2008. In March 2008, the Company paid a dividend of $0.75 per share to shareholders.

For the year ended February 2, 2008, net revenues totaled $41.6 million, as compared to $76.6 million in the same period last year. Last year's revenues included the one-time payment of $33.0 million from the sale of the Mossimo Finders Agreement and also $0.9 million of past royalties.

Selling, general and administrative expenses totaled $15.4 million in fiscal 2008 as compared to $19.5 million in the same period last year. Last year's expenses included approximately $5.4 million of one-time expenses from the sale of the Mossimo Finder's Agreement. Net earnings totaled $16.4 million, or $1.84 per diluted share, as compared to fiscal 2007 net earnings of $34.8 million, or $3.93 per diluted share.

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