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Cherokee extends licensing agreement with Target
16 Apr '08
3 min read
Q4 2008 Highlights:
• Extends Licensing Agreement With Target Through January 31, 2012.
• Royalties from international territories totaled $5.5 million, representing a 25% increase from the fourth quarter of the prior year.
• Pre-tax income of $5.5 million in Q4 FY08.
Net revenues for the fourth quarter of fiscal 2008 totaled $8.7 million, as compared to the $42.2 million reported in the fourth quarter of fiscal 2007. The fourth quarter of fiscal 2007 included the one-time revenues of $33.0 million from the Company's sale of the Mossimo Finders Agreement and also $0.9 million of past royalties.
Selling, general and administrative expenses totaled $3.5 million in the fourth quarter of fiscal 2008, as compared to $8.4 million in the same period last year.
The expenses from the prior year period included approximately $5.3 million of one-time expenses from the sale of the Mossimo Finder's Agreement. Net earnings were $2.8 million or $0.31 per diluted share, as compared to $20.7 million, or $2.33 per diluted share in the same period last year.
Robert Margolis, Chairman and CEO, said, "Fiscal 2008 marks another strong year for the Cherokee Group. The combination of the stability, consistency and increasing diversification of our revenue streams from the combination of our brands and through our world class retail partners across the globe, gives us confidence about our business prospects in the future. We believe we havethe right strategy in place to continue to increase shareholder value in the years ahead.
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• Extends Licensing Agreement With Target Through January 31, 2012.
• Royalties from international territories totaled $5.5 million, representing a 25% increase from the fourth quarter of the prior year.
• Pre-tax income of $5.5 million in Q4 FY08.
Net revenues for the fourth quarter of fiscal 2008 totaled $8.7 million, as compared to the $42.2 million reported in the fourth quarter of fiscal 2007. The fourth quarter of fiscal 2007 included the one-time revenues of $33.0 million from the Company's sale of the Mossimo Finders Agreement and also $0.9 million of past royalties.
Selling, general and administrative expenses totaled $3.5 million in the fourth quarter of fiscal 2008, as compared to $8.4 million in the same period last year.
The expenses from the prior year period included approximately $5.3 million of one-time expenses from the sale of the Mossimo Finder's Agreement. Net earnings were $2.8 million or $0.31 per diluted share, as compared to $20.7 million, or $2.33 per diluted share in the same period last year.
Robert Margolis, Chairman and CEO, said, "Fiscal 2008 marks another strong year for the Cherokee Group. The combination of the stability, consistency and increasing diversification of our revenue streams from the combination of our brands and through our world class retail partners across the globe, gives us confidence about our business prospects in the future. We believe we havethe right strategy in place to continue to increase shareholder value in the years ahead.
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Cherokee Inc
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