Tommy Hilfiger's preliminary fiscal year 2005 announcement

30 Sep '05

3 min read

Fashionable clothing marketer Tommy Hilfiger Corporation reported preliminary net income for its fiscal year ended March 31, 2005 and announced that prior year financial statements will be adjusted slightly as a result of an accounting restatement.

Fiscal Year 2005 Results
The Company reported preliminary net income for the fiscal year ended March 31, 2005 of approximately $86 million, or $0.93 per diluted share. Preliminary pretax income for fiscal 2005 is expected to be approximately $89 million as compared to the previously reported estimate of $92 million announced in June 2005.

Restatement
As previously disclosed in its June 15, 2005 and August 10, 2005 press releases, the Company had been in the process of determining whether a restatement was required in connection with tax matters, lease accounting and other out of period adjustments. The Company has now concluded that it should restate its financial results for the fiscal years ended March 31, 2001, 2002, 2003 and 2004, as well as for the first quarter of the fiscal year ended March 31, 2005.

The Company will file today a Form 8-K with the Securities and Exchange Commission ("SEC"), which details the restatement. The Company considers the impact of the restatement as set forth in this press release and the Form 8-K to be preliminary until it files its financial statements with the SEC. When the Company files its financial statements with the SEC, it does not anticipate there will be any significant changes from the preliminary restated financial results.

More Tommy Hilfiger Corporation News...