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Shoe maker Wellco declares Q4 net income for fiscal 2005

01
Oct '05
Shoemaker Wellco Enterprises Inc reported net income for the fourth quarter of fiscal year 2005 (current quarter), which, ended July 2, 2005 of $780,000 equivalent to basic earnings per share of $0.62 ($0.60 diluted), from revenues of $11,226,000.

This compares to net income $858,000 equivalent to basic earnings per share of $0.70 ($0.66 diluted), from revenues of $14,174,000 in the prior year fiscal fourth quarter (prior quarter) that ended July 3, 2004.

Compared to the prior quarter, total revenues in the current quarter decreased by $2,948,000. In the current quarter the Company shipped 29,000 pairs of the Army Combat Boot-Hot Weather (formerly known as the DMS boot) compared to 131,000 pairs in the prior quarter. In the current quarter the Company shipped 81,000 pairs of the Army Combat Boot-Temperate Weather (formerly known as the ICB boot) compared to 55,000 pairs in the prior quarter.

Shipments of Hot Weather boots in the prior quarter were under the Defense Department's surge option, primarily to meet the urgent need in Iraq. The surge need was substantially met by the end of the first quarter of fiscal year 2005. In addition, for the second year of the related contract, which ends September 30, 2005, the Company was informed on August 29, 2005 that its allocation was reduced from 30 percent of total Hot Weather boot purchases to 15 percent.

The overall gross profit margin between the two quarters was consistent at 16 percent. General and administrative expenses decreased $397,000 primarily due to a decrease in administrative compensation.


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