Shoe maker Wellco declares Q4 net income for fiscal 2005

01 Oct '05

3 min read

For the fiscal year ended July 2, 2005 (current fiscal year), net income was $1,907,000, equivalent to basic earnings per share of $1.51 ($1.47 diluted), from revenues of $50,467,000. This compares with net income of $2,448,000, equivalent to basic earnings per share of $2.04 ($1.97 diluted) from revenues of $45,693,000 for the prior fiscal year ended July 3, 2004 (prior fiscal year).

The overall gross profit margin for fiscal year 2005 was 10 percent compared to 14 percent for the prior fiscal year. General and administrative expenses decreased $292,000.

In the current fiscal year the Company received and recognized $1,385,000 from the Puerto Rico government program mentioned above. The amount received and recognized in the prior fiscal year was $321,000.

Wellco Enterprises Inc began operations in Waynesville NC, Ro-Search Inc a subsidiary, develops shoe manufacturing processes and licenses its technology to other manufactures world-wide. Introduced a new line of combat boots incorporating running-shoe technology.

Blast protective boot and over boot enhanced by incorporating polyurethane injection, combined with rubber in the tread area for traction and wear. Opened Combat Footgear, etc by Wellco at Fort Bragg, North Carolina

Wellco Enterprises Inc

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