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Women's sleepwear company posts Q3 financial results

19
May '08
Jaclyn Inc reported financial results for the third quarter ended March 31, 2008.

Net sales for the three-month period ended March 31, 2008 were $31,187,000 compared to $34,705,000 a year earlier. The Company reported a third quarter net loss of $457,000, or $.19 per diluted share, compared to a net loss in the fiscal 2007 third quarter of $1,487,000, or $.60 per diluted share, which includes a pretax pension plan settlement charge of $3,089,000 ($1,970,000 after tax, or $.78 per diluted share).

Net sales for the nine-month period ended March 31, 2008 were $108,833,000 compared to $122,913,000 for the same period last year.

Net earnings for the nine-month period ended March 31, 2008 were $444,000, or $.18 per diluted share, compared to net earnings of $692,000, or $.27 per diluted share, which includes a pretax pension plan settlement charge of $3,089,000 in the same period last year ($1,970,000 after tax, or $.78 per diluted share).

Commenting on the financial results, Allan Ginsburg, Chairman of the Board, stated "we experienced decreases in net sales for the quarter and year-to-date periods, in particular, in our children's apparel and handbag divisions.

However, a portion of these decreases is the result of the timing of certain orders for our children's apparel division, which we expect to ship in the fourth quarter of fiscal 2008.

We believe our fiscal 2008 net sales will be slightly below our fiscal 2007 net sales level.


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