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Increase of 22.2% in seamless apparel sales at Tefron

21
Aug '12
Tefron reports strong improvement in operating and net profit in the second quarter and first half of 2012 and first positive quarterly cash flow in six quarters.
 
Financial highlights:
• Operating profit in the second quarter of 2012 totaled $149 thousand in comparison to operating loss in the amount of $1.3 million in the corresponding period last year .
• EBITDA in the second quarter of 2012 totaled $1.6 million compared to $0.5 million in the corresponding period last year.
• Net income for second quarter of 2012 totals $1.3 million, or 20 cents diluted earnings per share including a tax benefit of $1.1 million, compared to a net loss of $1.7 million in the same period in 2011
• Cash flow from operating activities for the second quarter totaled $3.2 million, compared to a negative cash flow of $1.5 million in the second quarter of 2011.
• Operating profit in the first half of 2012 totaled $256 thousand in comparison to operating loss in the amount of $3.2 million in the corresponding period last year.
• EBITDA in the first half of 2012 totaled $3.0 million in comparison to $0.8 million in the corresponding period last year.
• Net income for the first six months of 2012 totaled $477 thousand, or 7 cents diluted earnings per share compared to a loss of $4.0 million in the first half of 2011.
• Cash flow from operating activities totaled $0.6 million in the first half of 2012 compared to negative cash flow of $9.2 million in the first six months of 2011.

Commenting on developments at Tefron in the period, Amit Meridor, Tefron's  CEO said: "In the second quarter of 2012, Tefron recorded an increase of 22.2% in the seamless apparel sector sales. This very positive operational result, as well as the stronger financial results we reported are a direct outcome of the  large scale investments that we have made at Tefron over the past two years, particularly in the development of new products and the improvement in product mix. These important investments, combined with our advance production capabilities in Israel and more recently established production operations in China, have enabled Tefron to offer a full and competitive basket of solutions to customers and to solidify our position as the global leader in seamless technology.

During Tefron's recent turnaround period, we have made major improvements in production efficiencies and, equally important, we have worked to establish a culture of streamlining costs at all levels.  These efforts have allowed us to stay competitive and turn a positive operating profit and net profit despite the increase in the price of raw materials and additional costs.

 


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