Men's Wearhouse Q1 income rises – plans to repurchase $50mn shares
19 May '05
3 min read
Leading specialty men's apparel retailer Men's Wearhouse announced its consolidated financial results for the first quarter ended April 30, 2005.
Diluted earnings per share increased to $0.61 for the first quarter ended April 30, 2005 compared to $0.41 last year. Net earnings were $22.7 million compared to $15.1 million last year. Excluding Eddie Rodriguez net operating losses, diluted earnings per share increased from $0.42 last year to $0.69 this year, a 64% increase.
Additionally, Men's Wearhouse announced its Board of Directors has approved a 3-for-2 stock split of the Company's outstanding common shares, which will be paid as a stock dividend, and has replenished its share repurchase program to $50 million by authorizing $43 million to be added to the remaining $7 million of the current program.
Holders of record of the Company's common stock at the close of business on May 31, 2005, will receive one additional share of common stock for every two shares of common stock they own. Fractional shares resulting from the stock split will be paid in cash in lieu of shares. The stock dividend will be paid on June 13, 2005. After the split, there will be approximately 54.0 million shares of the Company's common stock outstanding.
“This decision to declare a stock split and an additional share repurchase program was based on the Company's continuing financial success and reflects our confidence in our long-term growth outlook,” stated George Zimmer, Founder, Chairman and Chief Executive Officer of Men's Wearhouse.
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