Operating income for the second quarter of fiscal 2005 improved 21.7 percent to $15.6 million from the prior year period. Operating margin for the second quarter of fiscal 2005 increased 30 basis points to 4.2 percent.
Net income increased to $6.3 million for the second quarter of fiscal 2005 compared to $4.4 million for the second quarter of fiscal 2004. Higher revenues, better cost management and a lower tax rate contributed to the improvement in the current quarter.
Mr. Gromek continued, "For the balance of 2005, they are focused on improving gross margins and continuing to enhance the profitability of the Company. They are excited by the reception of their recently launched Op, Michael Kors and Calvin Klein swimwear collections, which were presented at the Miami market in July. Additionally, they believe the momentum in Warner's demonstrates that this brand is on the right track."
Mr. Gromek concluded, "I would also like to announce that their Board of Directors recently authorized a share repurchase program of up to three million shares of common stock." The Company notes that, in order to comply with the terms of applicable debt instruments (which contain certain limitations on repurchases), the Company expects that purchases under the share repurchase program will be made over the course of the next three years.
Financial data as of and for the three- and six-month periods ended July 2, 2005 and July 3, 2004 can be found on Schedules 1, 1.1,2 and 3 to this release.
-Ltd..jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Thermore (Far East) Ltd.")
.jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Telangana State Industrial Infrastructure Corporation Limited (TSllC Ltd)")
.jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Taiwan Textile Federation (TTF)")
