News Flash

Philips-Van net income grows 65% for Q2

25 Aug '05

4 min read

World's largest apparel companies Phillips-Van Heusen Corporation reported 2005 second quarter and year to date GAAP net income of $23.5 million or $0.16 per share and $48.5 million or $0.67 per share, respectively, which includes the costs associated with the secondary common stock offering completed in July, 2005. The prior year's second quarter and year to date GAAP net income were $13.0 million or $0.24 per share and $14.6 million or $0.13 per share, respectively, which include restructuring and other items.

For the 2005 second quarter, excluding the costs associated with the secondary common stock offering, net income per share was $0.43 which was $0.02 ahead of First Call consensus estimate and 54 percent higher than last year's net income per share excluding restructuring and other items of $0.28.

The current year's six month net income per share excluding the costs associated with the secondary common stock offering was $0.89 which was almost double the prior year's net income per share excluding restructuring and other items of $0.46.

The secondary common stock offering completed in the current quarter consisted of the voluntary conversion of a portion of the Company's Series B convertible preferred stock by the holders of such stock into 7.3 million shares of common stock and the subsequent sale of such shares. The costs associated with the secondary common stock offering of $14.2 million include an inducement payment of $12.9 million and $1.3 million of costs specifically related to the offering.

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