Angelica reaffirms Q1 fiscal 2007 revenue & earnings targets

18 Jun '07

3 min read

Selling, general & administrative expenses (SG&A) for the first quarter of fiscal 2007 were $13.4 million, down 7.0% from $14.4 million in the first quarter of fiscal 2006. As a percentage of revenue, SG&A declined to 12.4% in the first quarter fiscal 2007 from 13.5% in the first quarter fiscal 2006.

This decline was primarily the result of several one-time expenses in fiscal 2006, including $0.6 million of operations consulting fees and $0.3 million of legal expenses which did not occur in fiscal 2007.

Other operating income for the first quarter of fiscal 2007 was $0.2 million from insurance recovery proceeds versus $0.6 million from real estate sale proceeds in the first quarter of fiscal 2006.

In the first quarter of fiscal 2007, the Company had non-operating income of $0.3 million versus $0.1 million of non-operating expense in the first quarter of fiscal 2006, reflecting interest income in both periods offset by a $0.3 million charge for our natural gas hedge in fiscal 2006.

Interest expense for the first quarter of fiscal 2007 was $2.3 million, up 5.2% from $2.2 million in the first quarter of fiscal 2006 due to higher interest rates.

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