Danier enters seasonally slower Q4 with improved inventory position

16 Aug '10

4 min read

Danier currently has a total of 4,568,169 shares outstanding comprised of 3,343,840 Subordinate Voting Shares and 1,224,329 Multiple Voting Shares. During fiscal 2010, Danier repurchased a total of 1,352,700 Subordinate Voting Shares of which 1,120,000 Subordinate Voting Shares were repurchased during the third quarter of fiscal 2010 under a modified "Dutch Auction" substantial issuer bid and 232,700 Subordinate Voting Shares were repurchased under Danier's subsequent normal course issuer bid on the facilities of the TSX during the fourth quarter of fiscal 2010. During the prior fiscal year, an aggregate of 367,160 Subordinate Voting Shares were repurchased under two consecutive normal course issuer bids outstanding during that period.

Danier maintained a strong financial position at the fiscal 2010 year-end with approximately $26.6 million in cash ($5.81 per outstanding share) compared with $24.6 million at the end of fiscal 2009. Inventory at the fiscal 2010 year-end was $26.5 million compared with $21.0 million last year. The increase in inventory is due mainly to early purchases of finished goods merchandise for the upcoming fall/winter season. Danier has no long-term debt and working capital of $36.9 million. Book value per outstanding share at the end of the fourth quarter of fiscal 2010 was $12.00 per outstanding share.

Danier Leather Inc. is a leading integrated designer, manufacturer, distributor and retailer of high-quality fashion-oriented leather and suede clothing and accessories. The Company's merchandise is marketed exclusively under the well-known Danier brand name and is available at its 90 shopping mall, street-front and power centre stores. Corporations and other organizations can obtain Danier products for use as incentives and premiums for employees, suppliers and customers through Canada Sportswear Corp.

Danier Leather Inc

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