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Bernard Chaus Reports Third Quarter Results
NEW YORK-(Business Wire)-May 1, 2008 - Bernard Chaus, Inc. (OTC Bulletin Board: CHBD.OB) today reported its financial results for the third quarter and first nine months of fiscal year 2008.
For the third quarter ended March 31, 2008, revenues were $32.7 million compared to $38.2 million in the third quarter of fiscal 2007. Net income for the third quarter of fiscal 2008 was $260,000, or $0.01 per diluted share on a weighted average of approximately 37.5 million shares outstanding, compared to net income of $563,000, or $0.01 per diluted share on a weighted average of approximately 38.0 million shares outstanding, in the same period a year ago.
For the nine months ended March 31, 2008, revenues were $93.6 million compared to $117.1 million in the nine-month period of fiscal year 2007. The Company's net loss for the nine-month period of fiscal 2008 was $4.5 million, or $0.12 per diluted share on a weighted average of approximately 37.4 million shares outstanding, compared to net income of $3.1 million, or $0.08 per diluted share on a weighted average of approximately 38.0 million shares outstanding, in the nine-month period a year ago.
Josephine Chaus, Chairwoman and Chief Executive Officer, said, "During the quarter, we saw solid growth in our department and specialty store businesses with our Chaus and Kenneth Cole brands, offset by lower results in our club and private label channels. During the quarter, we also continued to reduce SG&A expenses. Looking forward, we will continue to focus on opportunities to more efficiently utilize our overhead structure and reduce costs, build on the successes we are having in our Chaus and Kenneth Cole businesses, and better leverage our strong design and sourcing capabilities to recapture and expand the revenue base of the Company."
Bernard Chaus, Inc., designs, sources and markets an extensive range of women's career and casual sportswear, principally under the Josephine Chaus, Chaus, Cynthia Steffe and Cynthia Cynthia Steffe trademarks, as well as under certain private labels. The Company's products are sold nationwide through department store chains, specialty retailers and other outlets. The Company also has a license agreement with Kenneth Cole Productions, Inc. for the manufacture and sale of women's sportswear under various labels.
This press release contains forward-looking statements that are based upon current expectations and involve a number of uncertainties including retail market conditions, success of new initiatives, the Company's ability to effectively execute its business plan, consumer acceptance of the Company's products, including the Kenneth Cole licensed products, and the ability to achieve anticipated profit margins. Further information on potential factors which could affect the Company's financial results are included in the Company's Form 10-K for the year ended June 30, 2007 and subsequent Form 10-Qs. -0- *T BERNARD CHAUS, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (Dollars in thousands, except number of shares and per share amounts) For the Three Months For the Nine Months Ended Ended March 31, March 31, March 31, March 31, 2008 2007 2008 2007 —————- ————— —————— —————- Net revenue $ 32,686 $38,243 $ 93,608 $ 117,139 Cost of goods sold 22,408 26,685 67,655 81,715 —————- ————— —————— —————- Gross profit 10,278 11,558 25,953 35,424 Selling, general and administrative expenses 9,768 10,626 29,594 31,292 —————- ————— —————— —————- Income (loss) from operations 510 932 (3,641) 4,132 Interest expense, net 220 334 747 876 —————- ————— —————— —————- Income (loss) before income tax provision 290 598 (4,388) 3,256 Income tax provision 30 35 95 184 —————- ————— —————— —————- Net income (loss) $ 260 $563 $ (4,483) $ 3,072 =========== ========== ============ =========== Basic earnings (loss) per share $ 0.01 $0.02 $ (0.12) $ 0.08 =========== ========== ============ =========== Diluted earnings (loss) per share $ 0.01 $0.01 $ (0.12) $ 0.08 =========== ========== ============ =========== Weighted average number of common shares outstanding - basic 37,473,000 37,510,000 37,412,000 37,512,000 =========== ========== ============ =========== Weighted average number of common and common equivalent shares outstanding - diluted 37,476,000 38,042,000 37,412,000 37,966,000 =========== ========== ============ =========== *T -0- *T BERNARD CHAUS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEET DATA (Dollars in thousands) March 31, March 31, 2008 2007 ————— ————— Cash $ 72 $ 57 Accounts receivable, net 21,243 28,019 Inventories 7,206 8,497 Prepaid expenses and other current assets 660 547 ————— ————— Total current assets 29,181 37,120 Fixed and other assets, net 2,267 3,296 Goodwill and trademarks 3,257 3,257 ————— ————— Total assets $34,705 $43,673 ========== ========== Revolving credit borrowings $ 8,454 $ 6,122 Accounts payable and accrued expenses 9,110 11,534 Term loan - current 2,650 1,700 ————— ————— Total current liabilities 20,214 19,356 Term loan and other long-term liabilities 694 3,550 ————— ————— Total liabilities 20,908 22,906 Total stockholders' equity 13,797 20,767 ————— ————— Total liabilities and stockholders' equity $34,705 $43,673 ========== ========== *T
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