McRae Industries, Inc. Reports Earnings for Fourth Quarter of Fiscal 2005
2005年10月29日 - 7:23AM
PRニュース・ワイアー (英語)
MOUNT GILEAD, N.C., Oct. 28 /PRNewswire-FirstCall/ -- McRae
Industries, Inc. (Amex: MRI.A; MRI.B) reported consolidated net
revenues from continuing operations for the fourth quarter of
fiscal 2005 of $13,677,000, as compared to $21,993,000 for the
fourth quarter of fiscal 2004. Net earnings from continuing
operations for the fourth quarter of fiscal 2005 amounted to
$140,000, or $.11 per diluted Class A common share, as compared to
net earnings from continuing operations of $1,778,000, or $.68 per
diluted Class A common share, for the fourth quarter of fiscal
2004. The decrease in consolidated net revenues from continuing
operations was primarily due to reduced military boot requirements
for the U.S. Government (the "Government") as in the first quarter
of fiscal 2005 the Government moved from "surge" levels to their
normal contract levels. The western and work boot business
partially offset the decline in military footwear as net revenues
grew from strong demand for western and work boot products related
primarily to current fashion trends. Consolidated net earnings from
continuing operations for the fourth quarter of fiscal 2005
amounted to $125,000, as compared to $1,671,000 for the fourth
quarter of fiscal 2004 primarily attributable to lower net revenues
and higher selling and administrative costs. The net loss from
discontinued operations for the fourth quarter of fiscal 2005
amounted to $15,000 as compared to $107,000 for the fourth quarter
of fiscal 2004. Consolidated net revenues from continuing
operations for the twelve months of fiscal 2005 totaled $62,404,000
as compared to $70,496,000 for the twelve months of fiscal 2004.
This 11.5% decrease in consolidated net revenues was attributable
to reduced demand for military combat boots for the Government,
partially offset by increased sales of western boots and bar code
products. Consolidated gross profit from continuing operations fell
by 1.7%, from $15.0 million for fiscal 2004 to $14.7 million for
fiscal 2005. Declining gross profits in the military boot and bar
code businesses were partially offset by improved gross profit in
the western boot business. As a percentage of net revenues, gross
profit improved from 21.3% to 23.6% primarily attributable to
higher margins in the western boot business. Consolidated selling,
general and administrative expenses from continuing operations,
including research and development (R&D) costs, amounted to
$12.3 million for fiscal 2005, an increase of 15.6% over $10.6
million for fiscal 2004 as higher expenditures for sales
commissions, advertising and marketing costs, administrative
salaries, professional fees, and business insurance were partially
offset by lower expenditures for R&D, group health insurance,
and reduced bad debt charges. Net earnings for fiscal 2005, which
included a $1,870,000 gain, net of income tax expense, on the sale
of the office products business, amounted to $3,444,000 or $1.46
per diluted Class A common share, as compared to $3,009,000, or
$1.25 per diluted Class A common share for fiscal 2004. Net
earnings from continuing operations were $1,574,000 and $3,206,000
for fiscal 2005 and 2004, respectively. Net earnings from
discontinued operations amounted to $1,870,000 for fiscal 2005, as
compared to a net loss of $197,000 for the same period of fiscal
2004. In addition to historical information, this Press Release
includes certain forward-looking statements as such term is defined
in Section 77A of the Securities Act of 1933 and Section 21E of the
Securities Exchange Act of 1934. Important factors that could cause
actual results or events to differ materially from those projected,
estimated, assumed or anticipated in any such forward-looking
statements include: the proposed reverse/forward stock split
transaction and subsequent termination of SEC registration are each
subject to various conditions and may not occur; the effect of
competitive products and pricing, risks unique to selling goods to
the Government (including variation in the Government's
requirements for our products and the Government's ability to
terminate its contracts with vendors), loss of key customers,
possible asset acquisitions and distribution, supply interruptions,
additional financing requirements, loss of key management
personnel, our ability to successfully develop new products and
services, and the effect of general economic conditions in our
markets. McRae Industries, Inc. Condensed and Consolidated
Statements of Income Fourth Quarter of Fiscal 2005 For the Three
and Twelve Months Ended July 30, 2005 and July 31, 2004 Three
Months Ended Twelve Months Ended July 30, July 31, July 30, July
31, 2005 2004 2005 2004 Net revenues from continuing operations
$13,677 $21,993 $62,404 $70,496 Earnings from continuing operations
before income Taxes 329 2,306 2,491 4,556 Income taxes provision
189 525 917 1,352 Minority shareholder's interest 0 3 0 (2) Net
earnings from continuing operations 140 1,778 1,574 3,206 Earnings
(loss) from discontinued operations, net of income tax (15) (107)
1,870 (197) Net earnings $125 $1,671 $3,444 $3,009 Earnings per
common share: Earnings per common share from continuing operations:
Basic earnings per share: Class A $.15 $.97 $ 1.09 $1.90 Class B 0
0 0 0 Diluted earnings per share: Class A .11 .68 .79 1.32 Class B
NA NA NA NA Earnings per common share from discontinued operations:
Basic earnings per share: Class A 0 (.05) .94 (.10) Class B 0 0 0 0
Diluted earnings per share: Class A 0 (.03) .67 (.07) Class B NA NA
NA NA Net earnings per common share: Basic earnings per share:
Class A .15 .92 2.03 1.80 Class B 0 0 0 0 Diluted earnings per
share: Class A $.11 $ .65 $ 1.46 $ 1.25 Class B NA NA NA NA
Weighted average number of common shares outstanding: Class A
2,136,232 1,943,543 1,993,172 1,929,965 Class B 632,267 824,956
775,327 838,534 Weighted average number of common shares
outstanding 2,768,499 2,768,499 2,768,499 2,768,499 See notes to
consolidated financial statements included in the Company's Annual
Report on Form 10-K. DATASOURCE: McRae Industries, Inc. CONTACT:
Gary McRae, President of McRae Industries, Inc., +1-910-439-6147
Web site: http://www.mcraeindustries.com/
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