MAYWOOD, NJ--(Marketwire - May 24, 2010) - Jaclyn, Inc. (
OTCQX:
JCLY) today reported
financial results for the eight-month transition period ended February 28,
2010. As previously announced, Jaclyn changed its fiscal year from a June
30th year end to a fiscal year ending on the last day of February.
Net sales for the eight-month period ended February 28, 2010 were
$106,167,000 compared to $104,890,000 (unaudited) in the prior comparable
eight-month period. The Company had net earnings of $71,000, or $.03 per
diluted share, compared to net earnings of $270,000, or $.12 per diluted
share (unaudited) in the comparable prior eight-month fiscal period.
Financial results for this year's eight-month period included stock-based
compensation expense totaling $1,958,000 before income taxes ($1,138,000
after tax, or $.48 per diluted share), relating to previously announced
stock awards granted by the Company to one of its executive officers. The
net cash impact to the Company of this stock-based compensation was
approximately $73,000, after related income tax benefits. All financial
information for the eight-month period ended February 28, 2009 set forth in
this press release is unaudited and is presented for comparative purposes
only.
Note: This press release contains information concerning, among other
things, our future plans and objectives that are or may be deemed to be
forward-looking statements. However, forward-looking statements are
subject to a number of known and unknown risks and uncertainties that may
cause our actual results, trends, performance or achievements, or industry
trends and results, to differ materially from the future results, trends,
performance or achievements expressed or implied by such forward-looking
statements. Those risks and uncertainties may include, but are not limited
to, general economic and business conditions (including the ongoing
financial downturn and disruptions in credit markets); competition;
potential changes in customer spending; acceptance of our product offerings
and designs; the variability of consumer spending resulting from changes in
domestic economic activity; a highly promotional retail environment; any
significant variations between actual amounts and the amounts estimated for
those matters identified as our critical accounting estimates as well as
other significant accounting estimates made in the preparation of our
financial statements; and the impact of current and potential hostilities
in the Middle East and in other geographic areas; as well as other
geopolitical concerns. You are urged to consider all such factors. In
light of the uncertainty inherent in such forward-looking statements, you
should not consider their inclusion to be a representation that such
forward-looking matters will be achieved. We assume no obligation for
updating any such forward-looking statements to reflect actual results,
changes in assumptions or changes in other factors affecting such
forward-looking statements.
Jaclyn, Inc. is a designer, manufacturer and marketer of apparel, women's
sleepwear, infants' and children's apparel, handbags, premium incentives
and related accessories. Website:
www.jaclyninc.com
JACLYN, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
For the Eight-Month Fiscal Period ended February 28, 2010
With comparisons to the unaudited eight-month period ended
February 28, 2009
Year Ended June 30, 2010 2009
(Unaudited)
------------
Net Sales $106,167,000 $104,890,000
Earnings before Income Taxes $ 136,000(1) $ 514,000
Net Earnings $ 71,000(1) $ 270,000
Net Earnings per Common Share - Basic $ .03(1) $ .12
Weighted average shares
outstanding - basic 2,343,000 2,245,000
Net Earnings per Common Share - Diluted $ .03(1) $ .12
Weighted average shares
outstanding - diluted 2,358,000 2,313,000
(1) Note: Includes stock-based compensation to one executive officer of the
Company totaling $1,958,000 before income taxes ($1,138,000 after taxes, or
$.48 per diluted share), consisting of approximately $1,102,000 of non-cash
compensation and approximately $856,000 of cash compensation for related
payroll taxes. The net cash impact to the Company of this stock-based
compensation was approximately $73,000, after related income tax benefits.
Contact Information: Company Contact:
Anthony Christon
Chief Financial Officer
Jaclyn, Inc.
(201) 909-6000