SOURCE: Jaclyn, Inc.

May 23, 2011 14:16 ET

Jaclyn Reports Year Ended February 28, 2011 Financial Results

MAYWOOD, NJ--(Marketwire - May 23, 2011) - Jaclyn, Inc. (OTCQX: JCLY) today reported financial results for the year ending February 28, 2011.

Net sales for the year ended February 28, 2011 were $196,020,000. The Company had net earnings of $1,940,000, or $.80 per diluted share. Financial results for the year included stock-based compensation expense totaling $287,000 before income taxes ($168,000 after tax, or $.07 per diluted share), relating to previously announced stock awards granted by the Company to one of its executive officers.

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: jaclyninc.com

                       JACLYN, INC. AND SUBSIDIARIES

                CONDENSED CONSOLIDATED STATEMENT OF EARNINGS

                    For the Year ended February 28, 2011






Net Sales                                                $ 196,020,000

Earnings before Income Taxes                             $   3,306,000 (1)

Net Earnings                                             $   1,940,000 (1)

Net Earnings per Common Share - Basic                    $         .80 (1)

Weighted average shares outstanding - basic                  2,418,000


Net Earnings per Common Share - Diluted                  $         .80 (1)

Weighted average shares outstanding - diluted                2,426,000

(1) Note: Includes stock-based compensation to one executive officer
of the Company totaling $287,000 before income taxes ($168,000 after taxes,
or $.07 per diluted share), consisting of approximately $163,000 of
non-cash compensation and approximately $124,000 of cash compensation for
related payroll taxes.

Contact Information

  • Company Contact:
    Anthony Christon
    Chief Financial Officer
    Jaclyn, Inc.
    (201) 909-6000