OXFORD INDUSTRIES, INC.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): April 3, 2007
OXFORD INDUSTRIES, INC.
(Exact name of registrant as specified in its charter)
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Georgia
(State or other jurisdiction
of incorporation)
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001-04365
(Commission
File Number)
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58-0831862
(IRS Employer
Identification No.) |
222 Piedmont Avenue, NE, Atlanta, GA 30308
(Address of principal executive offices) (Zip Code)
Registrants telephone number, including area code (404) 659-2424
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the
filing obligation of the registrant under any of the following provisions:
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b)) |
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c)) |
ITEM 2.02. RESULTS OF OPERATIONS AND FINANCIAL CONDITION.
On April 3, 2007, Oxford Industries, Inc. issued a press release announcing, among other things,
its financial results for the quarter ended March 2, 2007. The press release is attached hereto as
Exhibit 99.1 and is incorporated herein by reference.
The information contained in this Form 8-K (including Exhibit 99.1) shall not be deemed filed for
purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the Exchange Act), or
otherwise be subject to the liabilities of that section, nor shall it be incorporated by reference
in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be
expressly set forth by specific reference in such a filing.
ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS.
(d) Exhibits.
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EXHIBIT |
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NUMBER |
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99.1
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Press Release of Oxford Industries, Inc., dated April 3, 2007. |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused
this report to be signed on its behalf by the undersigned hereunto duly authorized.
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OXFORD INDUSTRIES, INC.
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April 3, 2007 |
By: |
/s/ Thomas Caldecot Chubb III
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Thomas Caldecot Chubb III |
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Executive Vice President |
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EX-99.1 PRESS RELEASE DATED 4-3-07
Exhibit 99.1
Oxford Industries, Inc. Press Release
222 Piedmont Avenue, N.E. · Atlanta, Georgia 30308
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Contact:
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J. Reese Lanier, Jr. |
Telephone:
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(404) 653-1446 |
Fax:
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(404) 653-1545 |
E-Mail:
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rlanier@oxfordinc.com |
FOR IMMEDIATE RELEASE
April 3,
2007
Oxford Industries Announces Third Quarter Fiscal 2007 Results
Declares Quarterly Cash Dividend of $0.18 Per Common Share
ATLANTA, GA. Oxford Industries, Inc. (NYSE:OXM) today announced financial results for its fiscal
2007 third quarter ended March 2, 2007. Results for Oxfords Womenswear Group, the assets of which
were sold in the fourth quarter of fiscal 2006, have been classified as discontinued operations for
all periods presented.
Consolidated net sales declined 3.1% to $266.6 million in the third quarter of fiscal 2007 from
$275.2 million in the third quarter of fiscal 2006. Diluted earnings from continuing operations
per common share declined 14.3% to $0.54 in the third quarter of fiscal 2007 from $0.63 in the
third quarter of fiscal 2006.
J. Hicks Lanier, Chairman and CEO of Oxford Industries, Inc., commented, Our third quarter
performance was as anticipated, with a continued strong performance from Tommy Bahama. We have
continued to work towards a recovery in Ben Shermans U.S. business and to work through a very
challenging environment for our historical menswear business. We remain very enthusiastic about
the growth opportunities for our lifestyle brands, which include wider wholesale distribution,
additional retail locations, expansion into new product categories and new licenses, and
international expansion. At the same time, we are committed to focus and to transition our
historical business, through both additions and deletions, to improve its strategic positioning and
profitability.
The Tommy Bahama Group reported a third quarter net sales increase of 9.8% to $119.2 million from
$108.6 million in the third quarter of fiscal 2006. The sales growth was driven by the
introduction of new product offerings in Tommy Bahama Relax, Tommy Bahama Golf 18 and Tommy
Bahama Swim as well as by continuing strength in the Tommy Bahama®, Indigo Palms® and Island Soft®
brands. The Tommy Bahama Group closed the quarter with 66 retail stores versus the year-ago total
of 58 stores. Operating income for the Tommy Bahama Group increased 12.6% to $22.2 million in the
third quarter of fiscal 2007 from $19.7 million in the third quarter of fiscal 2006 due primarily
to higher sales volume.
The
Menswear Group reported a third quarter net sales decline of 11.5% to
$147.0 million in the third
quarter of 2007 from $166.1 million in the third quarter of fiscal 2006. This decline was driven
primarily by lower sales volume in mens tailored clothing which faced challenging market
conditions. Ben Shermans volume declined in the third quarter of fiscal 2007 compared to the
comparable period in fiscal 2006 due to lower total unit shipments, but the tightened distribution
led to increased average unit prices as the brands performance at retail continues to improve.
Third quarter operating income in the Menswear Group was $2.7 million versus the year-ago operating
income of $6.4 million. The decrease was due primarily to lower sales volume and margin
compression in the Groups tailored clothing business.
Consolidated gross margins for the third quarter of fiscal 2007 increased to 40.6% of net sales
from 39.9% of net sales in the third quarter of 2006. The increase in gross margin was driven
primarily by growth in the Tommy Bahama Group as a percentage of total sales and by approximately
$1.6 million in restructuring and asset impairment charges incurred in the third quarter of fiscal
2006.
Selling, general and administrative expenses for the third quarter of fiscal 2007 increased to
$90.4 million, or 33.9% of net sales, from $88.7 million, or 32.2% of net sales, in the third
quarter of fiscal 2006. The increase in SG&A expenses was primarily attributable to sales mix as
the Tommy Bahama Group represented a larger percentage of consolidated net sales in the current
years third quarter than in the prior years third quarter. The Company also incurred $1.9
million in severance expenses during the third quarter of fiscal 2007.
Intangible asset amortization expense declined to $1.6 million in the third quarter of fiscal 2007
from $1.9 million in the third quarter of fiscal 2006. The amortization of intangible assets
acquired in the Tommy Bahama and Ben Sherman transactions was greater in the periods immediately
following the acquisitions than in more recent periods. These non-cash expenses reduced diluted
earnings from continuing operations per common share by $0.06 for the most recent quarter.
Net accounts receivable at quarter-end declined to $141.3 million from $153.5 million at the end of
last years third quarter due primarily to lower sales volume during the most recent quarter.
Total inventories at quarter-end increased to $160.8 million from $133.4 million at the end of the
third quarter of fiscal 2006. The increase in inventories was driven by lower than planned sales
in the Companys tailored clothing business which resulted in higher than optimal replenishment and
seasonal inventories. The majority of the inventory supports ongoing replenishment programs and
the seasonal portion is properly valued for future disposition. The Company also had higher
inventories in the Tommy Bahama Group to support sales growth.
For the fourth quarter of fiscal 2007, the Company expects continued strong performance in the
Tommy Bahama Group and year-over-year improvement in net sales and operating income for the
Menswear Group. However, the improvement in the Menswear Group is not expected to be as
significant as previously indicated. The Company also expects to record an after tax gain of $1.3
million or approximately $0.07 per common share on the sale of real property that was vacated due
to fiscal 2006 restructuring activities in the Menswear Group. The Company now expects
consolidated net sales for the fourth quarter of fiscal 2007 to be within a range of $285 million
to $295 million as compared to its previous expected range of $295 million to $305 million.
Diluted earnings from continuing operations per common share for the fourth quarter of fiscal 2007,
inclusive of the gain on sale, are expected to be within a range of $1.07 to $1.14. Excluding the
gain on sale, the Company expects diluted earnings from continuing operations per common share to
be within a range of $1.00 to $1.07.
In the fourth quarter of fiscal 2006, the Company reported diluted earnings from continuing
operations per common share of $1.02, which included repatriated foreign earnings of $0.17 per
common share and restructuring and asset impairment charges of $0.06 per common share. On a
comparably adjusted basis, adjusted diluted earnings from continuing operations per common share
for the fourth quarter of fiscal 2007 are expected to be within a range of $1.00 to $1.07 compared
to adjusted diluted earnings from continuing operations per common share of $0.91 in the fourth
quarter of fiscal 2006. The Companys previous guidance for diluted earnings from continuing
operations per common share for the fourth quarter of fiscal 2007 was a range $1.17 to $1.25.
Please see the attached table for a reconciliation of GAAP and adjusted diluted earnings from
continuing operations per common share.
The Company also announced that its Board of Directors has declared a quarterly cash dividend of
$0.18 per common share payable June 1, 2007 to shareholders of record as of the close of business
on May 15, 2007.
The Company will hold a conference call with senior management to discuss its financial results at
4:30PM ET today. A live web cast of the conference call will be available on the Companys web
site at www.oxfordinc.com. Please visit the web site at least 15 minutes before the call to
register for the teleconference web cast and download any necessary software. A replay of the call
will be available through April 10, 2007. To access the telephone replay, participants should dial
(719) 457-0820. The access code for the replay is 5348168. A replay of the web cast will also be
available following the teleconference on Oxford Industries corporate web site at
www.oxfordinc.com.
Oxford Industries, Inc. is a producer and marketer of branded and private label apparel for men,
women and children. Oxford provides retailers and consumers with a wide variety of apparel
products and services to suit their individual needs. Oxfords brands include Tommy Bahama®,
Indigo Palms®, Island Soft®, Ben Sherman®, Arnold Brant®, Ely & Walker® and Oxford Golf®. The
Company also holds exclusive licenses to produce and sell certain product categories under the
Tommy Hilfiger®, Kenneth Cole®, Nautica®, Geoffrey Beene®, Dockers® and Oscar de la Renta® labels.
Oxfords wholesale customers are found in every major channel of distribution, including national
chains, specialty catalogs, mass merchants, department stores, specialty stores and Internet
retailers.
Oxfords stock has traded on the NYSE since 1964 under the symbol OXM. For more information,
please visit our web site at www.oxfordinc.com.
CAUTIONARY STATEMENTS REGARDING FORWARD-LOOKING STATEMENTS
Various statements in this press release, in future filings by us with the Securities and Exchange
Commission and in oral statements made by or with the approval of our management include
forward-looking statements about future events. Generally, the words believe, expect, intend,
estimate, anticipate, project, will and similar expressions identify forward-looking
statements, which generally are not historical in nature. We intend for all such forward-looking
statements contained herein, the entire contents of our web site, and all subsequent written and
oral forward-looking statements attributable to us or persons acting on our behalf, to be covered
by the safe harbor provisions for forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995 and the provisions of Section 27A of the Securities Act of
1933 and Section 21E of the Securities Exchange Act of 1934 (which Sections were adopted as part of
the Private Securities Litigation Reform Act of 1995). Important assumptions relating to these
forward-looking statements include, among others, assumptions regarding demand for our products,
expected pricing levels, raw material costs, the timing and cost of planned capital expenditures,
expected outcomes of pending litigation and regulatory actions, competitive conditions, general
economic conditions and expected synergies in connection with acquisitions and joint ventures.
Forward-looking statements reflect our current expectations, based on currently available
information, and are not guarantees of performance. Although we believe that the expectations
reflected in such forward-looking statements are reasonable, these expectations could prove
inaccurate as such statements involve risks and uncertainties, many of which are beyond our ability
to control or predict. Should one or more of these risks or uncertainties materialize, or should
underlying assumptions prove incorrect, actual results may vary materially from those anticipated,
estimated or projected. You are encouraged to review the information in our Form 10-K for the
fiscal year ended June 2, 2006 under the heading Risk Factors (and those described from time to
time in our future reports filed with the Securities and Exchange Commission), which contains
additional important factors that may cause our actual results to differ materially from those
projected in any forward-looking statements. We disclaim any intention, obligation or duty to
update or revise any forward-looking statements, whether as a result of new information, future
events or otherwise, except as required by law.
OXFORD INDUSTRIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
(UNAUDITED)
(in thousands, except per share amounts)
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Third Quarter |
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Nine Months |
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Fiscal 2007 |
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Fiscal 2006 |
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Fiscal 2007 |
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Fiscal 2006 |
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Net sales |
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$ |
266,595 |
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$ |
275,160 |
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$ |
841,660 |
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$ |
821,538 |
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Cost of goods sold |
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158,329 |
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165,294 |
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513,483 |
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503,151 |
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Gross profit |
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108,266 |
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109,866 |
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328,177 |
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318,387 |
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Selling, general and administrative expenses |
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90,393 |
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88,733 |
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265,963 |
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253,937 |
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Amortization of intangible assets |
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1,649 |
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1,853 |
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4,746 |
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5,557 |
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92,042 |
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90,586 |
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270,709 |
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259,494 |
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Royalties and other operating income |
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3,448 |
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3,117 |
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10,234 |
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10,031 |
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Operating income |
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19,672 |
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22,397 |
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67,702 |
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68,924 |
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Interest expense, net |
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5,393 |
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5,983 |
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16,836 |
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18,088 |
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Earnings before income taxes |
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14,279 |
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16,414 |
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50,866 |
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50,836 |
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Income taxes |
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4,553 |
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5,308 |
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17,840 |
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17,733 |
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Earnings from continuing operations |
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9,726 |
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11,106 |
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33,026 |
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33,103 |
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Earnings (loss) from discontinued operations, net
of taxes |
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14 |
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3,496 |
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(183 |
) |
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6,390 |
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Net earnings |
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$ |
9,740 |
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$ |
14,602 |
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$ |
32,843 |
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$ |
39,493 |
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Earnings from continuing operations per common
share: |
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Basic |
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$ |
0.55 |
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$ |
0.63 |
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$ |
1.87 |
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$ |
1.89 |
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Diluted |
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$ |
0.54 |
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$ |
0.63 |
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$ |
1.85 |
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$ |
1.86 |
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Earnings (loss) from discontinued operations per
common share: |
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Basic |
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$ |
0.00 |
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$ |
0.20 |
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$ |
(0.01 |
) |
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$ |
0.37 |
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Diluted |
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$ |
0.00 |
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$ |
0.20 |
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$ |
(0.01 |
) |
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$ |
0.36 |
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Net earnings per common share: |
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Basic |
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$ |
0.55 |
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$ |
0.83 |
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$ |
1.86 |
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$ |
2.26 |
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Diluted |
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$ |
0.54 |
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$ |
0.82 |
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$ |
1.84 |
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$ |
2.22 |
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Weighted average common shares outstanding: |
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Basic |
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17,695 |
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17,533 |
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17,647 |
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17,471 |
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Dilutive impact of options and restricted shares |
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202 |
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235 |
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219 |
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280 |
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Diluted |
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17,897 |
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17,768 |
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17,866 |
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17,751 |
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Dividends per common share |
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$ |
0.18 |
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$ |
0.15 |
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$ |
0.48 |
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$ |
0.42 |
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OXFORD INDUSTRIES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
(in thousands, except per share amounts)
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March 2, 2007 |
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March 3, 2006 |
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Assets
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Current Assets: |
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Cash and cash equivalents |
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$ |
15,808 |
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$ |
10,004 |
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Receivables, net |
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141,267 |
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153,549 |
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Inventories |
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160,845 |
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133,388 |
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Prepaid expenses |
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19,328 |
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21,351 |
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Current assets related to discontinued operations, net |
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88,281 |
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Total current assets |
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337,248 |
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406,573 |
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Property, plant and equipment, net |
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84,212 |
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68,910 |
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Goodwill, net |
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201,010 |
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181,419 |
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Intangible assets, net |
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233,779 |
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232,960 |
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Other non-current assets, net |
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30,208 |
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21,175 |
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Non-current assets related to discontinued operations, net |
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4,784 |
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Total Assets |
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$ |
886,457 |
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$ |
915,821 |
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Liabilities and Shareholders Equity
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Current Liabilities: |
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Trade accounts payable and other accrued expenses |
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$ |
105,800 |
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$ |
94,175 |
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Accrued compensation |
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23,612 |
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24,344 |
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Dividends payable |
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2,643 |
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Income taxes payable |
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|
1,697 |
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5,668 |
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Short-term debt and current maturities of long-term debt |
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399 |
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1,492 |
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Current liabilities related to discontinued operations |
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17,678 |
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Total current liabilities |
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131,508 |
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146,000 |
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Long-term debt, less current maturities |
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208,550 |
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309,483 |
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Other non-current liabilities |
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36,149 |
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28,440 |
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Deferred income taxes |
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|
78,654 |
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74,579 |
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Non-current liabilities related to discontinued operations |
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47 |
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Commitments and contingencies |
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Shareholders Equity: |
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Preferred stock, $1.00 par value; 30,000 authorized and none
issued and outstanding at March 2, 2007 and March 3, 2006 |
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Common stock, $1.00 par value; 60,000 authorized and 17,833
issued and outstanding at March 2, 2007 and 17,613 issued and
outstanding at March 3, 2006 |
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17,833 |
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|
17,613 |
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Additional paid-in capital |
|
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80,865 |
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|
72,232 |
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Retained earnings |
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325,286 |
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|
272,938 |
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Accumulated other comprehensive income (loss) |
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|
7,612 |
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(5,511 |
) |
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Total shareholders equity |
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431,596 |
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|
357,272 |
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Total Liabilities and Shareholders Equity |
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$ |
886,457 |
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$ |
915,821 |
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OXFORD INDUSTRIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
(in thousands)
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Nine Months |
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Fiscal 2007 |
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Fiscal 2006 |
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Cash Flows from Operating Activities: |
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Earnings from continuing operations |
|
$ |
33,026 |
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$ |
33,103 |
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Adjustments to reconcile earnings from continuing operations to net cash
provided by (used in) operating activities: |
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Depreciation |
|
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12,104 |
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|
11,046 |
|
Amortization of intangible assets |
|
|
4,746 |
|
|
|
5,557 |
|
Amortization of deferred financing costs and bond discount |
|
|
1,849 |
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|
1,939 |
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Stock compensation expense |
|
|
2,028 |
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|
|
1,732 |
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Loss on the sale of property, plant and equipment |
|
|
419 |
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|
243 |
|
Equity loss (income) from unconsolidated entities |
|
|
(1,499 |
) |
|
|
340 |
|
Deferred income taxes |
|
|
(347 |
) |
|
|
(2,324 |
) |
Changes in working capital: |
|
|
|
|
|
|
|
|
Receivables |
|
|
4,335 |
|
|
|
(6,150 |
) |
Inventories |
|
|
(36,552 |
) |
|
|
13,038 |
|
Prepaid expenses |
|
|
145 |
|
|
|
(1,562 |
) |
Current liabilities |
|
|
(5,004 |
) |
|
|
(36,682 |
) |
Other non-current assets |
|
|
(795 |
) |
|
|
(2,953 |
) |
Other non-current liabilities |
|
|
6,145 |
|
|
|
4,904 |
|
|
|
|
Net cash provided by (used in) operating activities |
|
|
20,600 |
|
|
|
22,231 |
|
Cash Flows from Investing Activities: |
|
|
|
|
|
|
|
|
Acquisitions, net of cash acquired |
|
|
(13,260 |
) |
|
|
(11,501 |
) |
Investment in unconsolidated entity |
|
|
(9,090 |
) |
|
|
|
|
Distribution from unconsolidated entity |
|
|
|
|
|
|
2,026 |
|
Purchases of property, plant and equipment |
|
|
(23,072 |
) |
|
|
(16,554 |
) |
Proceeds from sale of property, plant and equipment |
|
|
130 |
|
|
|
184 |
|
|
|
|
Net cash provided by (used in) investing activities |
|
|
(45,292 |
) |
|
|
(25,845 |
) |
Cash Flows from Financing Activities: |
|
|
|
|
|
|
|
|
Repayment of financing arrangements |
|
|
(160,921 |
) |
|
|
(269,910 |
) |
Proceeds from financing arrangements |
|
|
169,194 |
|
|
|
288,382 |
|
Proceeds from issuance of common stock including tax benefits |
|
|
4,212 |
|
|
|
5,052 |
|
Dividends on common stock |
|
|
(11,175 |
) |
|
|
(6,889 |
) |
|
|
|
Net cash provided by (used in) financing activities |
|
|
1,310 |
|
|
|
16,635 |
|
Cash Flows from Discontinued Operations: |
|
|
|
|
|
|
|
|
Net operating cash flows provided by (used in) discontinued operations |
|
|
28,316 |
|
|
|
(8,864 |
) |
Net investing cash flows provided by (used in) discontinued operations |
|
|
|
|
|
|
(37 |
) |
|
|
|
Net cash provided by (used in) discontinued operations |
|
|
28,316 |
|
|
|
(8,901 |
) |
|
|
|
Net change in cash and cash equivalents |
|
|
4,934 |
|
|
|
4,120 |
|
Effect of foreign currency translation on cash and cash equivalents |
|
|
395 |
|
|
|
(615 |
) |
Cash and cash equivalents at the beginning of period |
|
|
10,479 |
|
|
|
6,499 |
|
|
|
|
Cash and cash equivalents at the end of period |
|
$ |
15,808 |
|
|
$ |
10,004 |
|
|
|
|
OXFORD INDUSTRIES, INC.
SEGMENT INFORMATION
(UNAUDITED)
(in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Third Quarter |
|
|
Nine Months |
|
|
|
Fiscal 2007 |
|
|
Fiscal 2006 |
|
|
Fiscal 2007 |
|
|
Fiscal 2006 |
|
Net Sales |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Menswear Group |
|
$ |
147,006 |
|
|
$ |
166,109 |
|
|
$ |
508,884 |
|
|
$ |
530,517 |
|
Tommy Bahama Group |
|
|
119,215 |
|
|
|
108,590 |
|
|
|
331,170 |
|
|
|
290,522 |
|
Corporate and Other |
|
|
374 |
|
|
|
461 |
|
|
|
1,606 |
|
|
|
499 |
|
|
|
|
Total Net Sales |
|
$ |
266,595 |
|
|
$ |
275,160 |
|
|
$ |
841,660 |
|
|
$ |
821,538 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Menswear Group |
|
$ |
2,662 |
|
|
$ |
6,410 |
|
|
$ |
26,963 |
|
|
$ |
37,382 |
|
Tommy Bahama Group |
|
|
22,234 |
|
|
|
19,747 |
|
|
|
52,996 |
|
|
|
44,213 |
|
Corporate and Other |
|
|
(5,224 |
) |
|
|
(3,760 |
) |
|
|
(12,257 |
) |
|
|
(12,671 |
) |
|
|
|
Total Operating Income |
|
$ |
19,672 |
|
|
$ |
22,397 |
|
|
$ |
67,702 |
|
|
$ |
68,924 |
|
Interest expense, net |
|
|
5,393 |
|
|
|
5,983 |
|
|
|
16,836 |
|
|
|
18,088 |
|
|
|
|
Earnings before taxes |
|
$ |
14,279 |
|
|
$ |
16,414 |
|
|
$ |
50,866 |
|
|
$ |
50,836 |
|
|
|
|
Reconciliation of GAAP Earnings from Continuing Operations to Earnings from Continuing Operations,
as adjusted
Set forth below is our reconciliation of our estimated fourth quarter of fiscal 2007 and actual
fiscal 2006 GAAP diluted earnings from continuing operations per common share to diluted earnings
from continuing operations per common share to exclude certain non-recurring items which include
(i) the estimated net gain on the sale of certain real property anticipated in the fourth quarter
of fiscal 2007, (ii) the impact of our repatriation of foreign earnings during the fourth quarter
of fiscal 2006 and (iii) the impact of fiscal 2006 restructuring charges in our Menswear Group. We
believe that investors often look at ongoing operations as a measure of assessing performance and
as a basis for comparing past results against future results. Therefore we believe that presenting
our expected results excluding these items provides useful information to investors because this
allows investors to make decisions based on the ongoing operations of the enterprise. We use the
results excluding these items to discuss our business with investment institutions, our board of
directors and others. Further, we believe that presenting our results excluding these items
provides useful information to investors because this allows investors to compare our estimated
results for the fourth quarter of fiscal 2007 to other periods, including the fourth quarter of
fiscal 2006.
|
|
|
|
|
|
|
|
|
Previous |
|
|
|
|
|
|
Fourth Quarter |
|
Fourth Quarter |
|
Fourth Quarter |
|
|
Fiscal 2007 |
|
Fiscal 2007 |
|
Fiscal 2006 |
|
|
Estimate |
|
Estimate |
|
Actual |
Per Diluted Common Share: |
|
|
|
|
|
|
GAAP earnings from continuing
operations |
|
$1.17 - $1.25 |
|
$1.07 - $1.14 |
|
$1.02 |
Impact of foreign earnings repatriation |
|
|
|
|
|
($0.17) |
Fiscal 2006 restructuring charges |
|
|
|
|
|
0.06 |
Gain on sale of property |
|
|
|
($0.07) |
|
|
|
|
|
Earnings from continuing operations,
as adjusted |
|
$1.17 - $1.25 |
|
$1.00 - $1.07 |
|
$0.91 |