At June 30, 2003, the current ratio was 3.5:1, total debt was just 11 percent of total assets, and shareholders equity rose 27 percent versus June 30, 2002.
The company has an impressive client base, with Wal-Mart and Sears accounting for approximately 51 percent of consolidate fiscal 2003 revenues. Movie Star has been awarded Wal-Mart's Vendor Partner Award of Excellence based on merchandise quality, fulfillment execution, and market expertise.
Now a leader and more competitive company, Movie Star's disciplined focus on growing sales in fiscal 2003 resulted in sharply higher sales volume, which when combined with much better margins resulting from improved sourcing, produced the most profitable fiscal year in its history.
Ongoing benefits from management's focus on improving the balance sheet are expected to have lasting effects and further enhance the positive impact of higher sales.