Net sales for the three-month period ended November 30, 2011 were $57,882,000 compared to $66,740,000 for the three-month period ended November 30, 2010. The Company reported third quarter net earnings of $781,000, or $.31 per diluted share, compared to net earnings of $1,756,000, or $.70 per diluted share, in last year's comparable quarter.
Net sales for the nine-month period ended November 30, 2011 were $147,980,000 compared to $145,448,000 for the same period last year. Net earnings for the nine-month period ended November 30, 2011 were $2,927,000, or $1.18 per diluted share (which includes the previously reported gain on the sale of the Company's former West New York, NJ facility totaling $2,063,000, or $.83 after income taxes), compared to net earnings of $1,437,000, or $.57 per diluted share, in the nine-month period ending November 30, 2010.
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 prolonged economic recovery 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 (Unaudited)
Third Quarter Nine Months
Ended November 30, Ended November 30,
2011 2010 2011 2010
------------ ------------ ------------ ------------
Net Sales $ 57,882,000 $ 66,740,000 $147,980,000 $145,448,000
Net Earnings $ 781,000 $ 1,756,000 $ 2,927,000(1) $ 1,437,000
Net Earnings per
Common Share -
Diluted $ .31 $ .70 $ 1.18(1) $ .57
Number of Shares
Diluted 2,491,000 2,503,000 2,491,000 2,503,000
(1) Included in net earnings for the nine-month period ended November 30, 2011 is the previously reported gain on the sale of the Company's former West New York, NJ facility totaling $2,063,000, or $.83 after income taxes.
Chief Financial Officer