Net sales for the fiscal year ended February 29, 2012 were $195,927,000 compared to $196,020,000 in the prior fiscal year. The Company had net earnings of $2,954,000 or $1.21 per diluted share, which includes an after-tax gain on the sale of the Company's former headquarters and warehouse facility and one of two remaining lots in West New York, New Jersey, totaling $2,208,000, or $.90 per diluted share. This compares to $1,940,000, or $.80 per diluted share, in the prior fiscal year ended February 28, 2011.
In addition, the Company announced today that its Board of Directors declared a one-time, special cash dividend of $1.25 per share, payable on June 22, 2012 to holders of record of the Company's common stock, $1.00 par value per share, at the close of business on June 11, 2012.
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: jaclyninc.com
JACLYN, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
For the Fiscal Year ended February 29, 2012 with comparisons to February 28,
Fiscal Year Ended
February 29, February 28,
Net Sales $ 195,927,000 $ 196,020,000
Net Earnings $ 2,954,000(1) $ 1,940,000
Net Earnings per Common Share - Diluted $ 1.21(1) $ .80
Weighted Average Number of Shares
Outstanding - Diluted 2,445,000 2,426,000
(1) Included in net earnings for the fiscal year ended February 29, 2012 is the previously reported gain on the sales of the Company's former West New York, NJ headquarters and warehouse facility, and one of two remaining lots, totaling $2,208,000 after income taxes, or $.90 per diluted share.
Chief Financial Officer