Jaclyn Reports Third Quarter Financial Results

Marketwired

MAYWOOD, NJ--(Marketwire - Jan 14, 2013) - Jaclyn, Inc. (OTCQX: JCLY) today reported financial results for the third quarter ended November 30, 2012.

Net sales for the three-month period ended November 30, 2012 were $51,880,000 compared to $57,882,000 for the three-month period ended November 30, 2011. The Company reported third quarter net earnings of $1,307,000, or $.54 per diluted share (which includes an after-tax gain on the sale of the remaining lot of the Company's former West New York, New Jersey facility totaling $452,000, or net earnings from operations of $855,000), compared to net earnings of $781,000, or $.31 per diluted share, in last year's comparable quarter.

Net sales for the nine-month period ended November 30, 2012 were $123,643,000 compared to $147,980,000 for the same period last year. Net earnings for the nine-month period ended November 30, 2012 were $681,000, or $.27 per diluted share (which includes an after-tax gain on the sale of the remaining lot of the Company's former West New York, New Jersey facility totaling $452,000, or net earnings from operations of $229,000). This compares to net earnings of $2,927,000, or $1.18 per diluted share, (which included the after-tax gain on the previously reported sale of the Company's former West New York, Jew Jersey facility totaling $2,005,000, or $.82 after income taxes), in the same nine-month period ending November 30, 2011. Without this after-tax gain, net earnings from operations were $922,000. 

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; 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 various parts of the world; 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 (Unaudited)
                       
    Third Quarter   Nine Months
    Ended November 30,   Ended November 30,       
                       
    2012     2011   2012     2011  
                               
Net Sales   $ 51,880,000     $ 57,882,000   $ 123,643,000     $ 147,980,000  
                               
Net Earnings   $ 1,307,000 (1)   $ 781,000   $ 681,000 (1)   $ 2,927,000 (2)
                               
Net Earnings per Common Share - Diluted   $ .54 (1)   $ .31   $ .27 (1)   $ 1.18 (2)
                               
Weighted Average Number of Shares Outstanding - Diluted     2,429,000       2,491,000     2,487,000       2,491,000  
                               

(1) Included in net earnings for the three-month period ended November 30, 2012, is the previously reported gain on the sale of the remaining lot relating to Company's West New York, NJ facility totaling $452,000, or $.18 after income taxes

(2) 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 West New York, NJ facility totaling $2,005,000, or $.82 after income taxes.

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

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