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Jaclyn Reports Financial Results for Year Ended February 28, 2013

MAYWOOD, NJ--(Marketwired - May 21, 2013) - Jaclyn, Inc. ( OTCQX : JCLY ) today reported financial results for its fiscal year ended February 28, 2013.

Net sales for the fiscal year ended February 28, 2013 were $169,483,000 compared to $195,927,000 in the prior fiscal year. The Company had net earnings of $789,000, or $.33 per diluted share in the fiscal year ended February 28, 2013 (which includes an after-tax gain from the previously reported sale of the remaining lot at its former West New York, New Jersey facility, totaling $452,000, or $.20 per diluted share). Net earnings without this after-tax gain were $337,000. This compares to net earnings of $2,954,000, or $1.21 per diluted share, in the prior fiscal year ended February 29, 2012 (which included 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). Net earnings without this after-tax gain in the prior fiscal year were $746,000.

Note: This press release contains information concerning, among other things, our future plans and objectives that is 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    
For the Fiscal Year ended February 28, 2013 with comparisons to February 29, 2012    
                 
    Fiscal YearEnded    
    February 28,       February 29,    
    2013       2012    
                     
Net Sales   $ 169,483,000       $ 195,927,000    
                     
Net Earnings   $ 789,000   (1)   $ 2,954,000   (2)
                     
Net Earnings per Common Share - Diluted   $ .33   (1)   $ 1.21   (2)
                     
Weighted Average Number of Shares Outstanding - Diluted     2,388,000         2,445,000    
                     

(1) Included in net earnings for the fiscal year ended February 28, 2013 is the previously reported gain on the sales of the remaining parcel of land at the Company's former West New York, NJ headquarters and warehouse facility, totaling $452,000 after income taxes, or $.20 per diluted share.

(2) 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.