Mossimo (NASDAQ:MOSS)
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Mossimo, Inc. (NASDAQ: MOSS) today announced financial
results for the fourth quarter and fiscal year ended December 31,
2005.
Mossimo, Inc. reported fourth quarter 2005 total net revenues
increased to $6.5 million compared to $3.2 million for the same period
last year. The Company reported fourth quarter net earnings of $15,000
compared to net earnings of $629,000 for the same period last year,
and diluted earnings per share of $0.00 compared to diluted earnings
per share of $0.04 for the same period last year.
Total revenues for the fiscal year ended December 31, 2005 were
$31.0 million compared to $20.5 million in the same period last year.
The company reported net earnings for fiscal 2005 of $4.7 million
compared to net earnings of $2.7 million in the corresponding period a
year ago, and diluted earnings per share of $0.30 compared to diluted
earnings per share of $0.17 for the same period last year.
Edwin Lewis, President and Co-Chief Executive Officer stated, "We
are pleased with our fiscal 2005 results, which were driven primarily
by increased sales at Target and improvements at Modern Amusement."
To listen to the Mossimo prerecorded fourth quarter and fiscal
2005 year-end earnings call, please dial (719) 457-0820 or (888)
203-1112, followed by the conference identification number #9456068.
This call will be available beginning today, March 30, 2006 at 4:00 pm
ET and run through April 6, 2006 at 11:59 pm ET.
Founded in 1987, Mossimo, Inc. is a designer, licensor and
distributor of men's, women's, boy's and girl's apparel, footwear, and
other fashion accessories such as jewelry, watches, handbags, and
belts.
The matters discussed in this news release with respect to
operations and future results, and the benefits thereof, are forward
looking statements that involve risks and uncertainties, including the
demand for the Company's products in Target stores which have not
traditionally sold the Company's products, changes in consumer demands
and preferences, shifting trends in the overall retail and apparel
market, competition from other lines, changes in consumer spending
patterns and general economic conditions, and uncertainties generally
associated with product introductions and apparel retailing. Forward
looking statements are not guarantees and involve known and unknown
risks and uncertainties, any of which could cause actual results to
vary materially from anticipated results. Operating results stated
herein are not necessarily indicative of results that may be expected
in future periods. More information on risk factors, which could
affect the Company's financial results, is included in the Company's
Forms 10-K and 10Q, periodically filed with the S.E.C.
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MOSSIMO, INC.
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
(IN THOUSANDS, EXCEPT PER SHARE DATA)
(Unaudited)
For the Three For the Years
Months Ended Ended
December 31, December 31,
--------------- -----------------
2005 2004 2005 2004
------- ------- -------- --------
Revenue from license royalties and
design service fees $4,593 $2,533 $24,298 $18,714
Product sales 1,955 624 6,730 1,821
------- ------- -------- --------
Total revenues 6,548 3,157 31,028 20,535
Operating expenses:
Cost of product sales 1,056 352 3,993 1,241
Selling, general and administrative
expenses 5,431 1,897 20,294 14,843
Goodwill impairment loss 212 - 212 -
------- ------- -------- --------
Total operating expenses 6,699 2,249 24,499 16,084
------- ------- -------- --------
Operating earnings (loss) (151) 908 6,529 4,451
Other expenses, net - - - (71)
Interest income 188 27 420 104
------- ------- -------- --------
Earnings before income taxes 37 935 6,949 4,484
Income taxes 22 306 2,248 1,783
------- ------- -------- --------
Net earnings $ 15 $ 629 $ 4,701 $ 2,701
======= ======= ======== ========
Earnings per common share:
Basic $ 0.00 $ 0.04 $ 0.30 $ 0.17
======= ======= ======== ========
Diluted $ 0.00 $ 0.04 $ 0.30 $ 0.17
======= ======= ======== ========
Weighted average common shares
outstanding:
Basic 15,751 15,738 15,751 15,738
======= ======= ======== ========
Diluted 15,784 15,759 15,784 15,759
======= ======= ======== ========
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MOSSIMO, INC.
CONSOLIDATED BALANCE SHEETS
(IN THOUSANDS, EXCEPT SHARE DATA)
December 31,
-----------------
2005 2004
-------- --------
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $19,658 $ 4,903
Restricted cash 726 413
Investments - 4,800
Accounts receivable 4,372 2,908
Merchandise inventory 101 539
Deferred income taxes 4,004 1,869
Prepaid expenses and other current assets 388 436
-------- --------
Total current assets 29,249 15,868
PROPERTY AND EQUIPMENT, at cost, net of accumulated
depreciation and amortization 893 1,117
DEFERRED INCOME TAXES 1,923 6,068
GOODWILL - 212
TRADENAME 90 112
OTHER ASSETS 79 96
-------- --------
$32,234 $23,473
======== ========
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable $ 884 $ 352
Accrued liabilities 503 809
Accrued commissions 388 258
Accrued bonuses 3,458 206
-------- --------
Total current liabilities 5,233 1,625
DEFERRED RENT 128 135
-------- --------
Total liabilities 5,361 1,760
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY:
Preferred stock, par value $.001; authorized
shares 3,000,000; no shares issued or outstanding - -
Common stock, par value $.001; authorized shares
30,000,000; issued and outstanding 15,828,754 at
December 31, 2005 and 15,738,442 at
December 31, 2004 15 15
Additional paid-in capital 40,222 39,763
Accumulated deficit (13,364) (18,065)
-------- --------
Net stockholders' equity 26,873 21,713
-------- --------
$32,234 $23,473
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