Mossimo (NASDAQ:MOSS)
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Mossimo, Inc. (NASDAQ: MOSS) today announced financial
results for the second quarter ended June 30, 2005.
Mossimo, Inc. reported second quarter 2005 total net revenues
increased to $9.0 million compared to $6.2 million for the same period
last year. The Company reported second quarter net earnings of $2.2
million compared to net earnings of $1.0 million for the same period
last year, and diluted earnings per share of $0.14 compared to diluted
earnings per share of $0.06 for the same period last year.
Net revenues for the six months ended June 30, 2005 were $17.7
million compared to $12.4 million in the same period last year. The
company reported net earnings for the first six months of 2005 of $4.0
million compare to net earnings of $2.2 million in the corresponding
period a year ago, and diluted earnings per share of $0.26 compared to
diluted earnings per share of $0.14 for the same period last year.
Edwin Lewis, President and Co-Chief Executive Officer stated, "Our
second quarter results were driven by the growth of the Mossimo brand
at Target, in particular, our women's black label and red label,
women's shoes, men's wovens and bottoms all performed well. At the
same time, revenues at Zellers were flat year-over-year as we continue
to experience merchandising issues in the Canadian marketplace. With
regard to Modern Amusement, our margins were impacted by higher off
price sales and the write down of slower moving inventory."
To listen to the Mossimo prerecorded second quarter fiscal 2005
earnings call, please dial (719) 457-0820 or (888) 203-1112, followed
by the conference identification number #7542446. This call will be
available beginning today, August 11, 2005 at 4:00 pm ET and run
through August 18, 2005 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 and Hudson's
Bay Company/Zellers 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 BALANCE SHEETS
(IN THOUSANDS)
(Unaudited)
June 30, December 31,
------------ ------------
2005 2004
------------ ------------
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $14,688 $4,903
Restricted cash 717 413
Investments - 4,800
Accounts receivable 6,448 2,908
Merchandise inventory 785 539
Deferred income taxes 2,376 1,739
Prepaid expenses and other current assets 375 436
------------ ------------
Total current assets 25,389 15,738
PROPERTY AND EQUIPMENT, at cost, net of
accumulated depreciation and amortization 985 1,117
DEFERRED INCOME TAXES 3,144 5,646
GOODWILL 212 212
TRADENAME, net 95 112
OTHER ASSETS 52 96
------------ ------------
$29,877 $22,921
============ ============
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable $1,113 $352
Accrued liabilities 307 257
Accrued commissions 778 258
Accrued bonuses 1,780 206
------------ ------------
Total current liabilities 3,978 1,073
DEFERRED RENT 137 135
------------ ------------
Total liabilities 4,115 1,208
COMMITMENTS, CONTINGENCIES, AND SUBSEQUENT
EVENTS
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
15,738,442 at June 30, 2005 and December
31, 2004 15 15
Additional paid-in capital 39,763 39,763
Accumulated deficit (14,016) (18,065)
------------ ------------
Net stockholders' equity 25,762 21,713
------------ ------------
$29,877 $22,921
============ ============
MOSSIMO, INC.
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
(IN THOUSANDS, EXCEPT PER SHARE DATA)
(Unaudited)
For the Three Months For the Six Months
June 30, June 30,
-------------------- --------------------
2005 2004 2005 2004
--------- --------- --------- ---------
Revenue from license
royalties and design
service fees $8,113 $5,784 $15,467 $11,994
Product sales 932 424 2,242 450
--------- --------- --------- ---------
Total revenues 9,045 6,208 17,709 12,444
Operating expenses:
Cost of product sales 695 211 1,734 224
Selling, general and
administrative 5,353 4,330 9,928 8,543
--------- --------- --------- ---------
Total operating expenses 6,048 4,541 11,662 8,767
--------- --------- --------- ---------
Earnings from operations 2,997 1,667 6,047 3,677
Other income - Interest
income 79 20 110 47
--------- --------- --------- ---------
Earnings before income taxes 3,076 1,687 6,157 3,724
Income taxes 848 680 2,108 1,527
--------- --------- --------- ---------
Net earnings $2,228 $1,007 $4,049 $2,197
========= ========= ========= =========
Earnings per common share:
Basic $0.14 $0.06 $0.26 $0.14
========= ========= ========= =========
Diluted $0.14 $0.06 $0.26 $0.14
========= ========= ========= =========
Weighted average common
shares outstanding:
Basic 15,738 15,738 15,738 15,738
========= ========= ========= =========
Diluted 15,768 15,768 15,762 15,770
========= ========= ========= =========
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