Mossimo (NASDAQ:MOSS)
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Mossimo, Inc. (NASDAQ: MOSS) today announced financial
results for the third quarter ended September 30, 2005.
Mossimo, Inc. reported third quarter 2005 total net revenues
increased to $6.8 million compared to $4.9 million for the same period
last year. The Company reported third quarter net earnings of $637,000
compared to net a net loss of $125,000 for the same period last year,
and diluted earnings per share of $0.04 compared to diluted loss per
share of $0.01 for the same period last year.
Net revenues for the nine months ended September 30, 2005 were
$24.5 million compared to $17.4 million in the same period last year.
The company reported net earnings for the first nine months of 2005 of
$4.7 million compared to net earnings of $2.1 million in the
corresponding period a year ago, and diluted earnings per share of
$0.30 compared to diluted earnings per share of $0.13 for the same
period last year.
Edwin Lewis, President and Co-Chief Executive Officer stated, "Our
third quarter performance was primarily driven by continued
improvements in our Target business, coupled with better regular price
sales at Modern Amusement. While there is still much work to be done
in both businesses, we are encouraged by the progress we are making."
The Company also announced that its agreement with Hudson's Bay
Company has expired, and there are no plans to renew it.
The Company also announced that it would be holding its 2005
Annual Meeting on December 15, 2005. Proxy materials are expected to
be mailed on or about November 17, 2005 to holders of record of the
Company's shares as of October 19, 2005.
To listen to the Mossimo prerecorded third quarter fiscal 2005
earnings call, please dial (719) 457-0820 or (888) 203-1112, followed
by the conference identification number #8467676. This call will be
available beginning today, November 14, 2005 at 4:00 pm ET and run
through November 21, 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 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.
(Tables to Follow)
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MOSSIMO, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(IN THOUSANDS)
(Unaudited)
Sept. 30, Dec. 31,
2005 2004
-------- --------
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $ 17,884 $ 4,903
Restricted cash 722 413
Investments - 4,800
Accounts receivable 4,551 2,908
Merchandise inventory 1,009 539
Deferred income taxes 2,952 1,739
Prepaid expenses and other current assets 302 436
-------- --------
Total current assets 27,420 15,738
PROPERTY AND EQUIPMENT, at cost, net of
accumulated depreciation and amortization 923 1,117
DEFERRED INCOME TAXES 3,022 5,646
GOODWILL 212 212
TRADENAME, net 92 112
OTHER ASSETS 37 96
-------- --------
$ 31,706 $ 22,921
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LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable $ 1,556 $ 352
Accrued liabilities 645 257
Accrued commissions 382 258
Accrued bonuses 2,568 206
-------- --------
Total current liabilities 5,151 1,073
DEFERRED RENT 132 135
-------- --------
Total liabilities 5,283 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 $.001; authorized
shares 30,000,000; issued and outstanding
15,748,442 at September 30, 2005
and 15,738,442 at December 31, 2004 15 15
Additional paid-in capital 39,788 39,763
Accumulated deficit (13,380) (18,065)
-------- --------
Net stockholders' equity 26,423 21,713
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$ 31,706 $ 22,921
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MOSSIMO, INC.
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
(IN THOUSANDS, EXCEPT PER SHARE DATA)
(Unaudited)
For the Three For the Nine
Months Months
September 30, September 30,
---------------- ----------------
2005 2004 2005 2004
------- ------- ------- -------
Revenue from license royalties
and design service fees $ 4,238 $ 4,187 $19,705 $16,181
Product sales 2,533 747 4,775 1,197
------- ------- ------- -------
Total revenues 6,771 4,934 24,480 17,378
Operating expenses:
Cost of product sales 1,204 665 2,937 889
Selling, general and
administrative 4,935 4,470 14,864 13,014
------- ------- ------- -------
Total operating expenses 6,139 5,135 17,801 13,903
------- ------- ------- -------
Earnings (loss) from operations 632 (201) 6,679 3,475
Interest income 123 26 232 73
------- ------- ------- -------
Earnings (loss) before income
taxes 755 (175) 6,911 3,548
Income taxes 118 (50) 2,226 1,476
------- ------- ------- -------
Net earnings (loss) $ 637 $ (125) $ 4,685 $ 2,072
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Earnings (loss) per common share:
Basic $ 0.04 $ (0.01) $ 0.30 $ 0.13
======= ======= ======= =======
Diluted $ 0.04 $ (0.01) $ 0.30 $ 0.13
======= ======= ======= =======
Weighted average common shares
outstanding:
Basic 15,748 15,738 15,742 15,738
======= ======= ======= =======
Diluted 15,785 15,738 15,770 15,777
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