Everlast Q4 revenue jumps 32 percent
Everlast Worldwide (Nasdaq: EVST) reported that fourth-quarter net revenues increased 32 percent to $18.7 million versus $14.1 million in the same period in 2005.
Net licensing revenues for the fourth quarter were $3.3 million, versus $3.1 million last year. Licensing revenues were impacted by the company's decision not to renew its previous footwear license, as well as an increase in licensing commissions resulting from the litigation settlement which required the company to pay commissions to a former agent of Everlast during 2006. These two factors negatively impacted licensing revenues in the fourth quarter by approximately $400,000.
Revenues from sporting goods for the fourth quarter were a record $15.4 million, up 40 percent from $11.0 million in the year-ago period. The increase resulted from new products, expanded distribution and continued strong demand for the Everlast brand during the holiday season.
Fourth-quarter operating income from continuing operations grew 68 percent, an increase to $2.9 million, or 15.5 percent of net revenues, versus the year-ago level of $1.7 million, or 12.2 percent of net revenues.
Adjusted earnings per diluted share -- excluding approximately $0.03 of non-cash expense associated with stock based compensation -- for the fourth quarter of fiscal 2006 was $0.29 per diluted share, compared to $0.16 per diluted share in the year-ago quarter.
For the full year, net revenues increased 20 percent to $51.9 million, versus $43.3 million in the same period in 2005. Net licensing revenues for the year ended December 2006 were $12.3 million, versus $12.0 million in the previous year. Revenues from sporting goods for the year were up 27 percent to a record $39.6 million, versus $31.3 million in 2005.
Everlast achieved a record 55 percent increase in operating income from continuing operations to $8.1 million or 15.6 percent of net revenues, versus the year-ago level of $5.2 million or 12.1 percent of net revenues.
Adjusted earnings per diluted share was $0.76, compared to $0.47 per diluted share in 2005, a growth rate of 69 percent.
Everlast increased its guidance for fiscal 2007, saying it now expects to report net revenues in the range of $56 million to $58 million versus its prior guidance of $53 million to $55 million.
Crocs Q4 profit jumps on strong sales numbers
Fourth-quarter profit for Crocs (Nasdaq: CROX) more than quadrupled on strong sales numbers.
Quarterly earnings after paying preferred dividends grew to $20.8 million, or $0.51 per share, from $4.2 million, or $0.12 per share, in the prior year's quarter. Revenue more than tripled, rising to $112.9 million from $33.6 million in the fourth quarter of 2005.
Ron Snyder, president and CEO, said in a statement that demand rose for the company's shoes in the United States and abroad "coupled with growing consumer acceptance of our new styles."
For the full year, profit was nearly 4 times higher than in 2005. Crocs earned $64.4 million, or $1.61 per share, for the year and $16.7 million, or 51 cents per share, in 2005. Revenue also was more than three times higher, climbing to $354.7 million from $108.6 million in 2005.
Crocs raised its outlook for 2007 earnings and revenue growth, saying it expects to easily beat analyst expectations for the first quarter and full year.
The company said it anticipates revenue and earnings growing 45 percent in fiscal 2007, estimating full-year earnings per share of $2.33 and revenue of $514.3 million. Those targets are well above analysts' forecast for earnings per share of $2.07 and revenue of $466.8 million. Previously, Crocs said it could grow its revenue and earnings per share by 30 percent.
For the first quarter, the company sees earnings between $0.47 and $0.49 per share on revenue between $113 million and $117 million. Analysts are predicting earnings of $0.35 per share on revenue of $88.6 million for the quarter.
Big 5 announces quarterly cash dividend
Big 5 Sporting Goods (Nasdaq: BGFV) declared a quarterly cash dividend of $0.09 per share of outstanding common stock, which will be paid on March 15, 2007, to stockholders of record as of March 1, 2007.
Winmark posts Q4 profit
Retail franchiser Winmark Corp. (Nasdaq: WINA), parent of Play It Again Sports, posted a fourth-quarter profit, reversing a year-ago loss that was in part due to losses from equity investments.
The company earned $819,400, or $0.14 per share, compared with a loss of $68,600, or a penny per share, in the same period a year earlier. The prior-year results include a loss from equity investments totaling $980,100. Revenue climbed 1 percent to $6.9 million from $6.8 million.
For the full year, the company earned $3.4 million, or $0.57 per share, up 63 percent from $2.1 million, or $0.33 per share, in 2005. Sales rose 3 percent to $27.4 million from $26.6 million.
Foot Locker declares quarterly dividend
Foot Locker (NYSE: FL) declared a quarterly cash dividend on the company's common stock of $0.125 per share, which will be payable on May 4, 2007, to shareholders of record on April 20, 2007.
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