Mossimo third quarter 2004 net revenues were $4.9 million compared to $4.2 million for the same period last year. The Company reported a third quarter net loss of ($125,000) compared to net earnings of $630,000 for the same period last year, and diluted loss per share of 1 cent compared to diluted earnings per share of 4 cents for the same period last year.
Net revenues for the nine months ended September 30, 2004 were $17.4 million compared to $16.9 million in the same period last year. The company reported net earnings for the first nine months of 2004 of $2.1 million compared to net earnings of $3.9 million in the corresponding period a year ago, and diluted earnings per share of $0.13 compared to diluted earnings per share of $0.25 for the same period last year.
Edwin Lewis, Co-Chief Executive Officer and Acting Chief Financial Officer concluded, “Fiscal 2004 has been a transitional year for our company as we invested in our infrastructure, added key personnel and completed a strategic acquisition. Looking ahead, we are optimistic about our future and committed to delivering increased value for our shareholders.”
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
(IN THOUSANDS, EXCEPT PER SHARE DATA)
(UNAUDITED)THREE MONTHS NINE MONTHS
ENDED ENDED
SEPTEMBER 30, SEPTEMBER 30,
2004 2003 2004 2003
------- ------ ------- -------Revenue from license royalties and
design service fees................ $4,187 $4,176 $16,181 $16,902Product Sales ........................ 747 -- 1,197 --
------ ------ ------- -------
Total revenues ....................... 4,934 4,176 17,378 16,902Operating expenses:
Cost of product sales.............. 665 -- 889 --
Selling, general and administrative 4,470 3,144 13,014 10,444
------ ------ ------- -------Operating earnings (loss)............. (201) 1,032 3,475 6,458
Interest income (expense), net ....... 26 18 73 (4)
------- ------ ------- -------Earnings (loss) before income taxes... (175) 1,050 3,548 6,454
Provision for income taxes ........... (50) 420 1,476 2,580
-------- ------ ------- -------
Net earnings (loss)................... $ (125) $ 630 $ 2,072 $ 3,874
====== ====== ====== ======
Earnings (loss) per share:
Basic ............................ $(0.01) $ 0.04 $ 0.13 $ 0.25
======= ====== ======= =======
Diluted .......................... $(0.01) $ 0.04 $ 0.13 $ 0.25
======= ====== ======= =======Shares used in computing earnings(loss)
per share:Basic ............................ 15,738 15,500 15,738 15,495
======= ====== ======= =======Diluted .......................... 15,738 15,782 15,777 15,734
======= ====== ======= =======
