Mossimo, Inc. reported second quarter 2004 net revenues of $6.0 million compared to $6.9 million for the same period last year. The Company reported second quarter net earnings of $1.0 million compared to net earnings of $1.8 million for the same period last year, and diluted earnings per share of $0.06 compared to diluted earnings per share of $0.12 for the same period last year. Pre-tax net earnings were $1.7 million, or $0.11 per diluted share in the second quarter of 2004, compared to pre-tax net earnings of $3.1 million, or $0.20 per diluted share in the second quarter of 2003.
Net revenues for the six months ended June 30, 2004 were $12.2 million compared to $12.7 million in the same period last year. The company reported net earnings for the first six months of 2004 of $2.2 million compared to net earnings of $3.2 million in the corresponding period a year ago, and diluted earnings per share of $0.14 compared to diluted earnings per share of $0.21 for the same period last year. Pre-tax net earnings for the six months ended June 30, 2004 were $3.7 million, or $0.24 per diluted share, compared to pre-tax net earnings of $5.4 million, or $0.34 per diluted share for the six months ended June 30, 2003.
Mossimo Giannulli, Chairman and Chief Executive Officer, stated, “While we continue to make positive strides in our business, our results for the quarter were impacted by softer than expected consumer demand at retail. We are confident that our brand equity remains strong and our prospects for future expansion are intact. In addition, our licensing agreements with Zellers in Canada and Intermoda in Mexico, combined with Modern Amusement offer us meaningful opportunities for long-term growth.”
Edwin Lewis, Vice Chairman and President, concluded, “Over the past 12-months we have continued to work hard to diversify our operations, enhance our management team, and expand our channels of distribution. We are committed to executing our strategy and delivering increased value for our shareholders.”
