Michael Anthony Jewelers, Inc. Reports Third Quarter, Nine Months Results
December 05 2003 - 3:05PM
PR Newswire (US)
Michael Anthony Jewelers, Inc. Reports Third Quarter, Nine Months
Results MT. VERNON, N.Y., Dec. 5 /PRNewswire-FirstCall/ -- Michael
Anthony Jewelers, Inc. , a leading marketer and manufacturer of
gold jewelry, today reported results for the third quarter and nine
months ended November 1, 2003. Sales for the third quarter were
$29,160,000, compared to sales of $39,593,000 in the prior year.
Third quarter net loss was $154,000 or $.02 per share on 6,256,000
weighted average shares outstanding, compared to $580,000 or $.09
per share on 6,245,000 weighted shares outstanding. Sales for the
nine month period were $70,216,000, compared to sales of
$90,023,000 in the prior year. The net loss for the nine month
period was $1,555,000 or $.25 per share on 6,251,000 weighted
average shares outstanding, compared to $2,622,000 or $.42 per
share on 6,241,000 weighted average shares outstanding in last
year's comparable period. Commenting on the Company's performance
for the quarter, Michael Paolercio, Chief Executive Officer stated,
"Although our revenues continue to lag behind last year, our
expenses are down dramatically. For the quarter, our selling,
general and administrative expenses were down over $2 million, or
29%, from last year's comparable period. For the nine-month
period," Mr. Paolercio continued, "selling, general and
administrative expenses were down over $4 million, or 23%, from
last year's comparable period." Mr. Paolercio noted that the sharp
reductions in operating expenses enabled the Company to report
smaller losses in both the quarter and nine-month periods. Mr.
Paolercio also stated, "While we continue to work hard at
controlling the expense side of the business, we expect that our
revenues will not grow as originally planned. In addition, rising
gold prices may negatively impact consumer demand for our
products." Mr. Paolercio concluded by saying, "In our efforts to
return the Company to profitability we will continue to execute our
manufacturing consolidation and restructuring plan and realign our
expenses to current revenue expectations." In other news, Mr.
Paolercio announced that Allan Corn, the Company's chief financial
officer for the past sixteen years, will be retiring at the end of
the year. He will retain his seat on the Board of Directors.
"Allan's contribution to Michael Anthony has been immeasurable,"
said Mr. Paolercio. "We thank him for all his hard work and
dedication." Michael Anthony Jewelers is a leading designer,
marketer and manufacturer of branded affordable fine jewelry and
watches, whose customers include jewelry chain stores, discount
stores, department stores, television shopping networks, and
wholesalers. MICHAEL ANTHONY JEWELERS, INC. Financial Highlights
(Unaudited) For the Three Months Ended November 1, 2003 November 2,
2002 Net sales $29,160,000 100.0% $39,593,000 100.0% Gross profit
on sales 5,453,000 18.7 7,584,000 19.2 Selling, general and
administrative expenses 5,639,000 19.3 7,894,000 20.0 Other expense
63,000 .2 627,000 1.6 Loss before taxes (249,000) (.9) (937,000)
(2.4) Net loss (154,000) (.5) (580,000) (1.5) Loss per share ($.02)
($.09) - basic and diluted Weighted average number of shares
outstanding - basic and diluted 6,256,000 6,245,000 For the Nine
Months Ended November 1, 2003 November 2, 2002 Net sales
$70,216,000 100.0% $90,023,000 100.0% Gross profit on sales
13,157,000 18.7 16,609,000 18.4 Selling, general and administrative
expenses 14,743,000 21.0 19,196,000 21.3 Other expense 922,000 1.3
1,644,000 1.8 Loss before taxes (2,508,000) (3.6) (4,231,000) (4.7)
Net loss (1,555,000) (2.2) (2,622,000) (2.9) Loss per share ($.25)
($.42) - basic and diluted Weighted average number of shares
outstanding - basic and diluted 6,251,000 6,241,000 Except for
historical information contained herein, the matters set forth in
this news release are forward-looking statements that involve
certain risks and uncertainties that could cause actual results to
differ materially from those in the forward-looking statements.
These uncertainties include general economic conditions, jewelry
industry conditions, the effects of competition and the success of
new products and programs. DATASOURCE: Michael Anthony Jewelers,
Inc. CONTACT: Allan Corn, Chief Financial Officer of Michael
Anthony Jewelers, Inc., +1-914-699-0000, ext. 464 Web site:
http://www.michaelanthony.com/
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