Dan River ist letztes Jahr von 0,50 auf 5 Dollar explodiert, ziehen jetzt wieder an.
Die Company hat einen Verlust von 0,46 per Share in 2001 in einen Gewinn von 0,19
per Share umgewandelt. Der Outlook beträgt 0,45 per Share für 2003.
Es stimmt alles, Chart und Aussichten.
Gruss E.
Dan River Inc. Reports Fourth Quarter Earnings of $0.19 Per Diluted Share and Fiscal 2002 Results
TUESDAY, FEBRUARY 04, 2003 6:01 AM
- BusinessWire
DANVILLE, Va., Feb 4, 2003 (BUSINESS WIRE) -- Dan River Inc. (DRF) today reported results for the fourth quarter and year ended December 28, 2002. Net sales for the fourth quarter of fiscal 2002 were $153.2 million, up $7.4 million or 5.0% from $145.8 million in the fourth quarter of fiscal 2001. For the fourth quarter of fiscal 2002, the Company reported net income of $4.2 million, or $0.19 per diluted share. These results compare to a net loss of $10.0 million or $0.46 per diluted share for the fourth quarter of fiscal 2001.
Sales of Dan River's home fashions products for the fourth quarter of fiscal 2002 were $112.1 million, up $3.4 million or 3.1% from the fourth quarter of fiscal 2001. Sales of apparel fabrics were $31.3 million, up $3.7 million or 13.3%, and sales of engineered products were $9.8 million, up $0.3 million or 2.9%.
For fiscal 2002 net sales were $612.9 million, down $18.1 million or 2.9% from $631.1 million for the 52 weeks of fiscal 2001. Before the cumulative effect of a change in an accounting principle related to goodwill, the Company reported income of $7.4 million, or $0.33 per diluted share for fiscal 2002, compared to a net loss of $20.9 million, or $0.96 per diluted share for fiscal 2001.
For the 2002 fiscal year, net sales of Dan River home fashions products were $441.2 million, down $28.7 million, or 6.1%, from fiscal 2001. Net sales of apparel fabrics were $131.5 million, up $12.6 million or 10.6%, and net sales of engineered products were $40.3 million, down $2.0 million or 4.8%.
"We are pleased to be able to deliver these fourth quarter and full year operating results," commented Joseph L. Lanier, Jr., Chairman and CEO. "At this time last year, we had set in motion a plan that would allow us to return to our historic levels of profitability. All the necessary actions had been taken to bring inventory and capacity levels more in line with the current business environment. Our expectations materialized in 2002 as our operations ran at more normal levels, raw material prices declined, and our product mix and margins improved.
"Accordingly, we were able to generate significantly increased cash flow in fiscal 2002 due to the successful execution of our plan and our focus on working capital management," commented Mr. Lanier, "enabling us to repay $73.4 million of debt during fiscal 2002. Total debt at year end fiscal 2002 was $252 million, down from $369 million just two years ago. Both our existing credit facility and our senior subordinated notes mature this year in the third and fourth quarter, and accordingly, they are reflected in the current portion of long term debt on our balance sheet. We are currently monitoring market conditions and intend to refinance our bank debt with a new credit facility and our senior subordinated notes with a new issue of notes when market conditions are favorable. We expect that we will complete these refinancings prior to the respective maturities of our existing credit facility and notes."
In closing, Mr. Lanier said, "As we look to fiscal 2003, we presently expect sales and operating results similar to fiscal 2002. For the full fiscal year of 2003, we are anticipating net income of $0.40 to $0.45 per share. In the first quarter of fiscal 2003, we are expecting net income of $0.05 to $0.10 per share."
The fiscal 2001 fourth quarter results include net nonrecurring pre-tax charges of $4.3 million, consisting mostly of a noncash writedown in connection with the manufacturing consolidation announced by the Company in December 2001. In addition, in the fourth quarter of fiscal 2001 the Company recorded $3.5 million in bad debt expense related to the Kmart Corporation bankruptcy filing.
Included in the full fiscal 2002 results is a one-time increase in income tax expense of $2.8 million, attributable to the tax law changes associated with the Job Creation and Worker Assistance Act of 2002, and a $1.6 million pre-tax charge ($1.0 million after tax) for bad debt expense related to the Chapter 11 filing of Kmart Corporation. The fiscal 2001 results include a one-time tax benefit of $5.0 million recorded as a result of the completion of an IRS examination and goodwill amortization expense of $3.6 million.
In compliance with the new accounting pronouncement, SFAS No. 142, "Impairment of Goodwill and Intangible Assets," the Company completed the required transitional impairment test of goodwill in the third quarter of fiscal 2002. As a result of the test, a $20.7 million non-cash charge has been recorded to reflect the writedown of goodwill. This writedown reflects impairment of goodwill in our engineered products, apparel fabrics and import specialty products businesses, and is reported as the cumulative effect of a change in accounting principle as of the first day of fiscal 2002. Including this effect of the change in accounting principle, the Company reported a net loss of $13.3 million, or $0.60 per diluted share, for fiscal 2002.
The Company has also announced that its annual meeting of shareholders will be held at 10 a.m. Eastern Time on April 25, 2003, at the Riverview Inn, Country Club Drive, in Danville, Virginia. Shareholders of record on February 28, 2003 will be eligible to participate in and vote at the annual meeting.
Note: This news release contains forward-looking statements under applicable securities laws. We believe our forward-looking statements are reasonable; however, undue reliance should not be placed on such statements, which are based on current expectations.
Among our forward-looking statements are expectations concerning the refinancing of our credit facility and our senior subordinated notes. There can be no assurance that we will be able to refinance this indebtedness on terms that we consider to be favorable or at all. Our inability to refinance this indebtedness prior to its maturity would have a material adverse effect on our liquidity and results of operations.
Additionally, our financial condition and results of operations could be materially and adversely affected (i) by economic and political factors outside of our control, including, for example, the effects of military conflicts or terrorist activity on the U.S. economy generally, including in particular any resultant adverse effects on retail demand and the cost of energy and raw materials used in our manufacturing processes; and (ii) by numerous other market and industry factors which are outside our control. Risks associated with our business are detailed in our annual report on Form 10-K filed with the SEC on March 22, 2002 and in our quarterly report on Form 10-Q filed with the SEC on November 8, 2002.
The following are the financial highlights:
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