Cherokee Announces 1stQ Fiscal 2011 Financial Results

June 7, 2010 at 9:36 am Leave a comment

Apparel Industry NewsCherokee Inc., a leading global licensor and brand management company, reported its financial results for the first quarter ended May 1, 2010. Royalty revenues for our First Quarter totaled $8.2 million, as compared to $8.9 million in the comparable period last year. Cherokee’s operating expenses for the First Quarter totaled $3.4 million, as compared to $3.1 million in the comparable period last year.

Cherokee’s net income for the First Quarter totaled $2.9 million or $0.33 per diluted share, as compared to $3.8 million or $0.43 per diluted share in the year ago period. However, the year ago period included an unusually low effective tax rate of 33.7%, as compared to the First Quarter effective tax rate of 40.3%. The lower effective tax rate in the first quarter of last year was a result of a tax provision decrease primarily due to the filing of a state tax refund claim relating to the calculation of apportionment of net income.

Russell J. Riopelle, Cherokee Announces of Cherokee, commented, “We finished the quarter in another strong cash position, with cash and cash equivalents of $7.4 million, trade receivables of $7.7 million, and no debt. As we previously announced, we will pay a dividend of $0.38 per share on June 16th. We will continue to implement and execute strategies designed to maximize value for our shareholders.”

Source : Fibashion.com

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