NEW YORK -- Cygne Designs reported fourth-quarter earnings climbed 37.3 percent, to $2.5 million, or 30 cents a share, from $1.8 million or 34 cents, a year ago.
Per-share income for the quarter declined due to a 56 percent increase in shares outstanding from an initial public offering in August 1993. Sales rose 31.8 percent, to $62.3 million from $47.3 million. For the year ended Jan. 29, earnings nearly doubled to $6.1 million, or 92 cents, from $3.1 million, or 59 cents.
Sales gained 76.7 percent, to $220.2 million from $124.7 million.
The figures do not include Fenn Wright & Manson, which Cygne acquired on April 6. Combined, the two private label apparel manufacturers had sales in 1993 of $371.5 million, a 49 percent increase over $250 million the prior year. Before $630,000 in merger costs, and a tax accounting charge of $1.2 million at Fenn Wright & Manson, combined pro forma net income last year rose 93 percent, to $8.7 million, or $1 a share, from $4.5 million, or 62 cents.