MILAN — Eyewear company Marcolin SpA reported a net profit of 4.8 million euros, or $7.3 million, in the first nine months of the year, compared with a loss of 3 million euros, or $4 million, in the same period last year.
Revenues grew 6.6 percent to 141.5 million euros, or $215 million, and were achieved, said the company, through “solid performance of all the lines in the portfolio.” Currency conversions were made at average exchange rates for the periods to which they refer.
Listed on the Milan Stock Exchange, Marcolin produces and distributes eyewear for brands like John Galliano, Roberto Cavalli, Kenneth Cole, Tom Ford, Dsquared, Replay and Miss Sixty. In September, Marcolin inked a licensing agreement with Tod’s to produce and distribute Tod’s and Hogan branded eyewear, which will launch for spring 2010.
“The year 2008 has lived up to its promise of being an exceptional year for Marcolin, despite the recessionary situation on the markets,” said Massimo Saracchi, the firm’s chief executive officer and general manager. “In addition to the progress already made to date, we are convinced that we will achieve a good fourth quarter and will further improve the net profits achieved in the first nine months of the year.”
Earnings before interest, taxes, depreciation and amortization grew 46.8 percent to 14.9 million euros, or $22.6 million, and earnings before interest and tax rose to 9.8 million euros, or $14.9 million, compared with 1.7 million euros, or $2.2 million, last year. The company attributed the growth to the “extensive reorganization” of its subsidiary Cébé and its consequent decision to terminate production of ski goggles and helmets.
However, “the higher value of obsolete merchandise” affected the company’s third quarter. Although revenues grew 17.5 percent to 33.8 million euros, or $50.7 million, Marcolin registered a negative EBITDA of 1.3 million euros, or $1.95 million, compared with negative EBITDA of 300,000 euros, or $400,000 in the third quarter of 2007, and a negative EBIT of 2.5 million euros, or $3.7 million, compared with a negative 1.3 million euros, or $1.7 million in the same period last year.
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