By  on March 30, 2010

Swank Inc.’s fourth-quarter profits came up against a year-ago benefit and wound up being cut in half, but the men’s accessories firm registered improvements in sales, gross margin and its cash and debt positions.

In the three months ended Dec. 31, net income fell 50.9 percent to $1.3 million, or 22 cents a diluted share, from $2.6 million, or 44 cents, in the year-ago quarter. Excluding a $2 million insurance settlement in the 2008 period, profit before income taxes rose 24 percent to $2.8 million from $2.2 million.

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