PUMA PROFITS RISE TO $49.6M IN FOURTH PERIOD
NEW YORK — Boosted by a $14.2 million (24 million marks) extraordinary gain, earnings at Puma AG soared 73.9 percent in 1996 to $49.6 million (83.8 million marks).
In 1995, the firm, based in Herzogenaurach, Germany, earned 48.2 million marks.
Despite the profit gain last year, Puma said its North American operations registered a loss, which had been expected.
The footwear and apparel manufacturer said the extraordinary gain was related to the forgiveness of debt by its former majority shareholder.
Excluding the gain, pretax earnings were up 25 percent from a year earlier.
Sales in 1996 rose 18.4 million to $290 million (489.9 million marks) from 413.6 million marks. Licensing revenue fell 6 percent to $397.7 million (671.9 million marks). Operating profit rose 7.6 percent to $38.6 million (65.2 million marks).