CHRISTINA QUARTER NET SLIPS
NEW YORK — Marisa Christina Inc. reported fourth-quarter earnings dipped 0.2 percent to $3.21 million from $3.22 million a year ago. Earnings per share were flat at 38 cents.
Sales were up 8.5 percent to $25.5 million from $23.5 million.
The figures do not include Adrienne Vittadini, which Marisa Christina acquired in January.
Analysts see the Vittadini operation, which has been losing sales for several years, adding approximately $34 million to Marisa Christina’s volume this year, including another $2.5 million in licensing royalties.
Despite the unusually difficult holiday selling season, Marisa Christina for the quarter was able to maintain its gross margins of 40 percent despite the unusually difficult holiday selling season, Michael Lerner, chairman and chief executive officer, said in a statement.
“Quarterly revenue growth of 9 percent reflected slight softness in certain reorders and the limiting of shipments to certain customers due to credit-worthiness,” Lerner added.
For the full year, earnings rose 24.3 percent to $10.1 million, or $1.20 a share from $8.2 million, or $1.16, which included an extraordinary charge of $292,000 for early debt retirement.
Sales increased 13.8 percent to $86.7 million from $76.2 million.
Lerner noted these gains came in a year “characterized by soft apparel sales and lackluster consumer interest.”
Looking ahead, Lerner said Marisa Christina is “very optimistic about the future, especially in light of our recent acquisition of Adrienne Vittadini Inc.”
— Fairchild News Service