MICHAEL ANTHONY POSTS SMALL PROFIT IN QUARTER, YEAR
NEW YORK — Trimmed expenses pushed Michael Anthony Jewelers into positive terrain in its fourth quarter and year.
For the three months ended Feb. 2, the Mt. Vernon, N.Y.-based firm reported income of $2,000, or zero cents a diluted share, reversing a loss amounting to $218,000, or 3 cents, in the year-ago quarter. Net sales inched up 1.2 percent to $33.6 million compared to $33.2 million in the year-ago quarter.
Michael Paolercio, chief executive officer, said, “We were able to maintain our gross margins, and this, combined with a reduction in selling, general and administrative expenses, resulted in a small profit for the quarter.” He noted the benefit of offshore operations, resulting in reduced costs of goods, helped in its turnaround.
For the full year, reported income reached $951,000, or 15 cents a diluted share, compared to a loss of $1.4 million, or 23 cents, in 2000. Sales grew 13.8 percent to $141.9 million from last year’s $124.7 million.