NEW YORK — Everlast Worldwide Inc. on Monday posted robust gains in income, sales and licensing revenue for the first quarter.
In the three months ended March 31, net income rose to $187,695, or 6 cents a share, from $32,678, or 1 cent, in the prior year, while net sales gained 14.1 percent to $14.1 million from $12.4 million. Licensing revenues swelled 25.9 percent to $2.1 million from $1.6 million in the same quarter last year. Net revenue grew 15.5 percent to $16.2 million from $14 million.
George Horowitz, chairman and chief executive , said in a statement that the company’s “balance sheet and results of operations are displaying the benefits from the initiatives we took in 2003 and early 2004, which include the Bronx, N.Y., facility closure, the preferred stock redemption refinance [and] the signing of new and exciting licensing deals.”
He added that the firm’s brand-building strategy was making progress, which helped operating results. For the quarter, the company’s operating income was $1 million, an increase of 131 percent over the prior year.
Horowitz said that he was optimistic about the balance of 2004. “I expect revenues for our licensing and apparel businesses to continue to grow. ”