Mr. Crain continued, "Looking at the balance of the year, we will continue to focus on design-led and branded product development in both our Infant & Juvenile and Gift segments. We expect that this approach, as well as our efforts to optimize our pricing strategies, control inventory levels and manage rising costs, will help offset some of the macroeconomic pressures. We look forward to building on the momentum that we generated in 2007."
Consolidated net sales for the first quarter of 2008 increased 1.1% to
Consolidated gross profit in the first quarter of 2008 was
Consolidated selling, general and administrative expenses for the first
quarter of 2008 were
As a result of the foregoing, consolidated net income for the first
quarter of 2008 was
Conference Call Information
The conference call, which will be held at
About
The Infant & Juvenile segment sells its products under the Sassy(R) and
KidsLine(R) brand names and select private label programs. The Kids Line
division designs and markets infant bedding and related nursery accessories.
The Sassy division offers products and collections such as infant development
toys, teething, feeding, bathing and baby care products. The businesses also
license brands for select categories and markets including Disney(R), Leap
Frog(TM) and Carter's(R). In
The Gift segment encompasses seasonal and everyday plush and other gift products. The Gift segment markets its products primarily under the RUSS(R) and APPLAUSE(R) brand names and also produces product in select markets and categories under licenses that include Shining Stars(R), Raggedy Ann(TM), Curious George(TM), Simpsons(TM) and a variety of other well-recognized trademarks.
More information about the Company can be found at: www.russberrie.com .
Note: This press release contains certain forward-looking statements. Additional written and oral forward-looking statements may be made by the Company from time to time in Securities and Exchange Commission (SEC) filings and otherwise. The Private Securities Litigation Reform Act of 1995 provides a safe-harbor for forward-looking statements. These statements may be identified by the use of forward-looking words or phrases including, but not limited to, "anticipate", "believe", "expect", "project", "intend", "may", "planned", "potential", "should", "will" or "would". The Company cautions readers that results predicted by forward-looking statements, including, without limitation, those relating to the Company's future business prospects, revenues, working capital, liquidity, capital needs, order backlog, interest costs and income are subject to certain risks and uncertainties that could cause actual results to differ materially from those indicated in the forward-looking statements. Specific risks and uncertainties include, but are not limited to those set forth under Item 1A, "Risk Factors", of the Company's most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q filed with the SEC. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise.
AT THE COMPANY AT FINANCIAL DYNAMICS Marc S. Goldfarb Erica Pettit / Leigh Parrish Senior Vice President & General Counsel General Information 201-337-9000 212-850-5600 (tables to follow) RUSS BERRIE AND COMPANY, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Dollars in Thousands, Except Share and Per Share Data) (Unaudited) Three Months Ended March 31, 2008 2007 Net sales $75,924 $75,073 Cost of sales 45,366 43,746 Gross profit 30,558 31,327 Selling, general and administrative expenses 26,984 26,458 Operating income 3,574 4,869 Other expenses (599) (1,122) Income before income tax provision 2,975 3,747 Income tax provision 975 1,201 Net income $2,000 $2,546 Net income per share: Basic $0.09 $0.12 Diluted $0.09 $0.12 Weighted average shares: Basic 21,300,000 21,076,000 Diluted 21,325,000 21,141,000 RUSS BERRIE AND COMPANY, INC. CONDENSED CONSOLIDATED BALANCE SHEET DATA (Dollars in Thousands) March 31, December 31, 2008 2007 (Unaudited) (Audited) Cash and cash equivalents $17,330 $21,925 Accounts receivable, net 60,209 64,544 Inventories, net 54,028 59,069 Other current assets 5,217 5,419 Long-term assets 191,875 191,018 Total assets $328,659 $341,975 Short-term debt $38,813 $34,844 Other current liabilities 36,482 52,980 Long-term liabilities 46,191 49,512 Total liabilities 121,486 137,336 Shareholders' equity 207,173 204,639 Total liabilities and shareholders' equity $328,659 $341,975
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