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Exhibit 99 - Press Release
------------- 6113 Lemmon, Dallas, Texas 75209
Tel 214.956.4511 o Fax 214.956.4239
NEWS RELEASE HAGGAR(R) Contact: David Tehle
Executive Vice President and
------------- Chief Financial Officer
FOR IMMEDIATE RELEASE
HAGGAR QUARTERLY SALES SURGE 5%
Annual Sales Grow 3%
DALLAS, TX (November 6, 2001) -- Haggar Corp. (NASDAQ-HGGR) announced
results for the fourth quarter and full year for fiscal year 2001, which ended
September 30, 2001.
For the fourth quarter of fiscal 2001, Haggar reported net sales of
$120,772,000 and net income of $2,731,000, or $0.42 on a diluted earnings per
share basis. This compares to the fourth quarter of 2000, in which the
Company reported $115,053,000 in net sales and a net income of $5,120,000, or
$0.78 on a diluted earnings per share basis.
For fiscal 2001, Haggar reported net sales of $444,570,000 and a net
loss of $8,670,000 related to the global sourcing reorganization announced
during the second quarter of fiscal 2001, compared to net sales of
$432,855,000 and net income of $9,282,000 during the same period in 2000. The
fiscal year 2001 loss was $1.34 per share compared to income of $1.37 per
share for the previous year.
J.M. Haggar, III, the Company's Chairman and Chief Executive
Officer, stated, "We are excited about our sales increase of 5% for our
fourth quarter and a 3.0% increase in net sales for the full year. This is
our second consecutive quarter of sales increases as our third quarter sales
for fiscal 2001 were 6% higher than sales during the third quarter in fiscal
2000. We are very pleased with our sales performance, particularly in light
of a weak retail environment. Our strategic initiatives that we have invested
in are paying off through increases in market share."
Frank Bracken, President and Chief Operating Officer, added, "We are
seeing the results of our strategy to diversify and balance our business even
in our tough retail environment. We have experienced good topline performance
from the Haggar brand, as well as our licensed brands: DKNY and Claiborne. We
will continue to grow market share in both the private label and branded
businesses, the dress and casual pant businesses, and the clothing and
sportswear businesses."
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-more-
David Tehle, Executive Vice President and Chief Financial Officer,
noted, "the Company has reduced its inventories by $6 million from $104
million at the end of the third quarter of fiscal 2001 to $98 million at the
end of the fourth quarter of fiscal 2001. Furthermore, the total debt has
been reduced by $14 million to $53 million as of the end of fiscal 2001, as
compared to $67 million as of the end of the third quarter of fiscal 2001.
The Company reduced its overall debt through increased sales, increased
collections, and reduced inventory levels.
The Haggar Board of Directors continued the $0.05 per share quarterly
dividend. The dividend will be payable on November 19, 2001, to shareholders
of record as of November 5, 2001.
The statements contained in this release that are not historical
facts are forward-looking statements. These forward-looking statements
involve risks and uncertainties that could cause actual results to differ
materially from those in such statements; the results could be affected by,
among other things, general business conditions, the impact of competition,
the seasonality of the Company's business, labor relations, governmental
regulations, unexpected judicial decisions, and inflation. In addition, the
financial results for the quarter just ended do not necessarily indicate the
results that may be expected for any future quarters or for any fiscal year.
Investors also should consider other risks and uncertainties discussed in
documents filed by the Company with the Securities and Exchange Commission.
Additionally, the Company will be filing an 8K with the Securities
and Exchange Commission tomorrow with its latest financial projections for
fiscal 2002.
Haggar Clothing Co., a wholly-owned subsidiary of Haggar Corp.
(NASDAQ-HGGR), is a leading marketer of men's casual and dress apparel and
women's sportswear, with global headquarters in Dallas, TX. Haggar markets in
the United States, United Kingdom, Canada, Mexico, South Africa, and
Indonesia. Haggar also holds exclusive licenses in the United States to use
the Claiborne(R) trademark and in the United States and Canada to use the
DKNY(R) trademark to manufacture, market, and sell men's shorts and pants in
men's classification pant departments. For more information visit the Haggar
website at www.haggarcorp.com.
-more-
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HAGGAR CORP.
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CONDENSED CONSOLIDATED THREE MONTHS ENDED TWELVE MONTHS ENDED
STATEMENTS OF INCOME SEPTEMBER 30, SEPTEMBER 30,
2001 2000 2001 2000
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(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
Net Sales $120,772 $115,053 $ 444,570 $ 432,855
Reorganization Costs (650) - 20,150 -
Cost of sales 84,124 74,527 307,796 287,392
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Gross profit 37,298 40,526 116,624 145,463
Selling, general and administrative expenses (31,294) (31,415) (123,972) (128,849)
Royalty income 380 935 1,856 2,436
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Operating income (loss) 6,384 10,046 (5,492) 19,050
Other income (expense) (309) 562 (107) 1,370
Interest expense (1,344) (1,116) (5,140) (4,084)
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Net income (loss) before provision (benefit)
for income taxes 4,731 9,492 (10,739) 16,336
Provision (benefit) for income taxes 2,000 4,372 (2,069) 7,054
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Net income (loss) 2,731 $ 5,120 (8,670) $ 9,282
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Net income (loss) per common share - Basic $ 0.42 $ 0.78 $ (1.34) $ 1.38
Net income (loss) per common share - Diluted $ 0.42 $ 0.78 $ (1.34) $ 1.37
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Weighted average shares outstanding - Basic 6,485 6,547 6,485 6,733
Weighted average shares outstanding - Diluted 6,511 6,602 6,485 6,786
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CONDENSED CONSOLIDATED
BALANCE SHEET SEPTEMBER 30, 2001 SEPTEMBER 30, 2000
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(IN THOUSANDS)
ASSETS
Cash and cash equivalents $ 7,800 $ 6,238
Accounts receivable, net 69,047 66,362
Due from factor 2,252 1,951
Inventories 97,726 92,581
Deferred tax benefit 11,290 10,624
Other current assets 2,215 1,737
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Total current assets 190,330 179,493
Property, plant and equipment, net 51,975 59,563
Goodwill 25,050 26,505
Other assets 7,870 6,795
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Total Assets 275,225 $272,356
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LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable $ 35,645 $ 25,176
Accrued liabilities 25,374 22,970
Other current liabilities 8,748 10,047
Current portion of long-term debt 4,021 4,046
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Total current liabilities 73,788 62,239
Long term debt 49,338 46,333
Stockholders' equity 152,099 163,784
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Total Liabilities and Stockholders' Equity 275,225 $272,356
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