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Exhibit 99 - Press Release
[LOGO] 6113 Lemmon, Dallas, Texas 75209
Tel 214.956.4511 - Fax 214.956.4239
NEWS RELEASE Contact: David Tehle
Executive Vice President and
Chief Financial Officer
FOR IMMEDIATE RELEASE
HAGGAR POSTS 19% INCREASE IN SALES FOR THE QUARTER
COMPANY DOUBLES YEAR OVER YEAR EARNINGS
FOR 2ND FISCAL QUARTER
DALLAS, TX (April 23, 2002) -- Haggar Corp. (NASDAQ-HGGR) announced
results for the second quarter ended March 31, 2002, which saw the Company
increase its sales by 19% for the quarter and doubled year over year earnings
for the 2nd fiscal quarter.
For the second quarter of fiscal 2002, Haggar reported net sales of
$138,059,000 and net income of $3,938,000, or $0.62 on an earnings per share
basis. This compares to the second quarter of 2001, in which the Company
reported $115,791,000 in net sales and net income of $2,016,000, or income of
$0.31 on a per share basis, before giving effect to a reorganization charge
relating primarily to the closing of its last domestic sewing facility on
March 26, 2001.
For the six months ended March 31, 2002, Haggar reported net sales of
$237,390,000 and income of $4,009,000 or $0.63 on an earnings per share
basis, before giving effect to the cumulative impact of a change in
accounting principle for goodwill, which was previously announced. This
compares to the first six months of fiscal 2001, in which the Company
reported $215,647,000 in net sales and a net income of $1,870,000, or income
of $0.29 on a per share basis, before giving effect to a reorganization
charge relating primarily to the closing of its last domestic sewing facility
on March 26, 2001.
The Company reduced its inventory by $14 million to $96.1 million as of
the end of the second quarter of fiscal 2002, as compared to $110 million as
of the end of the first quarter of fiscal 2002. Additionally, selling,
general and administrative expenses for the quarter dropped as a percentage
of sales by 4.4 points from second quarter 2001, due to continued tight
expense control across the Company. Margins are down 2.9 percentage points
as the Company continues to be impacted by significant market pressures
present at retail and the result of nonrecurring inventory markdowns taken
during the quarter. Additionally, the Company took a $1.0 million pre-tax
charge for the closure of its Weslaco, Texas, cutting operations as
previously announced. Further, the Company revised its estimate on last
year's Edinburg, Texas, facility write-off, reversing $2.1 million to income.
J. M. Haggar, III, the Company's Chairman and Chief Executive Officer,
stated, " We are excited about our sales trend for the quarter and the
positive impact it had on our earnings per share. Our new product offerings
combined with increased sell through at retail with our key customers has
resulted in these sales increases. Our strategy of strong brands - Haggar,
Claiborne, DKNY plus a world-class private brand organization is paying off."
Frank Bracken, President and Chief Operating Officer, added, "We
introduced our new "Comfort Fit" idea to retailers this quarter and the
response has been outstanding. All of our key customers have placed the
pant, which was introduced during this quarter. We believe this product will
be another phenomenal success for Haggar. Initial sell-throughs at retail
have been well above normal."
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David Tehle, Executive Vice President and Chief Financial Officer, noted,
"We are delighted that we were able to post such strong increases in revenue
given today's difficult retail environment. Increasing our sales for the
quarter by 19% was achieved by strong results from the Haggar brand,
Claiborne brand, and our retail stores. All other divisions posted solid
results. The excellent performance in the quarter allowed us to decrease our
debt by over $10 million to $61.1 million versus last year's level of $71.6
million."
The Haggar Board of Directors continued the $0.05 per share quarterly
dividend. The dividend will be payable on May 20, 2002, to shareholders of
record as of May 6, 2002.
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 file a Form 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.
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HAGGAR CORP.
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CONDENSED CONSOLIDATED THREE MONTHS ENDED MARCH 31, SIX MONTHS ENDED MARCH 31,
STATEMENTS OF INCOME 2002 2001 2002 2001
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(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
Net Sales $ 138,059 $ 115,791 $ 237,390 $ 215,647
Cost of sales 100,814 80,245 169,551 147,197
Reorganization costs (1,157) 20,800 (1,157) 20,800
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Gross profit 38,402 14,746 68,996 47,650
Selling, general and administrative expenses (31,210) (31,298) (61,125) (63,699)
Royalty income 332 591 728 1,041
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Operating income (loss) 7,524 (15,961) 8,599 (15,008)
Other income (expense) 11 23 59 1
Interest expense (1,095) (1,428) (2,106) (2,397)
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Net income (loss) before provision
for income taxes and cumulative effect
of accounting change 6,440 (17,366) 6,552 (17,404)
Provision (benefits) for income taxes 2,502 (5,082) 2,543 (4,974)
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Income (loss) before cumulative effect
of accounting change 3,938 (12,284) 4,009 (12,430)
Cumulative effect of accounting change - - (15,578) -
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Net income (loss) $ 3,938 $ (12,284) $ (11,569) $ (12,430)
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Income (loss) per common share before cumulative
effect of accounting change - Basic/Diluted $ 0.62 $ (1.89) $ 0.63 $ (1.91)
Cumulative effect of accounting change per common
share - Basic/Diluted - - (2.44) -
Net income (loss) per common share - Basic/Diluted $ 0.62 $ (1.89) $ (1.81) $ (1.91)
Weight average shares outstanding - Basic/Diluted 6,391 6,505 6,368 6,516
PROFORMA IMPACT OF SFAS NO. 142:
Net income (loss) as reported $ 3,938 $ (12,284) $ (11,569) $ (12,430)
Add back: Goodwill amortization - 375 - 750
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Adjusted net income (loss) $ 3,938 $ (11,909) $ (11,569) $ 11,680
Proforma net income (loss) per common share - $ 0.62 $ (1.83) $ (1.81) $ (1.79)
Basic/Diluted
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CONDENSED CONSOLIDATED
BALANCE SHEET MARCH 31, 2002 SEPTEMBER 30, 2001
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ASSETS (IN THOUSANDS)
Cash and cash equivalents $ 5,797 $ 7,800
Accounts receivable, net 74,829 69,047
Due from factor 1,292 2,252
Inventories 96,107 97,726
Property held for sale 2,157 -
Deferred tax benefit 10,229 11,290
Other current assets 2,287 2,215
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Total current assets 192,698 190,330
Property, plant and equipment, net 48,927 51,975
Goodwill 9,472 25,050
Other assets 8,130 7,870
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Total Assets $ 259,227 $ 275,225
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Liabilities and Stockholders' Equity
Accounts payable $ 25,355 $ 35,645
Accrued liabilities 28,039 25,374
Other current liabilities 5,341 8,748
Current portion of long-term debt 3,747 4,021
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Total current liabilities 62,482 73,788
Long term debt 57,343 49,338
Stockholders' equity 139,402 152,099
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Total Liabilities and Stockholders'
Equity $ 259,227 $ 275,225
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