Samsonite Sales Jump 15% In Fiscal 2nd Quarter

By Jeff Malester On Sep 20 2004 - 6:00am

Portable storage bag maker Samsonite reported a 15-percent gain in net revenue for its fiscal second quarter, hitting $222.4 million, up from $192.2 million in the year-ago period.

However, operating income for the three months, ended July 31, dropped to $14 million from a year-earlier $18.7 million, while the company widened its net loss to $18.3 million, from a net loss of $2.3 million in the second quarter of 2003. The net loss included bond tender offer premiums of $13.7 million and the write-off of deferred financing costs of $4.1 million related to the refinancing of Samsonite's senior subordinated notes.

Earnings before interest, taxes, depreciation, amortization and minority interest (EBITDA), adjusted to exclude restructuring charges, executive severance, non-cash stock compensation expense and assent impairment charges — which management believes should be excluded to reflect recurring operating performance — reached $25 million, up from $22.5 million the previous year.

Revenue for the six months hit $420.6 million, about a 19 percent jump over the $354.1 million reported in the first half of last year.

Still, operating income dropped to $20.4 million for the six months, down from $29.1 million year-on-year. Net loss for the six months widened to $22.1 million, compared with a net loss of $6.3 million in the same period the previous year.

Adjusted EBITDA for the first half climbed to $42.9 million, up from $37.3 million in the first six months of last year.

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