By Lisa Johnston
New products on display at the American International Toy Fair, held in N
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.
This TWICE webinar, hosted by senior editor Alan Wolf, will take a look at what may be the hottest CE products at retail that will be sold during the all-important fourth quarter. Top technologies, market strategies and industry trends will be discussed with industry analysts and executives.