Tous Actualités
Suivre
Abonner Samsonite Corporation

Samsonite Corporation

Samsonite Announces Fourth Quarter and Annual Operating Results

Denver (ots/PRNewswire)

SAMSONITE CORPORATION (OTC Bulletin
Board: SAMC) today announced financial results for the fourth quarter
and fiscal year ended January 31, 2005.
Revenues and operating income for the fourth quarter were US$243.5
million and US$22.6 million, respectively, compared to revenues of
US$215.3 million and operating income of US$23.7 million in the prior
year quarter. Fiscal 2005 fourth quarter operating income includes a
charge of US$2.8 million related to a restructuring plan to
streamline certain operating overhead functions in Canada and the
United States and to recognize impairment of certain apparel
trademark intangible assets. Income to common stockholders was US$3.3
million or US$0.01 per weighted average share outstanding for the
fourth quarter compared to US$4.0 million or US$0.02 per weighted
average share outstanding in the prior year quarter.
Revenues and operating income for the fiscal year ended January
31, 2005 were US$902.9 million and US$65.0 million, respectively,
which compares to US$776.5 million and US$69.7 million in the prior
year. Operating income for the current fiscal year includes charges
totaling US$10.6 million for restructuring provisions and expenses
and asset impairment charges related to the elimination of production
operations in Spain and Mexico, the restructuring plan to streamline
certain operating overhead functions in Canada and the United States,
the impairment of certain apparel trademark intangible assets, and
executive severance. Operating income for the prior fiscal year
includes charges totaling US$5.7 million for restructuring provisions
and asset impairments related to the closure of the Company's
Nogales, Mexico manufacturing facility and the impairment of certain
apparel trademark intangible assets. In addition, operating income
includes a charge of US$4.0 million for stock compensation expense
related to options granted to executive officers which was not
incurred in the prior year. Loss to common stockholders for the
fiscal year was US$22.7 million or US$0.10 per share, compared to
US$27.5 million or US$0.22 per share in the prior fiscal year.
Adjusted EBITDA (earnings before interest expense, taxes,
depreciation, amortization and minority interest, adjusted for items
which management believes should be excluded to reflect recurring
operations, including stock compensation expense and executive
severance, asset impairment charges, restructuring charges and
expenses and to include realized currency hedge gains and losses) was
US$31.3 million for the fourth quarter which compares with US$34.1
million for the same period in the prior year. Adjusted EBITDA for
the year ended January 31, 2005 was US$100.7 million compared to
US$93.1 million in the prior year. Cash provided by operating
activities (as reflected in the Company's consolidated statements of
cash flows) for the fourth quarter was US$26.9 million, which
compares to US$21.8 million for the same period in the prior year.
Cash provided by operating activities for the year ended January 31,
2005 was US$34.7 million compared to US$28.0 million in the prior
year. A reconciliation of Adjusted EBITDA to cash provided by
operating activities is included in the tables appearing at the end
of this press release. Neither EBITDA nor Adjusted EBITDA is an
accounting term used in generally accepted accounting principles.
Chief Executive Officer, Marcello Bottoli, stated: "With the
economic recovery in the first half of the year, increased marketing
and advertising expenditures in the latter half, and the effects of
the stronger euro, the Company's sales growth approximated 16% for
the year. Expanded product diversity and increased market penetration
drove sales growth in our non-luggage product categories, with casual
and outdoor bag sales increasing 28%, and business case and computer
bag sales increasing 17%. Fueled by new product introductions and
marketing and advertising expenditures, sales of traditional luggage
products also grew at 14%. Sales in each of our three major
geographic regions grew at double-digit rates with Europe increasing
17.6%, the Americas at 12.8% and Asia at 33.6%. In addition, in
January we completed negotiations and signed definitive agreements to
commence our direct market entry into Japan by consummating a joint
venture agreement with a local partner. We should begin to see the
benefits of Japan's sales in our operations in the latter half of
fiscal 2006.
We continue to improve our cost structure by pursuing lower cost
methods to produce and engineer our products and by streamlining
operating functions to reduce expenses. Our gross profit margin
improved 100 basis points over the prior year to 46.1% and Adjusted
EBITDA increased US$7.6 million to US$100.7 million, despite
increasing our investment in marketing and advertising expenses by
US$14.9 million or 35%. We plan to increase investment in our brands
by adding additional marketing and advertising expenditures to our
operating budgets and by increasing expenditures in the product
research and development area."
Richard Wiley, Chief Financial Officer, commented: "During fiscal
2005 and the fourth quarter we continued to realize the benefits of
our efforts to improve operating cash flows, income statement
performance and balance sheet efficiency. Our programs to improve the
Company's working capital efficiency coupled with our improved
operating performance are the drivers to the improvement in the
Company's cash flow and liquidity and to the repayment of debt.
During the fourth quarter our debt, net of cash, declined US$18.8
million to US$298.0 million."
Samsonite Corporation will hold a conference call with securities
analysts to discuss this press release at 9:00 a.m. Eastern Daylight
Time on Wednesday, April 13, 2005. Investors and interested members
of the public are invited to listen to the discussion. The dial-in
phone numbers are +1-877- 809-7599 in the U.S./Canada and
+1-706-679-6135 for international calls, the conference name is
Samsonite and the conference ID # is 5460037. The leader of the call
is Marcello Bottoli. If you cannot attend this call, it will be
played back through Friday, April 29, 2005. The playback numbers are
+1-800- 642-1687 in the U.S./Canada and +1-706-645-9291 for
international calls, and the conference ID # is 5460037.
Samsonite is one of the world's largest manufacturers and
distributors of luggage and markets luggage, casual bags, business
cases and travel-related products under brands such as SAMSONITE(R),
AMERICAN TOURISTER(R), LARK(R), HEDGREN(R), LACOSTE(R) and
SAMSONITE(R) black label.
A summary of the Company's calculation of Adjusted EBITDA, a
reconciliation of Adjusted EBITDA to net cash provided by (used in)
operating activities, and a summary of the Company's earnings
(losses) under generally accepted accounting principles are attached
as part of this release. The Company believes that disclosure of its
operating earnings before interest, taxes, depreciation and
amortization, as further adjusted to exclude goodwill and asset
impairment charges, restructuring charges and expenses, executive
severance and stock compensation expense and to include realized
currency hedge gains and losses ("Adjusted EBITDA"), provides useful
information regarding the Company's ability to incur and service
debt, but that it should not be considered a substitute for operating
income or cash flow from operations determined in accordance with
generally accepted accounting principles. Other companies may
calculate EBITDA, or derivations thereof, in a different manner than
the Company. Adjusted EBITDA does not take into consideration
substantial costs and cash flows of doing business, such as interest
expense, income taxes, depreciation, amortization, restructuring
charges and expenses, and stock compensation expense, executive
severance and should not be considered in isolation to or as a
substitute for other measures of performance. Adjusted EBITDA, as
calculated by the Company, also excludes extraordinary items,
discontinued operations, minority interest in earnings of
subsidiaries, certain items of other income and expense and preferred
stock dividends. Adjusted EBITDA does not represent funds available
for discretionary use by the Company because those funds are required
for debt service, capital expenditures, working capital, and other
commitments and obligations. Neither EBITDA nor Adjusted EBITDA is an
accounting term used in generally accepted accounting principles.
Certain statements contained herein constitute "forward-looking
statements" within the meaning of the Private Securities Litigation
Reform Act of 1995. They can often be recognized by words such as
"proposed," "may," "will," "anticipate," "believe," "estimate,"
"intend," "plan" and "expect" and similar expressions. Variations on
those or similar words, or the negative of those words, may also
indicate forward-looking statements. Forward-looking statements
involve numerous assumptions, known and unknown risks, uncertainties
and other factors that may cause actual and future performance or
achievements of the Company to be materially different from any
future estimated results, performance or achievements express or
implied by such forward-looking statements. These factors include,
among others, events which affect travel levels (such as the impact
of terrorist attacks, armed conflicts in the Middle East and other
regions, the incidence or spread of contagious diseases (such as
SARS), or other economic, political or public health or safety
conditions or events that impact consumer confidence and spending);
general economic and business conditions, including foreign currency
exchange rate fluctuations; industry capacity; changes in consumer
preferences; demographic changes; competition; changes in methods of
distribution and technology; changes in political, social and
economic conditions and local regulations; general levels of economic
growth in emerging market countries; the loss of significant
customers; completion of new product developments within anticipated
time frames; changes in interest rates; and other factors that are
beyond our control. More information on the risks, uncertainties and
other factors affecting Samsonite Corporation may be obtained from
the Company's filings with the United States Securities and Exchange
Commission. Forward-looking statements are believed to be accurate as
of the date of this release, and the Company undertakes no obligation
to update or revise said statements as a result of future events.
     Samsonite Corporation Earnings and EBITDA Summary
     January 31, 2005 and 2004
     (in thousands, except per share data)
     (all figures in US$)
                                         Three months ended    Year ended
                                             January 31,       January 31,
                                            2005     2004     2005     2004
    Net sales                            $243,506  215,271  902,896  776,451
    Cost of goods sold                    130,396  115,657  486,594  426,509
         Gross profit                     113,110   99,614  416,302  349,942
    Selling, general and
     administrative expenses               87,298   69,912  341,551  273,213
    Amortization and impairment of
     intangible assets                      1,447    1,611    3,214    2,578
    Asset impairment expense                   --    2,658      671    2,658
    Provision for restructuring
     operations                             1,788    1,768    5,862    1,768
         Operating income                  22,577   23,665   65,004   69,725
    Interest expense and amortization of
     debt issue costs                      (7,996)  (9,982) (35,206) (43,528)
    Interest and other income (expense),
     net                                   (1,697)  (2,365) (22,323)  (9,663)
    Income before income taxes and
     minority interests                    12,884   11,318    7,475   16,534
    Income tax expense                     (5,436)  (3,700) (13,003) (10,431)
    Minority interests in earnings of
     subsidiaries                            (599)    (389)  (3,521)  (2,548)
         Net income (loss)                  6,849    7,229   (9,049)   3,555
    Redeemable preferred stock dividends
     and accretion of preferred stock
     discount                              (3,532)  (3,264) (13,683) (31,055)
    Net income (loss) to common
     stockholders                          $3,317    3,965  (22,732) (27,500)
    Income (loss) to common stockholders
     per share - basic:
     Net income (loss) per share            $0.01     0.02    (0.10)   (0.22)
    Weighted average shares outstanding   224,835  224,705  224,764  122,842
    Income (loss) to common stockholders
     per share - diluted:
     Net income (loss) per share            $0.01     0.02    (0.10)   (0.22)
    Weighted average shares outstanding   654,684  224,705  224,764  122,842
    Summary of Adjusted EBITDA
     Calculation
    Operating income                      $22,577   23,665   65,004   69,725
    Depreciation expense                    4,905    4,433   18,971   17,948
    Amortization and impairment of
     intangible assets                      1,447    1,611    3,214    2,578
    Asset impairment and restructuring
     charges and expenses                   1,937    4,426    9,702    4,426
    Stock compensation expense              1,293       --    4,031       --
    Realized losses on foreign currency
     forward contracts                       (881)      --     (230)  (1,618)
    Adjusted EBITDA                        31,278   34,135  100,692   93,059
    Adjustments to reconcile Adjusted
     EBITDA to net cash provided by
     operating activities
       Restructuring related expenses,
        not previously accrued               (172)      --   (3,169)      --
       Cash provided by changes in
        operating assets and liabilities    9,025    2,334      587    1,117
       Non-cash operating additions
        (subtractions)
            Amortization and write-off of
             debt issue costs and premium     629      571    6,500    3,110
            Provision (recovery) for
             doubtful accounts               (378)     330    1,540      723
            Pension and other post-
             retirement plan losses           827      118    3,243      398
            Other, net                        590   (1,330)     (25)  (5,979)
       Income (expense) excluded from
        Adjusted EBITDA
            Interest income                   224      168      549      396
            Interest expense               (7,996)  (9,982) (35,206) (43,528)
            Income tax expense             (5,436)  (3,700) (13,003) (10,431)
            Minority interests in
             earnings of subsidiaries        (599)    (389)  (3,521)  (2,548)
            Other income (expense) items,
             net                           (1,093)    (434) (23,461)  (8,334)
    Net cash provided by operating
     activities                           $26,899   21,821   34,726   27,983

Contact:

Richard Wiley of Samsonite Corporation, +1-303-373-6373

Plus de actualités: Samsonite Corporation
Plus de actualités: Samsonite Corporation
  • 08.04.2005 – 02:44

    Samsonite Corporation Analysts' Conference Call

    Denver (ots/PRNewswire) - SAMSONITE CORPORATION(OTC Bulletin Board: SAMC) today announced that it will release year-end earnings results on Tuesday, April 12, after market close. A conference call with securities analysts to discuss fourth quarter and annual operating results for the fiscal year ended January 31, 2005, will be held at 9:00 a.m.Eastern Daylight Time on Wednesday, April 13. Investors and interested ...

  • 09.12.2004 – 22:33

    Samsonite Reports Third Quarter Results

    Denver, Colorado (ots/PRNewswire) - SAMSONITE CORPORATION (OTC Bulletin Board: SAMC) today reported revenues of US$231.4 million, operating income of US$22.0 million and net income to common stockholders of US$2.7 million, or US$0.01 per share, for the quarter ended October 31, 2004. These results compare to revenue of US$202.4 million, operating income of US$17.1 million and net loss to common stockholders of US$0.6 ...

  • 03.12.2004 – 01:02

    Samsonite Corporation Analysts' Conference Call

    Denver (ots/PRNewswire) - SAMSONITE CORPORATION (OTC Bulletin Board: SAMC) today announced that it will hold a conference call with securities analysts to discuss third quarter fiscal year 2005 earnings results for the quarter ended October 31, 2004, at 10:00 a.m. Eastern Standard Time on Friday, December 10, 2004. Investors and interested members of the public are invited to listen to the discussion. The dial-in ...