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Samsonite Corporation

Samsonite Reports First Quarter Results

Denver (ots/PRNewswire)

SAMSONITE CORPORATION (OTC Bulletin
Board: SAMC) today reported revenue  of US$232.4 million, operating
income of US$22.3 million and net income to  common stockholders of
US$3.7 million, or US$0.01 per fully diluted common  share, for the
quarter ended April 30, 2005. These results compare to revenue  of
US$200.4 million, operating income of US$6.4 million and net loss to
common stockholders of US$7.1 million, or US$0.03 per share, for the
first  quarter of the prior year.
Adjusted EBITDA (earnings before interest expense, taxes,
depreciation, amortization, and minority interest, adjusted for
certain items management believes should be excluded in order to
reflect recurring operating performance including restructuring
charges, executive severance, stock compensation expense, asset
impairment charges, and ERP project expenses), a measure of core
business cash flow, was US$29.2 million for the first quarter
compared to US$17.9 million for the first quarter of the prior year.
Chief Executive Officer, Marcello Bottoli, stated: "The Company
had a strong first quarter showing solid sales growth, improving
margins and good progress in working capital efficiency in every
region of operations. I am pleased with the progress we are making in
implementing our strategic plan."
Richard Wiley, Chief Financial Officer, commented: "The improved
operating performance is the result of increased sales in every
region and improved gross profit margins. We continue to make good
progress in working capital reduction which, together with the
operating performance improvement, has resulted in our strong
liquidity position at the end of the quarter. Included in the
results, we realized a US$3.2 million sales and EBITDA improvement
from the sale of an apparel trademark for the U.S. market. In
addition to the strong financial performance, the Company finalized
the sale and leaseback of its Denver Campus and initiated its global
ERP software implementation project during the quarter."
Samsonite Corporation will hold a conference call with securities
analysts to discuss this press release at 10:00 a.m. Eastern Daylight
Time on Thursday, June 9, 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 6851805. The  leader of the call is Marcello
Bottoli. If you cannot attend this call, it  will be played back
through Friday, July 1, 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 6851805.
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), 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 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, stock and
deferred compensation expense, ERP project expenses 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 (and their
negatives). 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 negatively affect consumer confidence or travel levels
(such as the impact of terrorist attacks, hostilities 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, spending and travel); general economic and business
conditions, including foreign currency fluctuations; changes in
interest rates; reliance on third party manufacturers; changes in
consumer demands and fashion trends; changes in methods of
distribution and customer purchasing patterns; factors associated
with our concentrated voting stock; factors associated with or
exacerbated by our leveraged capital structure; and competition. 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 Adjusted EBITDA Summary
    April 30, 2005 and 2004
    (All figures in US$ thousands, except per share data)
                                                      Three months ended
                                                            April 30,
                                                     2005             2004
    Net sales                                      $232,358         200,428
    Cost of goods sold                              121,208         109,263
         Gross profit                               111,150          91,165
    Selling, general and administrative expenses     88,742          80,148
    Amortization and impairment of
     intangible assets                                  144             590
    Asset impairment expense                             --             671
    Provision for restructuring operations               --           3,390
         Operating income                            22,264           6,366
    Interest expense and amortization of
     debt issue costs                                (7,829)         (9,781)
    Interest and other income (expense), net         (1,082)          1,708
    Income (loss) before income taxes and
     minority interests                              13,353          (1,707)
    Income tax expense                               (4,675)         (1,103)
    Minority interests in earnings of
     subsidiaries                                    (1,385)           (915)
         Net income (loss)                            7,293          (3,725)
    Preferred stock dividends                        (3,602)         (3,330)
    Net income (loss) to common stockholders         $3,691          (7,055)
    Net income (loss) per common share - basic        $0.02           (0.03)
    Net income (loss) per common share - diluted      $0.01           (0.03)
    Weighted average shares outstanding - basic     225,446         224,705
    Weighted average shares outstanding - diluted   684,212         224,705
    Summary of Adjusted EBITDA Calculation
    Operating income                                $22,264           6,366
    Depreciation expense                              4,500           4,795
    Amortization and impairment of
     intangible assets                                  144             590
    Asset impairment, restructuring charges
     and former chief executive officer
     severance expenses                                  --           5,554
    ERP project expense                                 169              --
    Stock compensation expense                        2,118             445
    Realized gain (loss) on foreign currency
     forward contracts                                   --             151
    Adjusted EBITDA                                  29,195          17,901
    Adjustments to reconcile Adjusted EBITDA
     to net cash provided by operating activities
           Cash provided by changes in
            operating assets and liabilities         13,224           9,337
           Non-cash operating additions
            (subtractions)
                Amortization and write-
                 off of debt issue costs
                 and premium                            626             570
                Provision for doubtful accounts         498             317
                Pension and other post-retirement
                 plan losses (gains)                  1,643             822
                Other, net                            2,023            (231)
           Income (expense) excluded from
            Adjusted EBITDA
                Interest income                         336              96
                Interest expense                     (7,829)         (9,781)
                Income tax expense                   (4,675)         (1,103)
                Minority interest in earnings
                 of subsidiaries                     (1,385)           (915)
                Other income (expense) items, net    (1,467)         (1,441)
    Net cash provided by operating activities       $32,189          15,572
Web site: http://www.samsonite.com

Contact:

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

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