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USA:Russell Corporation presents Q4 and fiscal 2004 results |
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2005-3-1
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Leading branded athletic and sporting goods company Russell Corporation today reported fiscal 2004 fourth quarter sales of $334.0 million, an increase of 10.5% over the same period a year ago. The Company also reported earnings of $10.3 million, or $0.31 per diluted share. Earnings for the quarter include an approximate $0.06 per share impact from the dilution of Huffy Sports, severance costs associated with cost improvement initiatives and incremental expenses associated with Sarbanes-Oxley related projects. For the fourth quarter of 2003, earnings were $14.5 million, or $0.44 per diluted share.
Sales for the quarter ended January 1, 2005, reflect a 3% increase in the Company''s ongoing businesses in addition to approximately $22 million dollars in incremental sales from acquisitions owned for less than a year. Sales gains were again recorded for the Activewear Group, the Athletic Group and the International apparel segment.
"During the fourth quarter, sales increases in our domestic segment were led by our Athletic Group. Increases in Athletic were driven by our recent acquisitions, which have solidified and grown our position as a leading branded athletic and sporting goods company. Our International apparel segment continued its sales growth pace, with increases of more than 20% for the quarter and the year," said Jack Ward, chairman and chief executive officer. "For the quarter, our Activewear Group had a 3% increase in revenues, led by our JERZEES(R) sports apparel in the mass channel."
"We are pleased with our substantial progress in expanding our position as a leading, authentic sporting goods company," said Jack Ward, chairman and CEO. "As we capitalize on our acquisitions of sports equipment and athletic footwear, Russell will continue to gain momentum in the sporting goods market. Acquisitions have resulted in our becoming the leading provider of basketballs and basketball equipment, and we expect Brooks to maintain strong growth in the performance running category. Each of these strengthens Russell''s position and is an investment in our future growth."
Russell expects sales for fiscal 2005 to increase approximately 15% to 17%, to approximately $1.50 billion to $1.52 billion. As previously stated, Russell expects earnings per fully diluted share in the $1.55 to $1.65 range for 2005. For the first quarter of 2005, the Company expects sales to increase in the 20% plus range and now expects earnings per share of $0.05 to $0.08. For the remaining quarters, the Company expects the following EPS ranges:
Additionally, the Company expects to record an effective tax rate of approximately 35% for the full year of 2005.
Russell Corporation is marketing activewear, athletic uniforms, equipment and athletic footwear for a wide variety of sports, outdoor and fitness activities. The Company''s major brands include Russell Athletic, JERZEES, Spalding, and Brooks. |
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