Cygne Designs Inc (CYDS.OB) Perche vale cosi poco?? Ma che ha??Bha...

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stefano6661

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Three months (third quarter of 2003) and nine months ended November 1, 2003 compared to three months (third quarter of 2002) and nine months ended November 2, 2002



Net Sales



Net sales for the third quarter of 2003 were $9,117,000, an increase of $3,751,000, or 69.9%, from sales of $5,366,000 for the third quarter of 2002. Net sales for the nine months of 2003 were $20,970,000, an increase of $4,185,000, or 24.9%, from sales of $16,785,000 for the nine months of 2002.



The increase in sales in the third quarter of 2003 compared to the third quarter of 2002 resulted from an increase in sales to Lerner of $3,149,000, sales to Jordache Enterprises of $433,000 and sales to other customers of $169,000. The increase in sales to Lerner for the third quarter of 2003 compared to the third quarter of 2002 was the result of the number and size of the programs that Lerner purchased from Cygne. Jordache Enterprises is a new customer in 2003.



The increase in sales in the nine months of 2003 compared to the nine months of 2002 resulted from an increase in sales to Lerner of $3,720,000 and sales to Jordache Enterprises of $1,633,000 offset by a decrease in sales to Dillard's and to other customers of $1,019,000 and $149,000 respectively. The increase in sales to Lerner for the nine months of 2003 compared to the nine months of 2002 was the result of the number and size of the programs that Lerner purchased from Cygne. Jordache Enterprises is a new customer in 2003. The elimination of the sales to Dillard's was caused by Dillard's discontinuing the product category that it was purchasing from Cygne in April 2002.



Lerner accounted for 93% of Cygne's net sales for the third quarter of 2003 as compared to 100% of the net sales in the comparable period in 2002. For the nine months of 2003, Lerner accounted for 91% of Cygne's net sales as compared to 92% of the net sales in the comparable period of 2002.




Gross Profit



The gross profit for the third quarter of 2003 was $1,161,000, an increase of $496,000 from the gross profit of $665,000 for the comparable period in 2002. The gross profit for the nine months of 2003 was $3,096,000, an increase of $1,257,000 from the gross profit of $1,839,000 for the comparable period in 2002.



The increase in gross profit for the third quarter of 2003 compared to the third quarter of 2002 was attributable to an increase in sales in 2003 as compared to 2002, the reduction of the 2002 unabsorbed overhead at the Company's Guatemala facility offset by a decrease in initial gross margin in 2003 as compared to 2002.



The increase in gross profit for the nine months of 2003 compared to the nine months of 2002 was attributable to the increase in sales in 2003 as compared to 2002, an increase in initial gross margin in 2003 as compared 2002 and the reduction of the 2002 unabsorbed overhead at the Company's Guatemala facility.



The maintained gross margin for the third quarter of 2003 was 12.7% compared to 12.4% for the third quarter of 2002. The gross margin for the nine months of 2003 was 14.8% compared to 11.0% for the nine months of 2002. The increase in maintained gross margin was attributable to a more favorable product mix in 2003 compared to 2002 and the reduction of the 2002 unabsorbed overhead at the Company's Guatemala facility.



Selling, General, and Administrative Expenses



Selling, general, and administrative expenses for the third quarter of 2003 were $919,000, an increase of $96,000 or 11.7% from $823,000 in the comparable period in 2002. The expenses for the nine months of 2003 were $2,508,000, an increase of $167,000 or 7.1% from $2,341,000 in the comparable period in 2002.



The increase in expense in the third quarter and nine months of 2003 compared to the comparable periods in 2002 was primarily the cost of the establishment of a sales and merchandising team for the new knit business and the increase in staff bonuses offset by a reduction in professional fees and insurance expense.



Interest



Interest expense for the third quarter of 2003 was $59,000, an increase of $9,000 from $50,000 from the comparable period in 2002. Interest expense for the nine months of 2003 was $142,000, a decrease of $27,000 from $159,000 from the comparable period in 2002. The increase in interest expense in the third quarter and the decrease in interest expense in the nine months of 2003 compared to the comparable periods in 2002 were related to the usage of factor fees during the respective periods.



Provision (Benefit) for Income Taxes



The provision for income taxes for the third quarter of 2003 and 2002 for minimum state income and foreign taxes was $8,000. The provision for minimum state income and foreign income taxes for the nine months of 2003 and 2002 was $24,000. The provision of $24,000 for the nine months of 2002 was offset by a reversal of $4,800,000 in the first quarter of 2002 of a prior year tax provision leaving a net benefit for the nine months of 2002 of $4,776,000.



In March 2002, the U.S. Internal Revenue Service (the "IRS") concluded its audit of the U.S. Federal income tax returns filed by GJM (US) Inc., the Company's 100% owned subsidiary, for its taxable years ending December 31, 1989 through October 7, 1994. The IRS and the Company executed a settlement agreement stating that no tax payment is due. As a result of this settlement, the Company in the first quarter of 2002 reversed its tax accrual of $4,800,000 established in connection with this audit.




Discontinued Operation
 

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wrwrw
 

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Pensavo ci fossero degli esperti qui sul forum di fondamentali:o :o :rolleyes: :mmmm: :confused:
 
quasi 2000% dalla mia segnalazione, tante volte basta avere pazienza su certi stock sottovalutati :'( :'( jmih.ob magari fara la stessa cosa un giorno? :'(
 

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altri titoli che potrebbero replicare questa cyds.ob jmih.ob suwn.ob hqsm.ob ,la pazienza ripaga... :'(
 
mr_gordongekko ha scritto:
e di BIZ cosa ne pensi???


biz non mi piace,non le prenderei manco morto,magari sale anche ma per me' resta un cesso per adesso.
 
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