WEST NEW YORK, NJ -- (MARKET WIRE) -- November 14, 2006 -- Jaclyn, Inc. (
AMEX:
JLN) today reported
financial results for the first quarter ended September 30, 2006.
Net sales for the three-month period ended September 30, 2006 were
$40,624,000 compared to $29,248,000 a year earlier. The Company reported
first quarter net earnings of $463,000, or $.18 per diluted share, compared
to fiscal 2006 first quarter net earnings of $146,000, or $.06 per diluted
share.
Jaclyn also announced that the holder of the option to purchase the West
New York, New Jersey headquarters has advised the Company that while the
option holder expects that local governmental approval will be granted for
use of the site as residential housing, the approval may not be broad
enough to cover the option holder's entire original plan for the site.
With a softening of the real estate market, and the now likely smaller
scope of the project, the option holder has initiated discussions with the
Company to acquire the West New York property at a reduced price. The
Company intends to evaluate all of its alternatives with regard to the West
New York headquarters, including the general marketing of the property.
Note: This press release may contain forward-looking statements that are
being made pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. The Company's actual performance and
results may vary as a result of a number of risks, uncertainties and other
factors, both foreseen and unforeseen, including general economic and
business conditions, competition in the accessories and apparel markets,
continuing favorable sales patterns, pricing and consumer buying trends.
Additional uncertainty exists for the potential negative impact that a
recurrence of Sudden Acute Respiratory Syndrome ("SARS") or other potential
widespread health hazards may have on our business relative to production
in the Far East and other countries in which we operate.
Jaclyn, Inc. is a designer, manufacturer and marketer of apparel, women's
sleepwear, infants' and children's apparel, handbags, premium incentives
and related accessories. Website:
www.jaclyninc.com
JACLYN, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (Unaudited)
First Quarter ended September 30,
--------------------------------
2006 2005
------------ ------------
Net Sales $ 40,624,000 $ 29,248,000
Net Earnings $ 463,000 $ 146,000
Net Earnings per Common Share - Basic $ .19 $ .06
Net Earnings per Common Share - Diluted $ .18 $ .06
Weighted Average Number of
Shares Outstanding - Diluted 2,529,000 2,609,000
Contact Information: Company Contact:
Anthony Christon
Chief Financial Officer
Jaclyn, Inc.
(201) 868-9400