MAYWOOD, NJ--(Marketwire - November 14, 2008) - Jaclyn, Inc. (OTCQX: JCLY) today reported
financial results for the first quarter ended September 30, 2008.
Net sales for the three-month period ended September 30, 2008 were
$31,370,000 compared to $37,453,000 a year earlier. The Company reported a
first quarter net loss of $495,000, or $.21 per diluted share, compared to
fiscal 2008 first quarter net earnings of $300,000, or $.12 per diluted
share.
Jaclyn also announced today that it entered into an agreement with 5901
Jefferson Street Associates, LLC for the sale of the Company's former
executive office and warehouse facility, as well as two adjacent lots,
located in West New York, New Jersey.
The proposed purchase price is $6,100,000, the substantial portion of which
is payable at closing. The closing of the sale is scheduled to be held on
or before April 20, 2009. However, until March 4, 2009, the proposed
purchaser has the right in its sole discretion to terminate the agreement
for any reason as a result of its due diligence investigation.
The Company has also granted the proposed purchaser an option to purchase
additional vacant property in West New York provided the proposed purchaser
closes on the Company's former executive office and warehouse facility, as
well as the two adjacent lots mentioned above. The proposed purchase price
for the property subject to the option is $1,000,000. If the proposed
purchaser exercises this option, the property subject to the option would
be sold at the closing scheduled for the executive office and warehouse
facility and two adjacent lots. All of other terms and requirements of the
agreement are applicable to the property subject to the option.
The Company noted that since the proposed purchaser has the absolute right
to terminate the agreement and not to purchase the West New York property,
and the completion of any sale of the property is subject to a number of
other conditions and deliveries, there is no assurance that sale of the
property will be concluded.
Forward Looking Statements
Note: This press release contains information concerning, among other
things, our future plans and objectives that are or may be deemed to be
forward-looking statements. However, forward-looking statements are
subject to a number of known and unknown risks and uncertainties that may
cause our actual results, trends, performance or achievements, or industry
trends and results, to differ materially from the future results, trends,
performance or achievements expressed or implied by such forward-looking
statements. Those risks and uncertainties may include, but are not limited
to, general economic and business conditions (including the ongoing
financial downturn and disruptions in credit markets); competition;
potential changes in customer spending; acceptance of our product offerings
and designs; the variability of consumer spending resulting from changes in
domestic economic activity; a highly promotional retail environment; any
significant variations between actual amounts and the amounts estimated for
those matters identified as our critical accounting estimates as well as
other significant accounting estimates made in the preparation of our
financial statements; and the impact of current and potential hostilities
in the Middle East and in other geographic areas; as well as other
geopolitical concerns. You are urged to consider all such factors. In
light of the uncertainty inherent in such forward-looking statements, you
should not consider their inclusion to be a representation that such
forward-looking matters will be achieved. We assume no obligation for
updating any such forward-looking statements to reflect actual results,
changes in assumptions or changes in other factors affecting such
forward-looking statements.
Jaclyn, Inc. is a designer, manufacturer and marketer of apparel, women's
sleepwear, infants' and children's apparel, handbags, premiums and related
accessories. Our web site is at
www.jaclyninc.com.
JACLYN, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
First Quarter ended
September 30,
--------------------------
2008 2007
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Net Sales $ 31,370,000 $ 37,453,000
Net (Loss) Earnings $ (495,000) $ 300,000
Net (Loss) Earnings per Common Share – Basic $ (.22) $ .12
Net (Loss) Earnings per Common Share – Diluted $ (.21) $ .12
Weighted Average Number of
Shares Outstanding – Diluted 2,319,000 2,498,000
Contact Information: Company Contact:
Anthony Christon
Chief Financial Officer
Jaclyn, Inc.
(201) 909-6000