Danier Leather Inc. Reports Unaudited Consolidated Earnings Results for the Second Quarter and Year to Date Ended Dec. 27, 2014; Reports Impairment Charges for the Second Quarter Ended Dec. 27, 2014
Feb 7 15
Danier Leather Inc. reported unaudited consolidated earnings results for the second quarter and year to date ended Dec. 27, 2014. Sales in the second quarter of fiscal 2015 decreased by 10% to CAD 55.7 million compared with CAD 62 million in the second quarter last year. Over the same period, comparable store sales decreased by 13% to CAD 52,527,000 from CAD 60,371,000 a year ago. Net earnings during the second quarter of fiscal 2015 decreased by approximately CAD 3.4 million to CAD 3.5 million or CAD 0.89 per diluted share compared with CAD 6.9 million or CAD 1.73 per diluted share during the second quarter last year. Adjusted EBITDA was CAD 5,060,000 compared to CAD 9,996,000 a year ago. Earnings before income taxes were CAD 4,235,000 compared to CAD 9,326,000 a year ago. Net cash generated from operating activities was CAD 12,284,000 compared to CAD 16,559,000 a year ago. Acquisition of property and equipment was CAD 1,598,000 compared to CAD 1,034,000 a year ago. Acquisition of computer software was CAD 164,000 compared to CAD 484,000 a year ago.
For the year to date, the company has a net loss of CAD 2.4 million or 63 cents per share, compared with net earnings of CAD 3.3 million or 84 cents in the first six months of the previous year. Year-to-date sales have decreased by 12%, or CAD 9.9 million, to CAD 76.3 million, compared to CAD 86.2 million a year ago. Comparable store sales have decreased by 14% to CAD 71,454,000 from CAD 83,365,000 a year ago. Adjusted LBITDA was CAD 2,009,000 compared to adjusted EBITDA of CAD 6,479,000 a year ago. Loss before income taxes was CAD 3,225,000 compared to earnings of CAD 4,314,000 a year ago. Net cash used in operating activities was CAD 2,384,000 compared to net cash generated from operating activities of CAD 3,107,000 a year ago. Acquisition of property and equipment was CAD 2,553,000 compared to CAD 3,625,000 a year ago. Acquisition of computer software was CAD 252,000 compared to CAD 932,000 a year ago.
For the second quarter, impairment loss on property and equipment was CAD 402,000.
Danier Leather To Explore Alternatives
Feb 7 15
Danier Leather Inc. (TSX:DL) will explore strategic alternatives available to the corporation, including, without limitation, a private placement or other offering of equity or debt, the sale, lease or financing of certain assets of the corporation, or a sale of, merger or other business combination, joint ventures or partnerships with the corporation. Danier Leather has engaged Consensus Advisory Services LLC as financial adviser.
Danier Leather Inc. Announces Unaudited Consolidated Financial Results for the First Quarter Ended September 27, 2014; Announces Impairment Loss on Property and Equipment
Oct 27 14
Danier Leather Inc. announced unaudited consolidated financial results for the first quarter ended September 27, 2014. Sales during the first quarter of fiscal 2015 decreased by 15% to $20.6 million compared with CAD 24.2 million during the first quarter last year. Comparable store sales decreased by 18% compared to the same period last year. Sales were affected by some of the same factors discussed in the company's 2014 Annual Report, including increased promotional activity to reduce past season inventory, a competitive retail environment and a lack of "newness" in the product assortment, all of which resulted in a 13% decrease in customer traffic during the first quarter of fiscal 2015 as compared to the same period last year. The seasonal net loss of approximately CAD 5.9 million during the first quarter of fiscal 2015 increased by approximately CAD 2.3 million compared with the net loss of CAD 3.6 million during the first quarter last year. At the end of first quarter of fiscal 2015, the company had a book value of CAD 11.05 per outstanding share. LBITDA was CAD 6,652,000 against CAD 4,096,000 for the same period of last year. Adjusted LBITDA was CAD 7,068,000 against CAD 3,518,000 for the same period of last year. Loss before income taxes was CAD 7,460,000 against CAD 5,012,000 for the same period of last year. Net loss per diluted share was CAD 1.54 against CAD 0.93 for the same period of last year. Net cash used in operating activities was CAD 14,668,000 against CAD 13,452,000 for the same period of last year. Acquisition of property and equipment was CAD 955,000 against CAD 2,591,000 for the same period of last year. Acquisition of computer software was CAD 88,000 against CAD 448,000 for the same period of last year.
For the quarter, the company announced impairment loss on property and equipment was CAD 615,000.