Hampshire Group, Limited Announces Board Appointments
Jan 22 15
Hampshire Group, Limited announced the appointment of two new independent Board members, Thomas J. Doyle and Brett Fialkoff, effective January 18, 2015. Mr. Doyle brings more than 35 years of corporate financial and management experience to Hampshire, including 28 years across various divisions within Citigroup. Most recently, Mr. Doyle served as Executive Vice President and Regional Chief Credit Officer at Citigroup. Prior to that, he held managerial positions within the bank's Global Portfolio Management, Corporate Finance, Acquisition Finance, and Institutional Recovery Management units. Earlier in his career, Mr. Doyle served as a Marketing and Credit Officer with Bankers Trust Company. Mr. Doyle retired from Citigroup in 2008. Mr. Fialkoff is currently Chief Operating Officer at Haskell Jewels, LLC. Since 2008 he has also served as Head of Finance, Strategy, International, and Distribution for Haskell Jewels. Previously, Mr. Fialkoff was a founder and president of P2 Management, LLC. Prior to founding P2 Management in 2003, he was a Managing Director at Performance Capital, LLC.
Hampshire Group, Limited Announces Unaudited Earnings Results for the Third Quarter and Nine Months Ended September 27, 2014; Revises Earnings Guidance for the Full Year Ending December 31, 2014; Provides Earnings Guidance for the Fourth Quarter and Full Year 2015
Nov 6 14
Hampshire Group, Limited announced unaudited earnings results for the third quarter and nine months ended September 27, 2014. For the quarter, the company reported net sales of $30,950,000 against $25,025,000 a year ago. Income from operations was $204,000 against loss of $2,703,000 a year ago. Loss from continuing operations before income taxes was $37,000 against $2,716,000 a year ago. Income from continuing operations was $308,000 or $0.03 per diluted share against loss of $1,427,000 or $0.19 per basic and diluted share a year ago. Net income was $308,000 or $0.03 per diluted share against loss of $1,917,000 or $0.25 per basic and diluted share a year ago. EBITDA was $1,116,000 against LBITDA of $2,045,000 a year ago. Adjusted EBITDA was $1,509,000 against adjusted LBITDA of $1,590,000 a year ago. In the third quarter of 2014 cash flow from operating activities was a use of $14.8 million and capital expenditures were $0.4 million. Sales for the third quarter of 2014 increased 23.7% compared to the prior year. The growth was largely the result of stronger volume and selling prices for Hampshire Brands business.
For the nine months, the company reported net sales of $61,751,000 against $70,075,000 a year ago. Loss from operations was $8,260,000 against $4,844,000 a year ago. Loss from continuing operations before income taxes was $8,871,000 against $4,981,000 a year ago. Loss from continuing operations was $8,627,000 or $1.02 per basic and diluted share against $3,956,000 or $0.53 per basic and diluted share a year ago. Net loss was $8,565,000 or $1.01 per basic and diluted share against $6,165,000 or $0.82 per basic and diluted share a year ago. LBITDA was $5,608,000 against $4,114,000 a year ago. Adjusted LBITDA was $3,432,000 against $8,181,000 a year ago.
For the full year ending December 31, 2014, the company now anticipates reporting an adjusted EBITDA loss of $0.7 million to $1.5 million, which compares to an adjusted EBITDA loss of $9.3 million in the 2013 fiscal year. The revision from management's previous expectation for positive adjusted EBITDA for the full year of 2014 is due to lower volumes and prices for private label t-shirts than originally anticipated. The company expects to post an improvement in adjusted EBITDA for 2014 of $8 million as compared to 2013, with further improvement anticipated in 2015.
The company expects fourth quarter 2014 adjusted EBITDA of approximately $2 million compared to an adjusted EBITDA loss of $1.1 million in the fourth quarter of 2013. This represents a $3 million anticipated improvement in adjusted EBITDA for the fourth quarter of 2014.
The third quarter performance represents the beginning of what The company expects to be a trend of year-over-year improvement in revenue and profitability, and is indicative of the progress have made, and continue to make, with turnaround. While the company is disappointed that it will not deliver positive adjusted EBITDA for the full year 2014, the company do expect to post an improvement in adjusted EBITDA for 2014 of $8 million as compared to 2013.