I'm joined here this morning by Glenn Chamandy, our President and Chief Executive Officer; and Laurence Sellyn, our Executive Vice President and Chief Financial; and Laurence Sellyn, our Executive Vice President and Chief Financial and Administrative Officer. Shortly, Laurence will be providing an overview of our third quarter financial results and our business outlook, after which, we will open the call to questions.
Before we begin, I would like to remind everyone that certain statements included in this conference call may constitute forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve unknown and known risks, uncertainties and other factors, which could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. We refer you to the company’s filings with the U.S. Securities and Exchange Commission and Canadian Securities Regulatory Authority that may affect the company’s future results.
I would now like to turn the call over to Laurence.
Laurence SellynGood morning. We will review our record third quarter results which we reported today and then discuss current market conditions and the assumptions used for our forward-looking information. Sales and earnings in the third quarter were the highest for any quarter in the history of the company. Sales revenues were $530 million, up 34% from last year; and EPS was $0.77 per share, up 42.6% from the third quarter of fiscal 2010. Sales of activewear and underwear increased by 21% due to an approximate 26% increase in average net selling prices, which more than offset a 3.9% reduction in unit sales volumes. Overall, industry unit shipments from U.S. distributors to U.S. screenprinters declined by 9% during the quarter according to the CREST report. Compared with our assumption in our May guidance, the industry demand would grow by 3%, which would have continued the pattern of recovery and demand, which began in the second quarter of fiscal 2010.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV