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Joe’s Jeans Reports 33% Increase In Net Sales To $33.7 Million For The 4th Quarter Of Fiscal 2012

Mr. Crossman commented, “During the quarter, we were pleased to see our women’s Joe’s® wholesale business increase as our Vintage Reserve and revamped core basics brought back customers. These items, layered in with a growing men’s business and our else™ brand, allowed our wholesale channel to have healthy growth for the quarter.”

Corporate and Other

For the fourth quarter of fiscal 2012, our corporate and other expenses were $4.7 million compared to $5.3 million in the fourth quarter a year ago. Corporate and other expenses decreased due to decreases in our advertising commitments for print and other advertising and professional fees.

The Company will host a conference call on Thursday, February 21, 2013 at 4:30 p.m. Eastern Time with the Company’s Chief Executive Officer, Marc Crossman, and its Chief Financial Officer, Hamish Sandhu, to discuss financial results for the fourth quarter and fiscal year ended November 30, 2012.

To access the live call, please dial 1(800) 264-7882 (U.S.) or (847) 413-3708 (International). The conference ID number and participant passcode is 34267908 and is titled the “Q4 2012 Joe’s Jeans Inc. Earnings Conference Call.” The information provided on the teleconference is only accurate at the time of the conference call, and the Company will take no responsibility for providing updated information. A telephone replay of the conference call will be available beginning at 7:00 p.m. Eastern Time on February 21, 2013 until 3:00 a.m. Eastern Time on March 1, 2013 by dialing 1(888) 843-7419 (U.S.) or 1 (630) 652-3042 (International) and using the conference passcode 34267908#. In addition, the conference call will be archived for two weeks on the Company’s website at www.joesjeans.com.
 
JOE'S JEANS INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
                       
Three months ended
November 30, 2012 November 30, 2011
(unaudited)
 
Net sales $ 33,736 $ 25,388
Cost of goods sold   18,028   13,674  
Gross profit 15,708 11,714
 
Operating expenses
Selling, general and administrative 12,062 11,564
Depreciation and amortization   477   281  
  12,539   11,845  
Operating income (loss) 3,169 (131 )
Interest expense   99   119  
Income (loss) before provision for taxes 3,070 (250 )
Income taxes provision   1,107   18  
Net income (loss) $ 1,963 $ (268 )
 
Earnings (loss) per common share - basic $ 0.03 $ (0.00 )
 
Earnings (loss) per common share - diluted $ 0.03 $ (0.00 )
 
Weighted average shares outstanding
Basic 66,010 64,391
Diluted 67,175 64,391
 
 

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