This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Hampshire Reports Fourth Quarter And Fiscal Year 2012 Results

Hampshire Group, Limited (OTC Markets: HAMP) today announced its results for the fiscal year ended December 31, 2012 and filed its annual report on Form 10-K. This press release should be read in conjunction with the filed annual report.

Paul Buxbaum was named CEO of Hampshire Group on January 15, 2013. Commenting on year-end results, Mr. Buxbaum stated, "Prior management began the transition of our business. Throughout 2012, we completed the wind down of two legacy licenses and focused our resources towards the Dockers ® and Panama Jack ® licenses as well as our Rio Garment business. As a result of this transition, we operate a very different business today than we have in recent years, and must organize accordingly. In 2013, we will focus our efforts on reorganizing internal operations to more efficiently support our current business and create a stable operating platform to best enable future growth. As a result of this re-engineering, the Company is not able to provide details about future performance to shareholders at this time.”

Buxbaum continued, “Moving forward, while we complete the necessary improvements to our internal systems, we will continue to identify additional growth opportunities that leverage our operating platform and drive incremental profitability.”

Results of Continuing Operations

Net sales were $40.5 million for the three months ended December 31, 2012 as compared to $45.7 million for the same period last year. The decline in net sales was due to lower sales at Rio and the final quarter of two legacy licenses at Hampshire Brands. For the year ended December 31, 2012, net sales increased by 36.5% to $117.6 million from $86.1 million last year. The increase in net sales for the full year primarily resulted from the inclusion of Rio’s sales for a full year.

Gross profit for the three months ended December 31, 2012 decreased 0.7% over same period last year and increased 13.2% sequentially from the third quarter of 2012. The gross margin for the fourth quarter was 20.1%, and an increase over the 18.0% in the fourth quarter of 2011 and the 19.9% in the sequential third quarter. Gross profit for the year ended December 31, 2012 was $23.5 million compared with $14.6 million for the same period last year, which reflected a full year of operations for Rio in 2012. Cost of goods sold increased to $94.1 million for the year ended December 31, 2012 from $71.6 million for the year ended December 31, 2011, primarily due to the inclusion of Rio for the full year partially offset by a volume driven decrease in cost of goods sold for Hampshire Brands.

1 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free


Chart of I:DJI
DOW 17,888.35 +168.43 0.95%
S&P 500 2,102.63 +22.22 1.07%
NASDAQ 5,156.3060 +47.64 0.93%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs