Hampshire Reports Fourth Quarter And Fiscal Year 2012 Results
SG&A declined to $8.4 million for the fourth quarter of 2012 from $9.2 million in the previous year. For fiscal 2012 SG&A was $34.0 million or 28.9% of sales versus $28.0 million or 32.5% of sales. The full year decline of SG&A as a percentage of sales is due to the leverage effect from increased sales on a fixed expense base in addition to cost savings measures implemented by the Company during the year.
For the three months ended December 31, 2012, the Company had a loss from operations of $0.5 million compared to a loss from operations of $7.3 million for the same period last year. The change is primarily due to a $6.3 million loss on lease obligation charge that was taken during the three months ended December 31, 2011. For the year ended December 31, 2012, the Company’s loss from operations was $11.2 million compared to $21.1 million last year. The $9.9 million year-over-year improvement is primarily due to an increase in overall gross profit of $8.9 million, offset by an increase in selling, general and administrative expense of $6.0 million. Additionally, there were two one-time charges taken in 2011 related to a lease obligation of $6.3 million and goodwill impairment of $1.2 million.
The Company is providing earnings before income taxes, interest, depreciation and amortization (“EBITDA”) and adjusted EBITDA, which excludes restructuring and stock based compensation charges. For the year ended December 31, 2012, the Company had negative EBITDA of $6.4 million compared to negative $7.9 million for the same period last year. For the year ended December 31, 2012, the Company had negative Adjusted EBITDA of $5.0 million compared to negative Adjusted EBITDA of $7.4 million for the same period last year. (See the Non GAAP Reconciliation table in the Selected Financial Data section of this press release.)
Basic and diluted loss per share from continuing operations for the three months ended December 31, 2012, was $0.22, compared to a basic and diluted loss per share from continuing operations of $1.08 for the same period last year. For the year ended December, 3l, 2012, basic and diluted loss per share from continuing operations was $1.72, compared to basic and diluted loss per share from continuing operations of $3.41 last year.
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