Michael Anthony Jewelers, Inc. Announces $70 Million New Credit Facilities and Year-End Results
11 Mai 2005 - 6:54PM
PR Newswire (US)
Michael Anthony Jewelers, Inc. Announces $70 Million New Credit
Facilities and Year-End Results MT. VERNON, N.Y., May 11
/PRNewswire-FirstCall/ -- Michael Anthony Jewelers, Inc. (MAJJ.PK),
a leading marketer and manufacturer of gold jewelry, today
announced that it has entered into new credit facilities amounting
to $70 million through April 28, 2006. A gold consignment and
working capital facility has been signed with a group of lenders,
including ABN AMRO Bank, CommerzBank, JPMorgan Chase and Sovereign
Bank. Michael Paolercio, Chief Executive Officer said, "We have had
a long term relationship with this group of lenders and are pleased
with their vote of confidence in Michael Anthony's ability to
execute on its business plan. These new credit facilities will
allow Michael Anthony to operate its manufacturing and distribution
centers at optimum levels and support its customers' needs." Mr.
Paolercio continued, "This support of our banks is confirmation
that they recognize that Michael Anthony is one of the leading gold
jewelry manufacturers in the United States and that they are
pleased to continue our relationship by providing the financial
resources that are necessary in order for Michael Anthony to
achieve its marketing strategies." Mr. Paolercio also commented on
the Company's performance for the fiscal year ended December 31,
2004, "After suffering losses on decreasing sales during the past
two years, our operations showed considerable improvement with
higher sales and a return to profitability." "Our gross profit
margin for the year improved despite higher gold prices," Paolercio
said, "as we continued to reorganize the Company by reducing our
manufacturing operations in New York and shifting more production
work to out Dominican factory. We reduced our selling, general and
administrative expenses by consolidating and improving efficiencies
throughout the Company." In conclusion, Mr. Paolercio stated, "We
believe we have made considerable progress and our successful
efforts provide us with energy to move forward. The road ahead,
however, is not a smooth one. Escalating oil prices, higher
interest rates and sagging consumer confidence combined with a
sluggish retail climate are just a few of the formidable obstacles
we face." Michael Anthony Jewelers is a leading designer, marketer
and manufacturer of branded affordable fine jewelry and watches,
whose customers include jewelry chain stores, discount stores,
department stores, television shopping networks and wholesalers.
MICHAEL ANTHONY JEWELERS, INC. Financial Highlights (in thousands)
Year Ended 11 Months Ended December 25, 2004 December 27, 2003 Net
Sales $112,500 $92,539 Cost of Goods Sold 90,026 75,483 Gross
Profit on Sales 22,474 17,056 Selling, General and Administrative
Expenses 18,857 18,465 Operating Income (Loss) 3,617 (1,409) Other
Income (Expenses) Gold consignment fee (1,586) (1,162) Interest
expense (1,162) (939) Interest income 18 11 Other income 446 509
Total Other Expenses (2,284) (1,581) Income (Loss) Before Income
Taxes 1,333 (2,990) Income Tax Expense (Benefit) 538 (1,091) Net
Income (Loss) $795 ($1,899) Except for historical information
contained herein, the matters set forth in this news release are
forward-looking statements that involve certain risks and
uncertainties that could cause actual results to differ materially
from those in the forward-looking statements. These uncertainties
include general economic conditions, jewelry industry conditions,
the seasonality of the Company's business, the retail sales
environment, fluctuations in gold prices, the effects of
competition and the success of new products and programs.
DATASOURCE: Michael Anthony Jewelers, Inc. CONTACT: Michael W.
Paolercio, Chief Executive Officer of Michael Anthony Jewelers,
Inc., +1-914-699-0000 Ext. 290 Web site:
http://www.michaelanthony.com/
Copyright