Personal care appliance maker Helen of Troy Limited reported record sales and operating income for the first quarter ended May 31, 2004.
Sales increased 17 percent to a first-quarter record of U.S. $107 million versus sales of $91.2 million in the same period of 2003. First-quarter net income was $14.4 million, or $0.44 per diluted share, compared with $14.8 million, or $0.50 per diluted share, for the same period in 2003.
This year's first-quarter net income results includes a loss from discontinued operations of $222,000, or $-0.01 per diluted share, related to Tactica International, Inc.'s final operations from March 1, 2004 through April 29, 2004. Last year's first quarter net income includes a one time non-operating gain from litigation proceeds in the pre-tax amount of $2.6 million, or $0.08 per diluted share.
Excluding the impact of the litigation gain in fiscal year 2004 and the discontinued operations in fiscal years 2004 and 2005, comparative earnings were $14.7 million, or $0.45 per diluted share, in the first quarter ended May 31, 2004, versus $12.3 million, or $0.41 per diluted share, for the first quarter ended May 31, 2003, an increase of 20 percent in comparative earnings.
The company reaffirmed its full-year guidance of $2.50 to $2.70 for the 2005 fiscal year. Full-year sales are expected to be in the range of $575 to $600 million, compared to prior year sales of $475 million, or an increase of 21 to 26 percent.
"For the second quarter ending August 31, 2004, we expect overall sales to be in the range of $135 million to $140 million compared to last year's second quarter sales of $105 million, or an increase of 29 to 33 percent. Earnings per share for the second quarter are expected to be in the range of $0.50 to $0.55 per diluted share versus prior year earnings per share of $0.42 per diluted share, an increase of 19 to 31 percent," said Gerald J. Rubin, chairman, CEO, and president.
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