SINGER N.V.
CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE
THREE MONTHS ENDED JUNE 30, 2004 AND 2003
(in thousands
of US dollars, except share and per share amounts)
(Unaudited)
Three Months
Ended
June 30, 2004
and 2003
Revenues
$69,598 $39,734
Cost of
revenues
44,310 26,839
Gross
profit
25,288 12,895
Selling and
administrative expenses
23,843 11,575
Operating
income
1,445 1,320
Other income
(expense)
Interest
expense
1,803 1,742
Equity in
(loss) earnings from operating
affiliates (502) 1,746
Royalty
(649) -
Other,
net
606 4,532
Total other
income (expense)
(2,348) 4,536
Income (loss)
from continuing operations before
provision for
income taxes and minority interest
(903) 5,856
Provision for
income taxes
827 862
Minority interest
share in income
494 521
Income (loss)
from continuing operations
(2,224) 4,473
Discontinued
operations
Loss from
operations of Mexico Retail, net of
tax
benefit
- (7,710)
Income from
operations of Sewing business
and
trademark
6,101 4,591
Impairment on assets held for sale of
Sewing
business and
trademark, net of tax benefit
(34,500) -
Loss on
discontinued operation
(28,399) (3,119)
Net income
(loss) (30,623) 1,354
Dividends on
preferred shares
- 275
Net income
(loss) available to
common
shares
$(30,623) $1,079
Earnings (loss)
per common share - basic
Income (loss)
from continuing operations
$(0.28) $0.53
Net income
(loss) available to common shares
$(3.86) $0.14
Earnings (loss)
per common share - diluted
Income (loss)
from continuing operations $(0.28) $0.47
Net income
(loss) available to common shares
$(3.86) $0.14
Basic weighted
average common shares
outstanding
7,934,414 7,933,576
Diluted weighted
average common shares
outstanding
8,285,034 9,600,243
SINGER N.V.
CONSOLIDATED STATEMENTS OF OPERATIONS
FOR
THE SIX MONTHS ENDED JUNE 30, 2004 AND 2003
(in thousands
of US dollars, except share and per share amounts)
(Unaudited)
Six Months
ended
June 30, 2004 and 2003
Revenues
$141,618 $80,265
Cost of
revenues
89,674 53,578
Gross
profit
51,944 26,687
Selling and
administrative expenses
46,142 23,337
Operating
income
5,802 3,350
Other income (expense) ( Interest expense 3,417 3,441
Equity in
(loss) earnings from operating
affiliates (803) 2,626
Royalty
(1,331) -
Other,
net
1,389 4,492
Total other income
(expense) (4,162) 3,677
Income (loss)
from continuing operations before
provision for
income taxes and minority interest
1,640 7,027
Provision for
income taxes
2,555 1,594
Minority interest
share in income
2,302 912
Income (loss)
from continuing operations
(3,217) 4,521
Discontinued
operations
Loss from
operations of Mexico Retail, net of
tax
benefit
- (23,877)
Income from
operations of Sewing business
and
trademark
10,455 6,773
Impairment on
assets held for sale of Sewing
business and trademark, net of tax
benefit (34,500) -
Loss on
discontinued operations
(24,045) (17,104)
Net income
(loss)
(27,262) (12,583)
Dividends on
preferred shares
- 550
Net income
(loss) available to common
shares
$(27,262) $(13,133)
Earnings (loss)
per common share - basic
Income (loss)
from continuing operations
$(0.41) $0.50
Net income
(loss) available to common shares
$(3.46) $(1.64)
Earnings (loss)
per common share - diluted
Income (loss)
from continuing operations
$(0.41) $0.47
Net income (loss)
available to common shares
$(3.46) $(1.30)
Basic weighted
average common shares
outstanding
7,902,620 7,996,326
Diluted weighted
average common shares
outstanding 8,301,377
9,662,993