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