Samsonite Corporation (OTC Bulletin Board: SAMC – News) today announced financial results for the fourth quarter and fiscal year ended January 31, 2004.
Revenues and operating income for the fourth quarter were $212.8 million and $23.8 million, respectively, compared to revenues of $194.5 million and operating income of $25.2 million in the prior year. Fiscal 2004 fourth quarter operating income includes charges totaling $5.7 million for restructuring provisions and asset impairments related to the closure of the Company's Nogales, Mexico manufacturing facility and the impairment of certain non-luggage intangible assets. Income (loss) to common stockholders was $4.0 million or $0.02 per share for the fourth quarter compared to $(2.3) million or $(0.12) per share in the prior year fourth quarter.
Revenues and operating income for the fiscal year ended January 31, 2004 were $769.3 million and $70.1 million, respectively, which compares to $744.0 million and $69.8 million in the prior year. Operating income for the current fiscal year includes charges totaling $5.7 million for restructuring provisions and asset impairments related to the closure of the Company's Nogales, Mexico manufacturing facility and the impairment of certain non- luggage intangible assets. Operating income for the prior fiscal year includes charges totaling $2.5 million for restructuring provisions and asset impairments and $3.3 million of expenses related to various restructuring initiatives initiated in fiscal 2002. Loss to common stockholders for the fiscal year was $(27.5) million or $(0.22) per share, compared to $(39.5) million or $(1.99) per share in the prior fiscal year.
Adjusted EBITDA (earnings before interest expense, taxes, depreciation, amortization and minority interest, adjusted for items which management believes should be excluded to reflect recurring operations, including goodwill and asset impairments and restructuring charges and expenses and to include realized currency hedge gains and losses) was $34.2 million for the fourth quarter which compares with $29.3 million for the same period in the prior year. Adjusted EBITDA for the year ended January 31, 2004 was $93.4 million compared to $91.4 million in the prior year. Net cash provided by operating activities (as reflected in the Company's consolidated statements of cash flows) for the fourth quarter was $21.8 million which compares to $3.8 million for the same period in the prior year. Cash flow provided by operating activities for the year ended January 31, 2004 was $28.0 million compared to $21.6 million in the prior year. A reconciliation of Adjusted EBITDA to Net cash provided by operating activities is included in the tables appearing at the end of this press release.
Retiring Chief Executive Officer, Luc Van Nevel, stated: ''I am proud that after 30 years with Samsonite, I am leaving a much stronger Company in terms of financial stability, operational efficiency and competitive positioning. The Company's financial performance during fiscal 2004 reflects the diligent work of our management team to lower product and operating costs during the past few years of slow economic conditions. As an ongoing advisor to the Company's board of directors, I intend to stay in close contact with management and assist in any way the incoming CEO, Marcello Bottoli.''
