Lazare Kaplan International Inc. Third Quarter Fiscal 2009 Results
Net sales for the three and nine months ended
Polished diamond revenue for the three and nine months ended
Rough diamond sales were
Net income / (loss) for the three and nine month periods ended
"The global financial crisis and economic downturn continue to have a major impact on the diamond and jewelry industry," said
Lazare Kaplan International Inc. sells its diamonds and jewelry products through a worldwide distribution network. The Company is noted for its ideal cut diamonds, which it markets internationally under the brand name, Lazare Diamonds(R).
Except for historical information contained herein, the statements in this release are forward-looking and made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties which may cause the Company's actual results in future periods to differ materially from forecasted results. Those risks include a softening of retailer or consumer acceptance of, or demand for, the Company's products, pricing pressures, adequate supply of rough diamonds, liquidity, and other competitive factors. These and other risks are more fully described in the Company's filings with the Securities and Exchange Commission. The information contained in this press release is accurate only as of the date issued. Investors should not assume that the statements made in these documents remain operative at a later time. Lazare Kaplan International Inc. undertakes no obligation to update any information contained in this news release.
Consolidated Statements of Operations February 28, 2009 and February 29, 2008 (unaudited) (In thousands, except share and per share data) Three Months Ended Nine Months Ended 2009 2008 2009 2008 Net sales $42,174 $82,169 $161,735 $275,290 Cost of sales 40,425 73,873 152,858 252,352 1,749 8,296 8,877 22,938 Other Income - 4,700 - 4,700 1,749 12,996 8,877 27,638 Selling, general and administrative expenses 6,108 9,735 19,615 22,970 (4,359) 3,261 (10,738) 4,668 Interest expense, net of interest income (629) (1,120) (1,964) (4,124) Equity in income / (loss) of joint ventures (735) 2,295 2,690 4,856 Income / (loss) before income tax provision and minority interest (5,723) 4,436 (10,012) 5,400 Income tax provision / (benefit) (2,138) 1,127 (3,744) 1,380 Minority Interest 45 - (153) - NET INCOME / (LOSS) $(3,540) $3,309 $(6,421) $4,020 EARNINGS / (LOSS) PER SHARE Basic earnings / (loss) per share $(0.43) $0.40 $(0.78) $0.49 Average number of shares outstanding during the period 8,252,679 8,251,616 8,252,679 8,256,227 Diluted earnings / (loss) per share $(0.43) $0.40 $(0.78) $0.48 Average number of shares outstanding during the period, assuming dilution 8,252,679 8,354,742 8,252,679 8,338,347
SOURCE Lazare Kaplan International Inc.