-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, C2C7N8dXY2NTvT1HTmqqAkUsvdB+CGczexPxP06IOCUyVw7TvD6scc9Pc8n55Zld /2XDf89Sh21y3v6ByYd03g== 0000049401-95-000008.txt : 19951119 0000049401-95-000008.hdr.sgml : 19951119 ACCESSION NUMBER: 0000049401-95-000008 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 19950929 FILED AS OF DATE: 19951113 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: HYDE ATHLETIC INDUSTRIES INC CENTRAL INDEX KEY: 0000049401 STANDARD INDUSTRIAL CLASSIFICATION: RUBBER & PLASTICS FOOTWEAR [3021] IRS NUMBER: 041465840 STATE OF INCORPORATION: MA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-05083 FILM NUMBER: 95590110 BUSINESS ADDRESS: STREET 1: 13 CENTENNIAL DR STREET 2: CENTENNIAL INDUSTRIAL PK CITY: PEABODY STATE: MA ZIP: 01961 BUSINESS PHONE: 5085329000 MAIL ADDRESS: STREET 1: 13 CENTENNIAL DRIVE STREET 2: CENTENNIAL INDUSTRIAL PARK CITY: PEABODY STATE: MA ZIP: 01960 FORMER COMPANY: FORMER CONFORMED NAME: HYDE A R & SONS CO DATE OF NAME CHANGE: 19701030 10-Q 1 3RD QUARTER 10Q 1995 SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the 39 Weeks Ended Commission File Number September 29, 1995 0-05083 HYDE ATHLETIC INDUSTRIES, INC. (Exact name of registrant as specified in its charter) Massachusetts 04-1465840 (State or other jurisdiction of (I.R.S. employer identification number) incorporation or organization) Centennial Industrial Park, 13 Centennial Drive, Peabody, MA 01960 (Address of principal executive offices) 508-532-9000 (Registrant's telephone number, including area code) Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days. Yes [ X ] No [ ] Class Outstanding as of November 10, 1995 Class A Common Stock-$.33 1/3 Par Value 2,701,727 Class B Common Stock-$.33 1/3 Par Value 3,515,415 --------- 6,217,142 ========= HYDE ATHLETIC INDUSTRIES, INC. INDEX PART I. FINANCIAL INFORMATION Item 1. Financial Statements Condensed Consolidated Balance Sheets as of September 29, 1995 and December 30, 1994. ............................3 Condensed Consolidated Statements of Income for the thirteen weeks and thirty-nine weeks ended September 29, 1995 and September 30, 1994 ............................4 Condensed Consolidated Statements of Stockholders' Equity for the thirty-nine weeks ended September 29, 1995 and September 30, 1994 .....................................5-8 Condensed Consolidated Statements of Cash Flows for the thirty-nine weeks ended September 29, 1995 and September 30, 1994 ..............................................9-10 Notes to Condensed Consolidated Financial Statements - September 29, 1995 .....................................11 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations .......................12 PART II. OTHER INFORMATION Item 6. Exhibits and Reports on Form 8-K....................13 Signature.....................................................14 Exhibit Index.................................................15 HYDE ATHLETIC INDUSTRIES, INC. CONDENSED CONSOLIDATED BALANCE SHEET (Unaudited) ASSETS
September 29, December 30, 1995 1994 ---- ---- CURRENT ASSETS Cash and cash equivalents $ 8,301,873 $ 3,349,776 Accounts receivable 20,915,056 23,947,584 Inventories 27,345,341 31,863,443 Prepaid expenses and other current assets 3,065,891 2,460,952 ------------ ------------ TOTAL CURRENT ASSETS 59,628,161 61,621,755 ------------ ------------ PROPERTY, PLANT, AND EQUIPMENT, NET 8,062,084 8,292,926 ------------ ------------ OTHER ASSETS Investments in limited partnerships 753,433 5,746,768 Other assets 1,248,030 1,420,882 ------------ ------------ TOTAL OTHER ASSETS 2,001,463 7,167,650 ------------ ------------ TOTAL ASSETS $ 69,691,708 $ 77,082,331 ============ ============ LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES Notes payable $ 2,981,959 $ 2,825,120 Accounts payable 3,844,125 4,718,069 Accrued expenses and other current liabilities 3,557,044 5,382,463 Current maturities of long term debt 2,139,226 2,732,208 ------------ ------------ TOTAL CURRENT LIABILITIES 12,522,354 15,657,860 ------------ ------------ LONG TERM DEBT 5,919,520 11,922,391 ------------ ------------ DEFERRED INCOME TAXES 2,337,900 2,320,777 ------------ ------------ MINORITY INTEREST 345,486 426,475 ------------ ------------ STOCKHOLDERS' EQUITY Common stock, $.33 1/3 par value 2,138,514 2,138,047 Additional paid in capital 15,521,470 15,592,805 Retained earnings 32,407,145 30,619,761 Accumulated translation (204,578) (171,471) ------------- ------------- Total 49,862,551 48,179,142 Less: Unearned compensation 242,313 447,211 Treasury stock 1,053,790 977,103 ------------ ------------ TOTAL STOCKHOLDERS' EQUITY 48,566,448 46,754,828 ------------ ------------ TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 69,691,708 $ 77,082,331 ============ ============ See notes to condensed consolidated financial statements
HYDE ATHLETIC INDUSTRIES, INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME FOR THE THIRTEEN WEEKS AND THIRTY-NINE WEEKS ENDED SEPTEMBER 29, 1995 AND SEPTEMBER 30, 1994 (Unaudited)
13 Weeks 13 Weeks 39 Weeks 39 Weeks Ended Ended Ended Ended Sept.29, Sept.30, Sept.29, Sept.30, 1995 1994 1995 1994 ------- ------ ------- ------- Net sales $25,649,266 $27,452,538 $81,300,904 $78,311,563 Other income 383,692 379,591 1,369,781 750,422 ---------- ----------- ----------- ---------- Total revenue 26,032,958 27,832,129 82,670,685 79,061,985 ---------- ----------- ----------- ---------- Costs and expenses Cost of sales 17,464,091 18,156,065 55,220,901 52,814,885 Selling, general and administrative expenses 7,775,764 7,785,799 23,649,529 22,619,624 Interest expense 228,306 360,106 974,937 1,089,382 ---------- ----------- ----------- ---------- Total costs and expenses 25,468,161 26,301,970 79,845,367 76,523,891 ---------- ----------- ----------- ---------- Income before income taxes and minority interest 564,797 1,530,159 2,825,318 2,538,094 Provision for income taxes 220,581 532,244 1,098,528 864,750 Minority interest in loss of consolidated subsidiaries 24,808 42,449 (60,594) 17,359 ---------- ----------- ------------ ---------- Net income $ 319,408 $ 955,466 $ 1,787,384 $1,655,985 ========== =========== =========== ========== Per share amounts: Net income $0.05 $0.15 $0.29 $0.26 ========= ========== ========== ========== Weighted average common shares and equivalents outstanding 6,231,606 6,423,956 6,243,411 6,472,298 ========== ========== =========== ========= Cash dividends per share of common stock 0 0 $ 0 $ 0 ========= ========= ========= ========= See notes to condensed consolidated financial statements
HYDE ATHLETIC INDUSTRIES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY FOR THE THIRTY-NINE WEEKS ENDED SEPTEMBER 29, 1995 AND SEPTEMBER 30, 1994 (Unaudited)
Additional Common Stock Paid-In Retained Treasury Stock Class A Class B Capital Earnings Shares Amount ------- ------- ------- -------- ------ ------ Balance, January 1, 1994 $ 915,937 $1,249,404 $16,287,197 $27,683,124 -- -- Issuance of 7,288 shares of common stock, stock option exercise 267 2,162 22,597 -- -- -- Retirement of 89,566 shares of common stock (14,928) (14,928) (914,050) -- -- -- Issuance of below market options -- -- 237,925 -- -- -- Cancellation of below market options -- -- (41,580) -- -- -- Amortization of unearned compensation -- -- -- -- -- -- Acquisition of 21,500 shares of common stock, at cost -- -- -- -- 21,500 (118,625) Net income -- -- -- -- -- -- Foreign currency translation adjustments -- -- -- -- -- -- --------- ---------- ---------- ---------- --------- ---------- Balance, September 30, 1994 $ 901,276 $1,236,638 $15,592,089 $29,339,109 21,500 ($118,625) ========= ========== =========== =========== ========= =========== Balance, December 31, 1994 $ 901,342 $1,236,705 $15,592,805 $30,619,761 $ 180,700 $ (977,103) Issuance of 1,400 shares of common stock, stock option exercise 233 234 3,184 -- -- -- Cancellation of below market options -- -- (74,519) -- -- -- Amortization of unearned compensation -- -- -- -- -- -- Acquisition of 17,700 shares of common stock, at cost -- -- -- -- 17,700 (76,687) Net income -- -- -- 1,787,384 -- -- Foreign currency translation adjustments -- -- -- -- -- -- --------- ---------- ---------- ---------- --------- ---------- Balance, September 29, 1995 $ 901,575 $1,236,939 $15,521,470 $32,407,145 198,400 $(1,053,790) ========= ========== =========== =========== ========= ============ Total Unearned Notes Accumulated Stockholders' Compensation Receivable Translation Equity ------------ ---------- ----------- ------ Balance, January 1, 1994 $ (950,354) $ (400,911) $ (74,573) $44,709,824 Issuance of 7,288 shares of common stock, stock option exercise -- -- -- 25,026 Retirement of 89,566 shares of common stock 542,995 400,911 -- -- Issuance of below market options (237,925) -- -- -- Cancellation of below market options 41,580 -- -- -- Amortization of unearned compensation 92,991 -- -- 92,991 Acquisition of 21,500 shares of common stock, at cost -- -- -- (118,625) Net income -- -- -- 1,655,985 Foreign currency translation adjustments -- -- (111,155) (111,155) ---------- ---------- ------------ ------------ Balance, July 1, 1994 $ (510,713) $ 0 $ (185,728) $46,254,046 =========== ============ =========== =========== Balance, December 31, 1994 $ (447,211) -- $ (171,471) $46,754,828 Issuance of 1,400 shares of common stock, stock option exercise -- -- -- 3,651 Cancellation of below market options 74,519 -- -- -- Amortization of unearned compensation 130,379 -- -- 130,379 Acquisition of 17,700 shares of common stock, at cost -- -- -- (76,687) Net income -- -- -- 1,787,384 Foreign currency translation adjustments -- -- (33,107) (33,107) ---------- ---------- ----------- ------------ Balance, September 29, 1995 $ (242,313) -- $ (204,578) $48,566,448 =========== ========== =========== =========== See notes to condensed consolidated financial statements.
HYDE ATHLETIC INDUSTRIES, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE THIRTY-NINE WEEKS ENDED SEPTEMBER 29, 1995 AND SEPTEMBER 30, 1995 INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (Unaudited)
Sept.29, Sept.30, 1995 1994 ---- ---- Cash flows from operating activities: Net income $ 1,787,384 $ 1,655,985 ----------- ----------- Adjustments to reconcile net income to net cash Provided (used) by operating activities: Depreciation and amortization 854,765 868,292 Deferred income tax benefit (145,570) (258,961) Minority interest in income (loss) of consolidated subsidiaries (60,594) 17,359 Compensation from stock grants and stock options 130,379 92,991 Gain on sale of investment in limited partnership (397,645) -- Changes in operating assets and liabilities: Decrease (increase) in assets: Marketable securities -- 4,003,592 Accounts receivable 3,210,153 (3,596,317) Inventories 4,807,214 (5,776,256) Prepaid expenses and other current assets (333,200) 615,891 Increase (decrease) in liabilities: Accounts payable (1,046,045) 1,867,199 Accrued expenses (1,823,497) 1,080,233 ------------ ----------- Total adjustments 5,195,960 (1,085,617) ----------- ------------ Net cash provided by operating activities 6,983,344 570,368 ----------- ----------- Cash flows from investing activities: Purchases of property, plant and equipment (320,908) (373,210) Increase in deferred charges, deposits and other (76,352) (241,692) Payments for business acquisitions (112,000) -- Proceeds from sale of investment in limited partnership 1,335,289 -- ----------- ----------- Net cash provided (used) by investing activities 826,029 (614,902) ----------- ------------
HYDE ATHLETIC INDUSTRIES, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS, cont. FOR THE THIRTY-NINE WEEKS ENDED SEPTEMBER 29, 1995 AND SEPTEMBER 30, 1994 INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (Unaudited)
Sept.29, Sept.30, 1995 1994 ----------- ----------- Cash flows from financing activities: Net short term borrowings 91,724 1,562,974 Repayment of long term debt and capital lease obligations (2,725,664) (2,469,367) Payment of termination benefit payable (26,866) (226,762) Common stock repurchased (76,687) (99,375) Issuances of common stock, including options 3,651 25,026 ----------- ----------- Net cash used by financing activities (2,733,842) (1,207,504) Effect of exchange rate changes on cash and cash equivalents (123,434) (397,717) ------------ ------------ Net increase (decrease) in cash and cash equivalents 4,952,097 (1,649,755) Cash and equivalents at, beginning of period 3,349,776 10,013,166 ----------- ----------- Cash and equivalents at, end of period $ 8,301,873 $ 8,363,411 =========== =========== Supplemental disclosure of cash flow information: Cash paid during the period for: Incomes taxes $ 1,874,520 $ 826,494 =========== =========== Interest $ 1,132,024 $ 691,297 =========== =========== Non-cash investing and financing activities: Property purchased under capital leases $ 98,103 $ 74,837 Sale of investment in limited partnership Cash received, net of broker fees $ 1,335,289 -- Investment in limited partnership (4,993,335) -- Current liabilities (796,568) -- Long-term debt (3,259,123) -- ------------ ----------- Gain realized on sale 397,645 -- =========== =========== Reconciliation of assets acquired and liabilities assumed, business acquisitions Assets acquired $ 62,777 -- Liabilities assumed 62,777 -- ----------- ----------- Cash paid for business acquisitions $ -- -- =========== =========== See notes to condensed consolidated financial statements
HYDE ATHLETIC INDUSTRIES, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS September 29, 1995 (Unaudited) NOTE A - BASIS OF PRESENTATION The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and, therefore, do not include all information and footnotes necessary for a fair presentation of financial position, results of operations, and cash flows in conformity with generally accepted accounting principals. In the opinion of Management, all adjustments (consisting solely of normal recurring adjustments) necessary for a fair presentation have been included. Operating results for thirty-nine weeks ended September 29, 1995, are not necessarily indicative of the results for the entire year. NOTE B - INVENTORIES Inventories at September 29, 1995 and December 30, 1994, consisted of the following: September 29, December 30, 1995 1994 ---- ---- Finished Goods $24,795,483 $24,722,893 Work in Process 20,071 71,700 Raw Materials 2,529,787 7,068,850 ----------- ---------- $27,345,341 $31,863,443 =========== =========== NOTE C - OTHER INCOME On June 1, 1995 the Company sold its entire interest, as a limited partner, in the Columbia Housing Partners Corporate Tax Credit II Limited Partnership, for the sum of $5,501,000. Net proceeds totalled $1,335,000 resulting in a pre-tax gain of $398,000, after transaction expenses, or $.03 per share after tax. The after tax gain is based upon projected tax credits and passive losses provided by the general partner. As a result of the sale, the Company realized reductions in current and long-term debt of $4,056,000. ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS THIRTEEN WEEKS ENDED SEPTEMBER 29, 1995 COMPARED TO THIRTEEN WEEKS ENDED SEPTEMBER 30, 1994 Net sales decreased 6.6% to $25,649,000 for the thirteen weeks ended September 29, 1995, compared to $27,453,000 for the thirteen weeks ended September 30, 1994. This decrease was primarily the result of a 20.5% decrease in Saucony brand worldwide sales due to lower sales volume and lower unit sales prices associated with the sale of close-out merchandise. Saucony's domestic sales decreased by 26.7% in comparison with the 1994 quarter and foreign sales decreased by 6.2%. Worldwide sales of Brookfield products increased by more than 32.5% over the comparable 1994 quarter as the result of increased sales of licensed products and higher unit sales prices. This increase reflects a 62.8% increase in domestic sales and a 17.2% decrease in international sales compared to the third quarter of 1994. Other sales, including sales by the Company's new Quintana Roo subsidiary and Canadian retail outlet, increased 10% over the comparable 1994 quarter. The Company's gross profit decreased by 12.0%, to $8,185,000, in the third quarter of 1995 compared to the third quarter of 1994. The gross margin in the 1995 third quarter was 31.9%, which was 2.0% lower than the gross margin of 33.9% in the third quarter of 1994. This change was attributable to a decreased margin for Saucony products resulting from the sale of a higher proportion of lower margin, close-out items. The gross margin for Brookfield products increased due to increased sale of higher margin, licensed products and quality improvements reducing product returns. Selling, general and administrative expenses as a percentage of net sales increased by 1.9% to 30.3% of net sales for third quarter 1995 from 28.4% for the third quarter of 1994. Domestic selling, general and administrative expenses decreased by 7.5%, while foreign expenses increased by 25.0% in comparison with the 1994 period. The decrease in domestic selling, general and administrative expenses reflects lower professional fees and reduced insurance and advertising expenses. The increase in foreign selling, general and administrative expenses due to increased staffing and distribution expenses, the addition of the Company's German subsidiary and an increase in advertising expenses which were offset in part by a decrease in selling expenses. Interest expense decreased by approximately 36.6% in the third quarter of 1995 compared with the same quarter in 1994, reflecting a pay down of the Company's long term debt. The effective tax rate of 39.1% in the third quarter 1995 increased from 34.8% in the same period last year. The lower tax rate during the third quarter of 1994 resulted from the effect of tax credits the Company received from its investment in a limited partnership. Net income for third quarter 1995 was approximately $319,000, or $0.05 per share, compared with approximately $1,530,000, or $0.15 per share, for the third quarter of 1994. THIRTY-NINE WEEKS ENDED SEPTEMBER 29, 1995 COMPARED TO THE THIRTY-NINE WEEKS ENDED SEPTEMBER 30, 1994 For the thirty-nine weeks ended September 29, 1995, net sales increased by 3.8% to $81,301,000 from $78,312,000 for the thirty-nine weeks ended September 30, 1994. Net sales of the Saucony brand declined by 1.3% to $57,292,000 for the thirty-nine week period ended September 29, 1995, compared with $58,042,000 for the same period in 1994. Foreign sales of Saucony products increased 18.4% while sales in the domestic market decreased by 8.5%. Net sales of Brookfield increased by 18.5%, to approximately $17,984,000, for the thirty-nine week period ended September 29, 1995 from $15,176,000 for the same period in 1994. Domestic Brookfield sales in the 1995 period increased by approximately 19.6%, while international sales increased by 14.6%. The Company's gross profit increased by approximately 2.3%, to $26,080,000, for the thirty-nine week period ended September 29, 1995 compared with the thirty- nine week period ended September 30, 1994. The gross margin percent decreased by 0.5% from 32.6% in the 1994 period to 32.1% in the 1995 period. This decrease was due to the increased sales of Brookfield products, which have lower gross margins than Saucony products, as a percentage of total sales. Brookfield products represented 22.1% of total sales in the 1995 period compared with 19.5% of total sales in the 1994 period. Selling, general and administrative expenses as a percentage of net sales remained essentially flat at 29.1% for the thirty-nine week period ended September 29, 1995 in comparison to 28.9% for the 1994 period. Reductions in domestic advertising and professional fees, were offset by increases in worldwide selling expenses, foreign advertising, and foreign general and administrative expenses. The increase in foreign selling, general and administrative expenses resulted from increased staffing and distribution expenses, the addition of the Company's German subsidiary and increased advertising and promotion expenses. Other income increased by approximately $620,000, or 82.5%, for the thirty-nine week period ended September 29, 1995 in comparison with the thirty-nine week period ended September 30, 1994. This increase was a result of the gain on the sale of the Company's investment in a limited partnership and increased royalty income. The royalty payment was the final payment under a litigation settlement. Interest expense decreased by approximately $114,000 in the 1995 period. This reduction was due primarily to a pay down of the Company's long term debt. The effective tax rate for the Company rose to 38.9% for the thirty-nine week period ended September 29, 1995 compared with 34.1% in the comparable 1994 period. The lower tax rate in 1994 was attributable to the tax credits the Company received from its investment in a limited partnership. Net income for the thirty-nine week period ended September 29, 1995 increased 7.9% to approximately $1,787,000, or $0.29 per share, from approximately $1,656,000, or $0.26 per share, for the comparable 1994 period. LIQUIDITY AND CAPITAL RESOURCES As of September 29, 1995, the Company's cash and cash equivalents totalled $8,302,000, an increase of approximately $4,952,000 from December 30, 1994. For the thirty-nine weeks ended September 29, 1995, the Company generated $6,983,000 of net cash from operations, expended $ 321,000 for capital expenditures, expended $2,753,000 to reduce long-term debt and other long-term commitments, expended $77,000 to repurchase shares of the Company's Common Stock, invested $112,000 in a newly formed subsidiary, increased short-term borrowings by $92,000, and received $1,335,000 in cash as the result of the sale, by the Company, of its investment in a tax credit limited partnership. As part of the sale of this investment, the Company realized a reduction of $4,056,000 of debt, of which $3,259,000 was long-term debt. Principal factors (other than net income) affecting the Company's cash flow from operations in this period included a decrease in accounts receivable of $3,210,000 which is net of the increased provision for bad debts and discounts of $3,210,000, as a result of seasonal payment patterns. The increase in the provision for bad debts resulted from the bankruptcies of several retailers. Inventories decreased by $4,807,000 (due to lower Saucony inventory requirements), an increase in prepaid expenses and other current assets of $333,000 (due to advance payments for advertising and promotions), a decrease in accounts payable of $1,046,000 (due to lower inventory requirements) and a decrease in accrued expenses of $1,823,000 (due to the payment during the period of year end 1994 bonuses, the timing of corporate income tax payments, lower royalties payable due to the seasonality of the retail industry and lower interest payable as the result of the reduction in interest expense and the timing of interest payments). The declining value of the U.S. dollar decreased the value of cash and cash equivalent by $123,000 during this period. The liquidity of the Company is contingent upon a number of factors, principally the Company's future operating results. Management believes that the Company's current cash and cash equivalents, credit facilities and internally generated funds are adequate to meet its working capital requirements and to fund its capital investment needs and debt service payments. Inflation And Currency Risk The Company has experienced minimal impact of inflation over the past three years. The Company has also experienced minimal impact due to currency fluctuations because substantially all purchases from foreign suppliers and sales to customers to date have been denominated in United States dollars. PART II OTHER INFORMATION ITEM 6. Exhibits And Reports On Form 8-K a. Exhibits 11.00 - Computation of Earnings Per Share 27.00 - Financial Data Schedule b. Reports on Form 8-K. None. SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. HYDE ATHLETIC INDUSTRIES, INC. Date: November 13, 1995 By: /s/Charles A. Gottesman ------------------------- Charles A. Gottesman Executive Vice President Chief Operating Officer (Duly authorized officer and principal financial officer) EXHIBIT INDEX EXHIBIT NUMBER DESCRIPTION - ------ ----------- 11.00 Computation of Earnings Per Share 27.00 Financial Data Schedule EX-11 2 HYDE ATHLETIC INDUSTRIES, INC. AND SUBSIDIARIES EXHIBIT 11 - COMPUTATION OF EARNINGS PER SHARE
For the For the Thirteen Weeks Ended Thirty-Nine Weeks Ended Sept.29, Sept.30, Sept.29, Sept.30, 1995 1994 1995 1994 ---- ----- ---- ---- PRIMARY Net income applicable to common stock $ 319,408 $ 955,466 $ 1,787,384 $ 1,655,985 ------------ ------------- -------------- ------------ Weighted average shares: Average shares outstanding 6,217,142 6,405,418 6,227,563 6,461,502 Dilutive stock options based upon application of the treasury stock method using average market price 14,464 18,538 15,848 10,796 ------------ ------------- -------------- ------------ Total shares 6,231,606 6,423,956 6,243,411 6,472,298 ============ ============= ============== ============ Net income per share $ 0.05 $ 0.15 $ 0.29 $ 0.26 ============ ============= ============== ============ FULLY DILUTED Net income applicable to common stock $ 319,408 $ 955,466 $ 1,787,384 $ 1,655,985 ------------ ------------- -------------- ------------ Weighted average shares: Average shares outstanding 6,217,142 6,405,418 6,227,563 6,461,502 Dilutive stock options based upon application of the treasury stock method using market price at end of period or average market price, if greater 14,560 18,732 16,203 12,685 ------------ ------------- -------------- ------------ Total shares 6,231,702 6,424,150 6,243,766 6,474,187 ============ ============= ============== ============ Net income per share $ 0.05 $ 0.15 $ 0.29 $ 0.26 ============ ============= ============== ============
EX-27 3
5 This schedule contains summary financial information extracted from Hyde Athletic Industries Inc. 3rd Quarter 10Q for the period ended September 29, 1995 and is qualified in its entirety by reference to such 10Q. 9-MOS JAN-05-1996 SEP-29-1995 8,301,783 0 20,915,056 594,788 27,345,341 59,628,161 14,418,459 6,356,375 69,691,708 12,522,354 5,919,520 2,138,514 0 0 46,427,934 69,691,708 81,300,904 82,670,685 55,220,901 55,220,901 23,649,529 614,346 974,937 2,825,318 1,098,528 1,787,384 0 0 0 1,787,384 .29 .29
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