-----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, Fof4dTs1D21SPJq6k1g/uYATOmSVWyEGlB6JWx5615G+A4FHT0HtJV2O51MkrSdd 1fZ164MZIUsXmfnjwbd6lw== 0000049401-97-000005.txt : 19970520 0000049401-97-000005.hdr.sgml : 19970520 ACCESSION NUMBER: 0000049401-97-000005 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 19970404 FILED AS OF DATE: 19970519 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: 97611022 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 1ST QUARTER 10Q 1997 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) {X} QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended April 4, 1997 OR { } TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 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 May 12, 1997 Class A Common Stock-$.33 1/3 Par Value 2,703,227 Class B Common Stock-$.33 1/3 Par Value 3,533,659 --------- 6,236,886 HYDE ATHLETIC INDUSTRIES, INC. AND SUBSIDIARIES INDEX PART I. FINANCIAL INFORMATION Item 1. Financial Statements Condensed Consolidated Balance Sheets as of April 4, 1997 and January 3, 1997 3 Condensed Consolidated Statements of Income for the thirteen weeks ended April 4, 1997 and April 5, 1996 4 Condensed Consolidated Statements of Stockholders' Equity for the thirteen weeks ended April 4, 1997 and April 5, 1996 5 Condensed Consolidated Statements of Cash Flows for the thirteen weeks ended April 4, 1997 and April 5, 1996 6-7 Notes to Condensed Consolidated Financial Statements -- April 4, 1997 8 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 9-11 PART II. OTHER INFORMATION Item 6. Exhibits and Reports on Form 8-K 12 Signature 13 HYDE ATHLETIC INDUSTRIES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) ASSETS
April 4, January 3, 1997 1997 ---- ---- - --- Current Assets Cash and cash equivalents $ 2,242,024 $ 2,802,864 Marketable securities 236,128 236,128 Accounts receivable 28,518,220 22,840,161 Inventories 26,652,857 28,632,511 Prepaid expenses and other current assets 3,588,346 3,303,437 ----------------- ----------------- Total Current Assets 61,237,575 57,815,101 ----------------- ----------------- Property, plant, and equipment, net 9,176,137 9,217,468 ----------------- ----------------- Other Assets Goodwill 1,239,584 1,250,001 Other assets 3,206,432 3,309,156 ----------------- ----------------- Total Other Assets 4,446,016 4,559,157 ----------------- ----------------- Total Assets $ 74,859,728 $ 71,591,726 ================= ================= LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities Notes payable $ 8,031,421 $ 4,237,083 Accounts payable 4,074,632 3,970,194 Accrued expenses and other current liabilities 2,810,534 3,517,047 Current maturities of long term debt 4,032,732 2,484,459 ----------------- ----------------- Total Current Liabilities 18,949,319 14,208,783 ----------------- ----------------- Long-term debt 3,168,034 4,892,753 ----------------- ----------------- Deferred income taxes 1,902,926 1,923,708 ----------------- ----------------- Minority interest 490,276 487,865 ----------------- ----------------- Stockholders' Equity Common stock, $.33 1/3 par value 2,145,095 2,145,095 Additional paid in capital 15,581,353 15,581,353 Retained earnings 33,988,158 33,704,957 Accumulated translation (256,799) (233,654) ------------------ ------------------ Total 51,457,807 51,197,751 Less: Unearned compensation (54,844) (65,344) Treasury stock (1,053,790) (1,053,790) ------------------ ------------------ Total Stockholders' Equity 50,349,173 50,078,617 ----------------- ----------------- Total Liabilities and Stockholders' Equity $ 74,859,728 $ 71,591,726 ================= ================= See notes to condensed consolidated financial statements
HYDE ATHLETIC INDUSTRIES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF INCOME FOR THE THIRTEEN WEEKS ENDED APRIL 4, 1997 AND APRIL 5, 1996 (Unaudited)
April 4, April 5, 1997 1996 ---- ---- Net sales $ 27,198,879 $ 31,891,893 Other income (expense) (146,855) 249,654 ----------------- --------------- Total revenue 27,052,024 32,141,547 ---------------- --------------- Costs and expenses Cost of sales 18,315,718 22,587,788 Selling, general and administrative expenses 7,946,378 7,889,063 Interest expense 280,210 263,198 ---------------- --------------- Total costs and expenses 26,542,306 30,740,049 ---------------- --------------- Income before income taxes and minority interest 509,718 1,401,498 Provision for income taxes 191,974 526,618 Minority interest in income of consolidated subsidiaries 34,543 135,411 ---------------- --------------- Net income $ 283,201 $ 739,469 ================ =============== Per share amounts: Net income $ 0.05 $ 0.12 =============== =============== Weighted average common shares and equivalents outstanding 6,269,846 6,225,960 ================ =============== Cash dividends per share of common stock 0 0 ================ =============== See notes to condensed consolidated financial statements
HYDE ATHLETIC INDUSTRIES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY FOR THE THIRTEEN WEEKS ENDED APRIL 4, 1997 AND APRIL 5, 1996 (Unaudited)
Common Stock Paid-In Retained Class A Class B Capital Earnings ------ ------ ------ -------- Balance, January 5, 1996 $ 901,575 $ 1,236,939 $ 15,521,470 $ 32,210,867 Amortization of unearned compensation -- -- -- -- Net income -- -- -- 739,469 Foreign currency translation adjustments -- -- -- -- ----------- ------------- ------------- ------------- Balance, April 5, 1996 $ 901,575 $ 1,236,939 $ 15,521,470 $ 32,950,336 =========== ============= ============= ============= Balance, January 3, 1997 $ 902,075 $ 1,243,020 $ 15,581,353 $ 33,704,957 Amortization of unearned compensation -- -- -- -- Net income -- -- -- 283,201 Foreign currency translation adjustments -- -- -- -- ----------- ------------- ------------- ------------- Balance, April 4, 1997 $ 902,075 $ 1,243,020 $ 15,581,353 $ 33,988,158 =========== ============= ============= ============= Treasury Stock Unearned Accumulated Stockholders' Shares Amount Compensation Translation Equity ------ ------ ------------ ---------- ------ Balance, January 5, 1996 198,400 ($ 1,053,790) ($ 194,313) ($ 257,694) $ 48,365,054 Amortization of unearned compensation -- -- 32,175 -- 32,175 Net income -- -- -- -- 739,469 Foreign currency translation adjustments -- -- -- 50,243 50,243 ----------- ------------- ------------- ------------- ------------- Balance, April 5, 1996 198,400 ($ 1,053,790) ($ 162,138) ($ 207,451) $ 49,186,941 =========== ============== ============== ============ ============= Balance, January 3, 1997 198,400 ($ 1,053,790) ($ 65,344) ($ 233,654) $ 50,078,617 Amortization of unearned compensation -- -- 10,500 -- 10,500 Net income -- -- -- -- 283,201 Foreign currency translation adjustments -- -- -- (23,145) (23,145) ----------- ------------- ------------- -------------- -------------- Balance, April 4, 1997 198,400 ($ 1,053,790) ($ 54,844) ($ 256,799) $ 50,349,173 =========== ============== ============== ============== ============= See notes to condensed consolidated financial statements.
HYDE ATHLETIC INDUSTRIES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE THIRTEEN WEEKS ENDED APRIL 4, 1997 AND APRIL 5, 1996 INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (Unaudited)
April 4, April 5, 1997 1996 ---- ---- Cash flows from operating activities: Net income $ 283,201 $ 739,469 ---------------- --------------- Adjustments to reconcile net income to net cash Provided (used) by operating activities: Depreciation and amortization 397,547 365,645 Deferred income tax benefit (242,962) (162,886) Provision for bad debts and discounts 1,620,761 1,786,267 Minority interest in income of consolidated subsidiaries 34,543 135,411 Compensation from stock grants and stock options 10,500 32,175 Loss on sale of equipment -- 4,372 Writedown of investment in limited partnership 50,000 -- Changes in operating assets and liabilities, net of effects of foreign currency adjustments: Decrease (increase) in assets: Marketable securities -- 157,110 Accounts receivable (7,231,636) (12,795,009) Inventories 1,679,496 3,512,645 Prepaid expenses and other current assets (293,502) (105,293) Increase (decrease) in liabilities: Accounts payable 148,078 (873,280) Accrued expenses (494,180) 1,182,437 ----------------- --------------- Total adjustments (4,321,355) (6,760,406) ----------------- ---------------- Net cash used by operating activities (4,038,154) (6,020,937) ----------------- ---------------- Cash flows from investing activities: Purchases of property, plant and equipment (244,607) (252,763) Increase in deferred charges, and other (260,531) (35,289) Proceeds from sale of equipment -- 76,896 ---------------- --------------- Net cash used by investing activities (505,138) (211,156) ----------------- ---------------- Cash flows from financing activities: Net short-term borrowings 3,884,847 (124,697) Repayment of long term debt and capital lease obligations (169,418) (108,430) Proceeds from long-term borrowings -- 419,766 ---------------- --------------- Net cash provided by financing activities 3,715,429 186,639 Effect of exchange rate changes on cash and cash equivalents 267,023 (73,046) ---------------- ---------------- Net decrease in cash and cash equivalents (560,840) (6,118,500) Cash and equivalents at, beginning of period 2,802,864 11,668,316 ---------------- --------------- Cash and equivalents at, end of period $ 2,242,024 $ 5,549,816 ================ =============== Supplemental disclosure of cash flow information: Cash paid during the period for: Incomes taxes $ 30,094 $ 76,595 ================ =============== Interest $ 171,895 $ 60,611 ================ =============== Non-cash investing and financing activities: Property purchased under capital leases $ 29,750 $ 42,740 ================ =============== See notes to condensed consolidated financial statements
HYDE ATHLETIC INDUSTRIES, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS April 4, 1997 (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 principle. In the opinion of Management, all adjustments (consisting solely of normal recurring adjustments) necessary for a fair presentation have been included. These interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the notes, thereto, included in the Company's Annual Report on Form 10-K, as filed with the Securities and Exchange Commission, for the year ended January 3, 1997. Operating results for thirteen weeks ended April 4, 1997, are not necessarily indicative of the results for the entire year. NOTE B - INVENTORIES Inventories at April 4, 1997 and January 3, 1997 consisted of the following: April 4, January 3, 1997 1997 ---- ---- Finished Goods $22,235,825 $22,309,805 Work in Process 390,513 110,559 Raw Materials 4,026,519 6,212,147 ----------- ----------- $26,652,857 $28,632,511 =========== =========== NOTE C - NEW ACCOUNTING PRONOUNCEMENTS During the first quarter of 1997, the Financial Accounting Standards Board issued Financial Accounting Standards No. 128 "Earnings Per Share" (SFAS 128). SFAS 128 is intended to improve the Earnings Per Share ("EPS") information contained in the financial statements by simplifying the calculation of earnings per share, revising the disclosure requirements, and achieving comparability with international accounting standards. SFAS 128 is effective after December 15, 1997. The Company will incorporate SFAS 128 into the Form 10-K filing, with the Securities and Exchange Commission, for the year ended January 2, 1998. The Company has not determined the impact of adopting SFAS 128 on the consolidated financial statements for the fiscal year ended January 2, 1998. ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following table sets forth net sales and percentages of net sales of the Company's product lines in the thirteen weeks ended April 4, 1997 and April 5, 1996: 1997 1996 -------------------- -------------------- $ % $ % Saucony $21,266,000 78.2% $25,709,000 80.6% Brookfield 1,982,000 7.3% 3,254,000 10.2% Other 3,951,000 14.5% 2,929,000 9.2% ----------- ----- ---------- ----- Total $27,199,000 100.0% $31,892,000 100.0% =========== ====== =========== ====== Thirteen Weeks Ended April 4, 1997 Compared to Thirteen Weeks Ended April 5, 1996 The Company's net sales decreased by 15% to $27,199,000 in the thirteen weeks ended April 4, 1997 from $31,892,000 in the thirteen weeks ended April 5, 1996. Net sales of the Company's Saucony products decreased 17% to $21,266,000 in the thirteen weeks ended April 4, 1997 from $25,709,000 in the thirteen weeks ended April 5, 1996, due to decreased unit shipments of special make-up and discontinued merchandise. Saucony domestic net sales decreased 20% to $14,915,000 in the thirteen weeks ended April 4, 1997 from $18,570,000 in the thirteen weeks ended April 5, 1996, due to decreased unit shipment volume of non-current models, offset in part by higher selling prices of the Company's recently introduced products. Saucony foreign net sales decreased by 11% to $6,351,000 in the thirteen weeks ended April 4, 1997 from $7,139,000 in the thirteen weeks ended April 5, 1996, due primarily to decreased unit shipment volume and to a lesser extent, unfavorable currency exchange rates. Net sales of the Company's Brookfield products decreased by 39% to $1,982,000 in the thirteen weeks ended April 4, 1997 from $3,254,000 in the thirteen weeks ended April 5, 1996. Domestic sales of Brookfield products decreased by 40% to $1,123,000 in the thirteen weeks ended April 4, 1997 from $1,882,000 in the thirteen weeks ended April 5, 1996, due to lower unit shipment volume for certain licensed products and a shift in the sales mix to lower-priced products. The Company believes this decrease resulted from an oversupply of inventory at the retail level, combined with marginal acceptance of certain new product offerings. Foreign sales of Brookfield products decreased 37% to $859,000 in the thirteen weeks ended April 4, 1997 from $1,372,000 in the thirteen weeks ended April 5, 1996, due primarily to decreased unit shipment volume. Net sales of other products increased 35% to $3,951,000 in the thirteen weeks ended April 4, 1997 from $2,929,000 in the thirteen weeks ended April 5, 1996, due primarily to increased sales of non-corporate brands realized by the Company's Australian subsidiary and to a lesser extent, increased sales by the Company's wholly-owned subsidiary, Quintana Roo, Inc. Other income (expense) decreased 159% to ($147,000) in the thirteen weeks ended April 4, 1997 from $250,000 in the thirteen weeks ended April 5, 1996, due primarily to foreign currency transaction losses on U.S. dollar denominated obligations held by certain of the Company's foreign subsidiaries and to a lesser extent, reduced income on lower levels of short-term cash investments and the partial writedown of the Company's investment in a limited partnership. The Company's gross profit decreased to $8,883,000 in the thirteen weeks ended April 4, 1997 from $9,304,000 in the thirteen weeks ended April 5, 1996. The Company's gross margin percentage increased to 32.7% in the thirteen weeks ended April 4, 1997 from 29.2% in the thirteen weeks ended April 5, 1996 due primarily to increased margin for Saucony products. The gross margin increase for Saucony products resulted from the shipment, in the thirteen weeks ended April 5, 1996, of a single slow-moving, non-current model. This resulted in a significant negative impact on the gross margin, decreased sales of other lower-margin footwear, and to a lesser extent, decreased freight costs and reduced manufacturing costs. The decline in Brookfield gross margin resulted from a shift in the sales mix to lower margin domestic Brookfield product. Selling, general and administrative expenses increased to $7,947,000, or 29.2% of net sales, in the thirteen weeks ended April 4, 1997 from $7,889,000, or 24.7% of net sales, in the thirteen weeks ended April 5, 1996. Advertising and promotion expenses decreased $257,000 in the thirteen weeks ended April 4, 1997 due primarily to decreased Saucony domestic television and print media advertising. Selling expenses decreased by $69,000 in the thirteen weeks ended April 4, 1997, due to an initiative to reduce commissions on sales of Saucony products and due to reduced sales of Saucony products. General and administrative expenses increased $384,000 in the thirteen weeks ended April 4, 1997 due to increased professional fees, both domestic and foreign, increased costs related to the Company's recently acquired information system, and increased foreign costs for payroll due to increased staffing at certain of the Company's foreign subsidiaries. Interest expense increased 6% to $280,000 in the thirteen weeks ended April 4, 1997 from $263,000 in the thirteen weeks ended April 5, 1996, due to increased borrowings on the Company's credit facility and increased asset-based borrowing. The provision for income taxes declined by $335,000 in the thirteen weeks ended April 4, 1997 as compared to the thirteen weeks ended April 5, 1996 due to a decrease in the Company's pretax earnings. The effective tax rate increased by 0.1% to 37.7% in the thirteen weeks ended April 4, 1997 from 37.6% in the thirteen weeks ended April 5, 1996. LIQUIDITY AND CAPITAL RESOURCES As of April 4, 1997, the Company's cash and cash equivalents totalled $2,478,000, a decrease of $561,000 from January 3, 1997. The decrease was the result of an increase in accounts receivable of $5,611,000, net of the provision for bad debts and discounts of $1,621,000, offset in part by a decrease of $1,679,000 in inventory and the depreciation and amortization provision of $398,000. The increase in accounts receivable is due in part to increased net sales of the Company's Saucony product in the thirteen weeks ended April 4, 1997 and increased payment terms given to certain of the Company's customers. The Company's days sales outstanding for its accounts receivable increased to 98 days in the thirteen weeks ended April 4, 1997 from 81 days in the thirteen weeks ended April 5, 1996. Inventories decreased in the thirteen weeks ended April 4, 1997 due to improved domestic inventory management. The Company's inventory turn ratio decreased to 2.7 turns in the thirteen weeks ended April 4, 1997 from 3.6 turns in the thirteen weeks ended April 5, 1996, due to comparatively higher inventory levels and the significant inventory reduction realized as the result of the sale of a non-current model in the thirteen weeks ended April 5, 1996. For the thirteen weeks ended April 4, 1997, the Company used $4,038,000 of net cash to finance operating activities, expended $505,000 to acquire capital assets and information technology, increased short-term borrowings by $3,885,000, and, expended $169,000 to reduce long-term debt. Principal factors (other than net income, accounts receivable, provision for bad debts and discounts and inventory) affecting the operating cash flows in the thirteen weeks ended April 4, 1997, included an increase in accounts payable of $148,000 (due to the timing of inventory shipments), an increase in prepaid expenses of $294,000 (due to advance payments of certain selling and administrative expenses) and a decrease in accrued expenses of $494,000 (due to a change in payment terms for sales commissions). The strengthening of the U.S. dollar increased the value of cash and cash equivalents by $267,000. As of April 4, 1997, the Company had various commitments for capital expenditures, including information technology. The Company plans to finance such expenditures with a mix of internally generated funds and asset-based lending. The Company believes that these commitments are not significant. 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 effect of inflation on the Company's results of operations over the past three years has been minimal. The impact of currency fluctuation on the purchase of inventory by the Company, from foreign suppliers, has been minimal as the transactions were denominated in U.S. dollars. The Company, however, is subject to currency fluctuation with respect to the operating results of the Company's foreign subsidiaries and certain foreign currency denominated payables. FASB 128 During the first quarter of 1997, the Financial Accounting Standards Board issued Financial Accounting Standards No. 128 "Earnings Per Share" (SFAS 128). SFAS 128 is intended to improve the Earnings Per Share ("EPS") information contained in the financial statements by simplifying the calculation of earnings per share, revising the disclosure requirements, and achieving comparability with international accounting standards. SFAS 128 is effective after December 15, 1997. The Company will incorporate SFAS 128 into the Form 10-K filing, with the Securities and Exchange Commission, for the year ended January 2, 1998. The Company has not determined the impact of adopting SFAS 128 on the consolidated financial statements for the fiscal year ended January 2, 1998. 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: May 16, 1997 By: /s/Charles A. Gottesman ----------------------- Charles A. Gottesman Executive Vice President Chief Operating Officer (Duly authorized officer and principal financial officer) EX-11 2 HYDE ATHLETIC INDUSTRIES, INC. AND SUBSIDIARIES EXHIBIT 11 - COMPUTATION OF EARNINGS PER SHARE
For the Thirteen Weeks Ended -------------------- April 4, April 5, 1997 1996 ---- ---- PRIMARY Net income applicable to common stock $ 283,201 $ 739,469 ----------------- ----------------- Weighted average shares: Average shares outstanding 6,236,886 6,217,142 Dilutive stock options based upon application of the treasury stock method using average market price 32,960 8,818 ----------------- ----------------- Total shares 6,269,846 6,225,960 ================= ================= Net income per share $ 0.05 $ 0.12 ================= ================= FULLY DILUTED Net income applicable to common stock $ 283,201 $ 739,469 ----------------- ----------------- Weighted average shares Average shares outstanding 6,236,886 6,217,142 Dilutive stock options based upon application of the treasury stock method using market price at end of period or average market price, if greater 33,056 8,818 ----------------- ----------------- Total shares 6,269,942 6,225,960 ================= ================= Net income per share $ 0.05 $ 0.12 ================= =================
EX-27 3
5 This schedule contains summary financial information extracted from Hyde Athletic Industries, Inc. Form 10-Q for the period ended April 4, 1997 and is qualified in its entirety by reference to such 10-Q. 3-MOS JAN-02-1998 APR-04-1997 2,242,024 236,128 28,518,220 613,525 26,652,857 61,237,575 16,943,248 7,767,111 74,859,728 18,949,319 3,168,034 0 0 2,145,095 48,204,078 74,859,728 27,198,879 27,052,024 18,315,718 18,315,718 7,946,378 115,347 280,210 509,718 191,974 283,201 0 0 0 283,201 0.05 0.05
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