-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: keymaster@town.hall.org Originator-Key-Asymmetric: MFkwCgYEVQgBAQICAgADSwAwSAJBALeWW4xDV4i7+b6+UyPn5RtObb1cJ7VkACDq pKb9/DClgTKIm08lCfoilvi9Wl4SODbR1+1waHhiGmeZO8OdgLUCAwEAAQ== MIC-Info: RSA-MD5,RSA, RcmaJh8dfJPe2OIo5Gx1be2qtsB4jvjOB5HuEAUEiTgliKYhjs9h2ug4cF4lyXxg ZPcK9DzpYJ4P4rzMHYtnLw== 0000049401-95-000003.txt : 19950517 0000049401-95-000003.hdr.sgml : 19950516 ACCESSION NUMBER: 0000049401-95-000003 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 19950331 FILED AS OF DATE: 19950512 SROS: NONE 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: 95537778 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 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 13 Weeks Ended March 31, 1995 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 March 31, 1995 Class A Common Stock-$.33 1/3 Par Value 2,701,027 Class B Common Stock-$.33 1/3 Par Value 3,532,415 --------- 6,233,442 HYDE ATHLETIC INDUSTRIES, INC. INDEX PART I. FINANCIAL INFORMATION Item 1. Financial Statements Condensed Consolidated Balance Sheets as of March 31, 1995 and December 30, 1994. 3 Condensed Consolidated Statements of Income for the thirteen weeks ended March 31, 1995 and April 1, 1994 4 Condensed Consolidated Statements of Stockholders' Equity for the thirteen weeks ended March 31, 1995 and April 1, 1994 5-6 Condensed Consolidated Statements of Cash Flows for the thirteen weeks ended March 31, 1995 and April 1, 1994 . 7-8 Notes to Condensed Consolidated Financial Statements - March 31, 1995. 9 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 10 PART II. OTHER INFORMATION Item 6. Exhibits and Reports on Form 8-K 12 Signature 13 HYDE ATHLETIC INDUSTRIES, INC. CONDENSED CONSOLIDATED BALANCE SHEET (Unaudited) ASSETS
March 31, December 30, 1995 1994 ----- ----- CURRENT ASSETS Cash and cash equivalents $ 1,711,879 $ 3,349,776 Accounts receivable 27,234,175 23,947,584 Inventories 29,995,045 31,863,443 Prepaid expenses and other current assets 3,731,547 2,460,953 ------------ ----------- TOTAL CURRENT ASSETS 62,672,646 61,621,756 PROPERTY, PLANT, AND EQUIPMENT, NET 8,268,861 8,292,926 ------------ ----------- OTHER ASSETS Investments in limited partnerships 5,746,768 5,746,768 Other assets 1,329,810 1,420,882 ------------ ----------- TOTAL OTHER ASSETS 7,076,578 7,167,650 ------------ ----------- TOTAL ASSETS $78,018,085 $77,082,332 ============ ============ LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES Notes payable $ 4,745,124 $ 2,825,120 Accounts payable 3,711,365 4,718,069 Accrued expenses and other current liabilities 5,655,151 5,382,463 Current maturities of long term debt 2,787,280 2,732,208 ------------ ----------- TOTAL CURRENT LIABILITIES 16,898,920 15,657,860 ------------ ----------- LONG TERM DEBT 11,213,001 11,922,392 ------------ ----------- DEFERRED INCOME TAXES 2,257,872 2,320,777 ------------ ----------- MINORITY INTEREST 405,081 426,475 ------------ ----------- STOCKHOLDERS' EQUITY Common stock, $.33 1/3 par value 2,138,047 2,138,047 Additional paid in capital 15,592,805 15,592,805 Retained earnings 31,248,700 30,619,761 Accumulated translation (367,329) (171,471) ------------ ----------- Total 48,612,223 48,179,142 Less: Unearned compensation (391,909) (447,211) Treasury stock (977,103) (977,103) ------------ ----------- TOTAL STOCKHOLDERS' EQUITY 47,243,211 46,754,828 ------------ ----------- TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $78,018,085 $77,082,332 ============ ============ See notes to condensed consolidated financial statements
HYDE ATHLETIC INDUSTRIES, INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME FOR THE THIRTEEN WEEKS ENDED MARCH 31, 1995 AND APRIL 1, 1994 (Unaudited)
March 31, April 1, 1995 1994 ------------ ----------- Net sales $30,237,901 $ 26,114,210 Other income 126,221 129,850 ----------- ----------- Total revenue 30,364,122 26,244,060 ----------- ----------- Costs and Expenses Cost of sales 20,376,734 17,779,333 Selling, general and administrative expenses 8,478,030 7,195,623 Interest expense 435,168 371,138 ----------- ----------- Total Costs and Expenses 29,289,932 25,346,094 ----------- ----------- Income before income taxes and minority interest 1,074,190 897,966 Provision for income taxes 417,103 319,229 Minority interest in income of consolidated subsidiaries 28,148 61,912 ----------- ----------- Net income $ 628,939 $ 516,825 ============ ============ Per share amounts: Net income $0.10 $0.08 ============ =========== Weighted average common shares and equivalents outstanding 6,252,746 6,501,071 ============ =========== 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 MARCH 31, 1995 AND APRIL 1, 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 1,200 shares of common stock, stock option exercise 267 133 2,451 -- -- -- Retirement of 7,516 shares of common stock (1,253) (1,253) (77,427) -- -- -- Issuance of below market options -- -- 41,000 -- -- -- Cancellation of below market options -- -- (41,580) -- -- -- Amortization of unearned compensation -- -- -- -- -- -- Net income -- -- -- 516,825 -- -- Foreign currency translation adjustments -- -- -- -- -- -- Balance, April 1, 1994 914,951 1,248,284 16,211,641 28,199,949 -- -- Balance, December 31, 1994 901,342 1,236,705 15,592,805 30,619,761 180,700 (977,103) Amortization of unearned compensation -- -- -- -- -- -- Net income -- -- -- 628,939 -- -- Foreign currency translation adjustments -- -- -- -- -- -- Balance, March 31, 1995 $ 901,342 $1,236,705 $15,592,805 $31,248,700 180,700 $(977,103) Total Unearned Notes Accumulated Stockholders' Compensation Receivable Translation Equity Balance, January 1, 1994 $(950,354) $(400,911) $ (74,573) $44,709,824 Issuance of 1,200 shares of common stock, stock option exercise -- -- -- 2,851 Retirement of 7,516 shares of common stock 45,567 34,366 -- -- Issuance of below market options (41,000) -- -- -- Cancellation of below market options 41,580 -- -- -- Amortization of unearned compensation 54,724 -- -- 54,724 Net income -- -- -- 516,825 Foreign currency translation adjustments -- -- (12,085) (12,085) Balance, April 1, 1994 $(849,483) $ (366,545) $ (86,658) $45,272,139 Balance, December 31, 1994 $(447,211) -- $(171,471) $46,754,828 Amortization of unearned compensation 55,302 -- -- 55,302 Net income -- -- -- 628,939 Foreign currency translation adjustments -- -- (195,959) (195,858) Balance, March 31, 1995 $ (391,909) -- $(367,329) $47,243,211 See notes to condensed consolidated financial statements.
HYDE ATHLETIC INDUSTRIES, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE THIRTEEN WEEKS ENDED MARCH 31, 1995 AND APRIL 1, 1994 INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (Unaudited)
March 31, April 1, 1995 1994 ----- ------ Cash flows from operating activities: Net income $ 628,939 $ 516,825 ---------- ----------- Adjustments to reconcile net income to net cash Provided (used) by operating activities: Depreciation 216,646 206,858 Amortization 57,834 23,912 Deferred income tax (benefit) expense (217,656) (40,437) Provision for bad debts and discounts 1,652,867 1,328,747 Minority interest in income of consolidated subsidiaries 28,148 61,912 Compensation from stock grants and stock options 55,302 54,724 Unrealized loss on marketable securities 0 45,203 (Gain) loss on sale of equipment (1,179) 169 Changes in operating assets and liabilities: Decrease (increase) in assets: Marketable securities 0 1,989,760 Accounts receivable (4,892,398) (5,537,956) Inventories 1,888,125 1,435,515 Prepaid expenses and other current assets (1,093,658) 217,013 Increase (decrease) in liabilities: Accounts payable (1,029,366) (350,572) Accrued expenses 193,331 414,961 ---------- ----------- Total adjustments (3,142,004) (150,191) ---------- ----------- Net cash provided (used) by operating activities (2,513,065) 366,634 ---------- ----------- Cash flows from investing activities: Purchases of property, plant and equipment (106,558) (106,568) Increase in deferred charges, deposits and other (9,273) (115,469) Proceeds from sale of equipment 846 371 ---------- ----------- Net cash used by investing activities (114,985) (221,666) ---------- ----------- Cash flows from financing activities: Net short term borrowings 1,850,830 244,653 Repayment of long term debt and capital lease obligation (665,357) (426,216) Payment of termination benefit payable (26,866) (73,769) Issuances of common stock, including options 0 2,851 ---------- ----------- Net cash provided (used) by financing activities 1,158,607 (252,481) Effect of exchange rate changes on cash and cash equivalents (168,452) (48,736) ---------- ----------- Net decrease in cash and cash equivalents (1,637,895) (156,249) Cash and equivalents at, beginning of period 3,349,774 10,013,166 ---------- ----------- Cash and equivalents at, end of period $ 1,711,879 $ 9,856,917 ========== =========== Supplemental disclosure of cash flow information: Cash paid during the period for: Incomes taxes $ 427,385 $ 275,990 ========== =========== Interest $ 585,564 $ 146,278 ========== =========== See notes to condensed consolidated financial statements
HYDE ATHLETIC INDUSTRIES, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS March 31, 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 thirteen weeks ended March 31, 1995, are not necessarily indicative of the results for the entire year. NOTE B - INVENTORIES Inventories at March 31, 1995 and December 30, 1994, consisted of the following: March 31, December 30, 1995 1994 -------- -------- Finished Goods $ 24,037,945 $ 24,722,893 Work in Process 55,362 71,700 Raw Materials and Supplies 5,901,738 7,068,850 --------------- --------------- $ 29,995,045 $ 31,863,443 =============== ============== ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS THIRTEEN WEEKS ENDED MARCH 31, 1995 COMPARED TO THIRTEEN WEEKS ENDED APRIL 1, 1994 The Company's net sales increased by 15.8% to $30,238,000 for the thirteen weeks ended March 31, 1995 compared to $26,114,000 for the thirteen weeks ended April 1, 1994. Net sales of the Company's Saucony products increased by 12% to $23,292,000 in the first quarter of 1995 over the comparable fiscal period in 1994, due to both a greater volume of units shipped and higher selling prices. Saucony domestic sales were up 9.4% in the first quarter of 1995 over the comparable 1994 period, due to a greater volume of units sold at higher selling prices, while foreign sales increased by 18.6% in the first quarter of 1995 over the comparable 1994 period. The increase in foreign sales was attributable to a shift in product mix towards more expensive models and favorable foreign currency translation. Net sales of the Company's Brookfield products increased by 28% to $4,723,000 for the quarter ended March 31, 1995 compared with the first quarter of 1994. Domestic sales increased by 18.6%, primarily as a result of increased unit sales of the Company's Barbie, Playskool and Franklin licensed products. Brookfield's foreign sales increased by 150%, reflecting expansion of product distribution to 18 countries as of March 31, 1995 compared with 8 countries at the end of the first quarter of 1994. The Company's gross profit increased by 18.3% to $9,862,000 in the first quarter of 1995 in comparison with the 1994 quarterly period. The gross margin was 32.6%, which was 0.7% higher than the gross margin of 31.9% in the comparable period in 1994. Margin increase at Saucony was due primarily to increased operating efficiencies at the Company's Bangor, Maine assembly plant and a shift in product mix to higher margin products. The margin increase at Brookfield resulted primarily from improved product cost, increased sales of higher margin licensed products and a reduction in returned goods. Selling, general and administrative expenses as a percentage of net sales increased by 0.4% to 28% of net sales for the thirteen weeks ended March 31, 1995 from 27.6% in the comparable 1994 fiscal quarter. Advertising and promotion increased by approximately $250,000, primarily to increase Saucony brand awareness overseas through the use of athletes and athletic events. Selling expenses increased by approximately $500,000, primarily as a result of growth in commission dollars reflecting higher net sales, selling expenses related to the Company's new subsidiary in Germany, which did not exist in the prior comparable 1994 period, and a higher level of spending for trade shows and sales meetings. In addition, general and administrative expenses increased by approximately $525,000, primarily as a result of a higher level of professional expenses, the bankruptcy of a multi-store customer for Saucony products, expenses associated with Saucony's new subsidiary in Germany, and a higher level of professional fees and office expense at Saucony Europe, the Company's European sales and marketing office. Interest expense increased by approximately 17% in the first quarter of 1995 over the comparable period in 1994, reflecting increased borrowings by the Company's foreign subsidiaries due to increased working capital needs. The provision for income tax of 38.8% in the first quarter of 1995 grew from 35.5% for the comparable quarter in 1994, reflecting a shift in the composition of foreign and domestic pretax profits. LIQUIDITY AND CAPITAL RESOURCES As of March 31, 1995, the Company's cash and cash equivalents totalled $1,700,000, a decrease of approximately $1,600,000 from December 30, 1994. For the thirteen weeks ended March 31, 1995, the Company used $2,513,000 of net cash in operating activities, expended $106,000 for capital expenditures, expended $692,000 to reduce long-term debt and other long-term commitments and borrowed $1,851,000 on a short-term basis. Principal factors (other than net income) affecting the Company's cash flow from operations in this period included an increase in accounts receivable, net of the increase provision for bad debts and discounts of $1,653,000 as a result of higher sales volume. A decrease in inventories of $1,868,000, (due to lower inventory purchasing), an increase in prepaid expenses and other current assets of $1,094,000 (due to advance payments for advertising and promotions), a decrease in accounts payable of $1,029,000 (due to decreased inventory purchasing and the paydown of fourth quarter 1994 expenses) and an increase in accrued expenses of $193,000 (due to increased commissions payable as a result of first quarter sales increases). The declining value of the U.S. dollar decreased the value of cash and cash equivalents by $168,000 during this period. 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 10.01 - Letter Agreement, dated March 30, 1995, between the Company and Principal Mutual Life Insurance Company. 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 12, 1995 By: /s/Charles A. Gottesman ------------------------- Charles A. Gottesman Executive Vice President Chief Operating Officer (Duly authorized officer and principal financial officer) EX-10 2 Exhibit 10.01 The Principal Financial Group Principal Mutual Life Insurance Company Des Moines, Iowa 50392-0001 (515) 247-5111 Phone (515-247-5930 Fax March 30, 1995 Airborne Hyde Athletic Industries, Inc. 13 Centennial Drive Peabody, Massachusetts 01961 Dear Ms. or Sir: Reference is made to the Note Purchase Agreement, dated April 29, 1988 (herein the "Note Agreement"), by and between Hyde Athletic Industries, Inc. (the "Company) and Principal Mutual Life Insurance Company ("Principal Mutual"). Pursuant to the Note Agreement, the Company issued, and Principal Mutual purchased, 9.70% Senior Notes of the Company (collectively, the "Notes") in the original aggregate principal amount of $12,000,000 due April 29, 1998. Capitalized terms used but not defined herein shall have the meanings described to them in the Note Agreement. By their execution hereof as provided below, the Company and Principal Mutual agree and consent to the following waiver, but only as to the extent expressly provided herein, and subject to the terms and conditions set forth below. 1. INSURANCE. Principal Mutual hereby waives the requirements of Section 10.2(b) of the Note Agreement to the extent that such requirements apply to insurance coverage obtained by the Company from Arkwright Mutual Insurance Company ("Arkwright") for so long as Arkwright maintains A.M. Best Company ratings with respect to size and financial strength of no less than A plus X. 2. CONDITIONS PRECEDENT. The waiver made and granted by Principal Mutual herein is expressly subject to and shall be effective only upon the satisfaction of the following conditions. 2.1 The Company and Principal Mutual each shall have executed this letter agreement. 2.2 As of the date of execution hereof by the Company, no Default or Event of Default under the Note Agreement shall exist or be continuing, after giving effect to the waiver set forth herein. 2.3 The representations and warranties of the Company referred to in Section 7 of the Note Agreement, shall be true and complete in all material respects, as if made on and as of the date hereof (except as to those representations and warranties which are made as of a specific date, which shall be true and complete in all material respects as of such specific date, and except for changes resulting from transactions or occurrences permitted under the Note Agreement). 2.4 The representations of the Company referred to in Section 3 hereof shall be true and complete in all material respects. 3. REPESENTATIONS OF THE COMPANY. The Company, by its execution and delivery of this letter agreement, hereby represents and warrants to Principal Mutual as follows: 3.1 As of the date of this letter agreement, no Default or Event of Default under the Note Agreement, or under any other agreement to which the Company is subject, exists or is continuing, after giving effect to the waiver set forth herein. 3.2 The representations and warranties of the Company referred to in Section 7 of the Note Agreement are true and correct and complete in all material respects as if made on the date hereof, except as to those representations and warranties made as of a specific date, which are true and correct and materially complete as of such date and except for changes resulting from transactions or occurrences permitted under the Note Agreement. 3.3 No dissolution proceedings with respect to the Company have been commenced or are contemplated, and there had been no material adverse change in the business, conditions or operations (financial or otherwise) of the Company and its Restricted Subsidiaries, taken as a whole since April 29, 1988, except as previously disclosed to Principal Mutual. 3.4 This Agreement has been duly authorized, executed and delivered by the Company and constitutes a legal, valid and binding obligation of the Company. 4. MISCELLANEOUS 4.1 It is expressly understood and agreed that the waiver contained herein shall not constitute either (a) a modification, alteration or amendment of the terms, conditions, and covenants of the Note Agreement or the Notes, both of which shall remain unchanged and in full force and effect, except as otherwise specifically set forth herein, or (b) a waiver, release or limitation upon the exercise by Principal Mutual of any of the rights, legal or equitable, thereunder except as to matters as to which Principal Mutual herein expressly consent or waive compliance and only for the relevant time period set forth herein. Nothing herein is intended or shall be construed to release or relieve the Company in any way or to any extent from any of the obligations, covenants or agreements imposed upon the Company by the Note Agreement or the Notes or otherwise, or from the consequences of any default thereunder, except as to matters as to which the undersigned expressly agree herein. 4.2 The Note Agreement and the Notes are in all respects ratified and confirmed, and all the terms, conditions and provisions thereof shall be and remain in full force and effect. 4.3 The execution of this letter agreement by Principal Mutual shall not in any way constitute, or be construed as, a waiver of any provision of, or of any Default or Event of Default under, the Note Agreement except as expressly provided herein, nor shall it constitute an agreement or obligation of Principal Mutual to give its consent to any future waiver, consent or amendment of the Note Agreement or to any future transaction which would, absent consent of Principal Mutual, constitute a Default or Event of Default under the Note Agreement. 4.4 This letter agreement may be executed in as many counterparts as may be deemed necessary or convenient and by the different parties hereto on separate counterparts (provided that the Company will execute each counterpart), and each of which, when so executed, shall be deemed to be an original, but all such counterparts shall constitute but one and the same agreement. 4.5 This letter agreement shall be deemed effective as of December 30, 1994, provided that the provisions and the conditions precedent set forth in Section 2 hereof have been completely satisfied. 4.6 This letter agreement (a) shall be binding on the parties hereto and their respective successors and assigns and shall inure to the benefit of the parties hereto and their respective successors and assigns, (b) constitutes the entire agreement among the parties hereto with respect to the matters addressed herein, and (c) shall be governed by and construed and enforced in accordance with the laws of the Commonwealth of Massachusetts. Hyde Athletic Industries, Inc. By: /s/ Charles Gottesman ---------------------- Its: Principal Mutual Life Insurance Company By: /s/ Mark J. Burns ---------------------- Its: By: /s/ Clint Woods ---------------------- Its: EX-11 3 HYDE ATHLETIC INDUSTRIES, INC. AND SUBSIDIARIES EXHIBIT 11 - COMPUTATION OF EARNINGS PER SHARE
For the Thirteen Weeks Ended --------------------- March 31, April 1, 1995 1994 ------ ------ PRIMARY Net income applicable to common stock $ 628,939 $ 516,825 ---------- ------------ Weighted average shares: Average shares outstanding 6,233,442 6,493,605 Dilutive stock options based upon application of the treasury stock method using average market price 19,304 7,466 ---------- ------------ Total shares 6,252,746 6,501,071 ========== =========== Net income per share $ 0.10 $ 0.08 ========== =========== FULLY DILUTED Net income applicable to common stock $ 628,939 $ 516,825 ---------- ------------ Weighted average shares Average shares outstanding 6,233,442 6,493,605 Dilutive stock options based upon application of the treasury stock method using market price at end of period or average market price, if greater 19,789 7,385 ---------- ------------ Total shares 6,253,231 6,500,990 ========== ============ Net income per share $ 0.10 $ 0.08 ========== ============
EX-27 4
5 This schedule contains summary financial information from Hyde Athletic Industries, Inc.'s first quarter 1995 10Q and is qualified in its entirety by such financial statements. 1 3-MOS JAN-05-1996 MAR-31-1995 1,711,879 0 27,234,175 642,288 29,995,045 62,672,646 14,156,272 5,887,411 78,018,085 16,898,920 11,213,001 2,138,047 0 0 45,105,164 78,018,085 30,237,901 30,364,122 20,376,734 20,376,734 8,478,030 627,993 435,168 1,074,190 417,103 628,939 0 0 0 628,939 .10 .10
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