-----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, TMjA/JR5IjOhrdNXA8IIsLVVbxAmwS0FgsMtwngXm3kuIouLm3/dDtOpfE86IsQ7 wf8qrdaoa9g08S4c+Klu7Q== 0000950152-03-008241.txt : 20030912 0000950152-03-008241.hdr.sgml : 20030912 20030912172135 ACCESSION NUMBER: 0000950152-03-008241 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20030912 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20030912 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MICHAEL ANTHONY JEWELERS INC CENTRAL INDEX KEY: 0000799515 STANDARD INDUSTRIAL CLASSIFICATION: JEWELRY, PRECIOUS METAL [3911] IRS NUMBER: 132910285 STATE OF INCORPORATION: DE FISCAL YEAR END: 1228 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-10645 FILM NUMBER: 03894534 BUSINESS ADDRESS: STREET 1: 115 SO MACQUESTEN PKWY CITY: MOUNT VERNON STATE: NY ZIP: 10550 BUSINESS PHONE: 9146990000 MAIL ADDRESS: STREET 1: 115 SOUTH MACQUESTEN PKWY STREET 2: 115 SOUTH MACQUESTEN PKWY CITY: MOUNT VERNON STATE: NY ZIP: 10550 8-K 1 l03058ae8vk.txt MICHAEL ANTHONY JEWELERS, INC. | FORM 8-K SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of Earliest Event Reported) September 12, 2003 MICHAEL ANTHONY JEWELERS, INC. (Exact name of registrant as specified in its charter) Delaware 015230 No. 13-2910285 (State of Incorporation) (Commission file number) (I.R.S. Employer Identification No.) 115 South MacQuesten Parkway Mount Vernon, New York 10550-1724 (Address of principal executive offices) Registrant's telephone number, including area code: (914) 699-0000 Page 1 of 4 Exhibit Index on Page 2 ITEM 5. OTHER EVENTS Michael Anthony Jewelers, Inc. (the "Company") is filing this report on Form 8-K to report results for the second quarter ended August 2, 2003. A copy of the press release relating to this announcement is attached as Exhibit 99 hereto and incorporated herein by reference. ITEM 7. FINANCIAL STATEMENT AND EXHIBITS The following exhibit is filed with this report. C. Exhibits 99 Press Release issued September 12, 2003. SIGNATURES 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. MICHAEL ANTHONY JEWELERS, INC. Dated: September 12, 2003 By:\s\ Allan Corn ------------------------------- Allan Corn Senior Vice President and Chief Financial Officer Page 2 of 4 Exhibit Index on Page 2 EX-99 3 l03058aexv99.txt EX-99 PRESS RELEASE Contact: Allan Corn Chief Financial Officer (914) 699-0000 Ext. 464 FOR IMMEDIATE RELEASE: MICHAEL ANTHONY JEWELERS, INC. REPORTS LOWER SECOND QUARTER, SIX MONTHS RESULTS Mt. Vernon, NY - September 12, 2003. Michael Anthony Jewelers, Inc., a leading marketer and manufacturer of gold jewelry, today reported results for the second quarter and six months ended August 2, 2003. Sales for the second quarter were $20,437,000, an increase of $141,000 from sales of $20,296,000 in the prior year's comparable period. The net loss for the quarter was $396,000 or $.06 per share on 6,251,000 weighted average shares outstanding, compared to a net loss of $1,754,000, or $.28 per share on 6,242,000 weighted average shares outstanding in last year's comparable period. Sales for the six month period were $41,056,000, a decrease of $9,374,000 from sales of $50,430,000 in the prior year's comparable period. The net loss for the six month period was $1,401,000 or $.22 per share on 6,248,000 weighted average shares outstanding, compared to a net loss of $2,042,000 or $.33 per share on 6,239,000 weighted average shares outstanding in last year's comparable period. Commenting on the Company's performance for the quarter, Michael Paolercio, Chief Executive Officer stated, "Although our sales for the quarter were basically equal to last year, our gross margin improved to 20%, even after the effect of higher gold prices. The improved margin is primarily due to the increased utilization of our offshore manufacturing facility and the reduced manufacturing costs in New York. Our selling, general and administrative expenses were also down sharply, decreasing more than $1.1 million, or 21%, from the prior year's comparable period. For the six-month period," Mr. Paolercio continued, "despite the sales decrease, gross margin was up and operating expenses were down, resulting in a lower reported loss for the period when compared to last year". In conclusion, Mr. Paolercio stated, "For the balance of the year, we expect to continue to struggle as our industry is coping with reduced consumer confidence, higher fuel prices, and peacetime uncertainties. We expect that the all-important holiday season retail sales will be at best flat to last year and with the higher gold prices this will present an even bigger challenge. However, Michael Anthony has withstood economic storms in the past and we will weather this one as well. While we have made many changes, the most affected are our people and we appreciate their sacrifices. What we have not changed is the integrity of our customer service and all that is important to our customers." -more- Page 3 of 4 Exhibit Index on Page 2 Michael Anthony Jewelers is a leading designer, marketer and manufacturer of branded affordable fine jewelry and watches, whose customers include jewelry chain stores, discount stores, department stores, television shopping networks and wholesalers. MICHAEL ANTHONY JEWELERS, INC. FINANCIAL HIGHLIGHTS (UNAUDITED)
For the Three Months Ended For the Six Months Ended ------------------------------------------ ---------------------------------------- August 2, 2003 August 3, 2002 August 2, 2003 August 3, 2002 ---------------- --------------- --------------- --------------- Net sales $20,437,000 100.0% $20,296,000 100.0% $41,056,000 100.0% $50,430,000 100.0% Gross profit on sales 4,095,000 20.0 3,161,000 15.6 7,704,000 18.8 9,025,000 17.9 Selling, general and administrative expenses 4,337,000 21.2 5,467,000 26.9 9,104,000 22.2 11,302,000 22.4 Other expense (396,000) (1.9) (523,000) (2.6) (859,000) (2.1) (1,017,000) (2.0) Loss before taxes (638,000) (3.1) (2,829,000) (14.0) (2,259,000) (5.5) (3.294,000) (6.5) Net loss (396,000) (1.9) (1,754,000) (8.6) (1,401,000) (3.4) (2,042,000) (4.0) Loss per share ($.06) ($.28) ($.22) ($.33) Weighted average number of shares outstanding 6,251,000 6,242,000 6,248,000 6,239,000
##### Except for historical information contained herein, the matters set forth in this news release are forward-looking statements that involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. These uncertainties include general economic conditions, jewelry industry conditions, the effects of competition and the success of new products and programs. Page 4 of 4 Exhibit Index on Page 2 -----END PRIVACY-ENHANCED MESSAGE-----