R.G. Barry Corp. swung out of the red in its fourth quarter.
For the period ended June 30, the Pickerington, Ohio-based firm earned a net income of $474,000, or 4 cents a share, reversing its net loss of $863,000, or 8 cents, in the same period a year ago.
Net sales advanced 6 percent to $25 million, while gross profit margin improved 550 basis points to 42.9 percent.
For the full fiscal year, the firm earned nearly twice what it did in the year before.
Net profit was $14.5 million, or $1.27 a share, an increase of 93.7 percent from the $7.5 million, or 67 cents, earned in 2011.
Full-year revenue rose 20 percent to $155.9 million, from $129.6 million, and the company said its full-year results were favorably impacted by the accretive nature of first-time reporting of full-year operating results from its two non-footwear acquisitions, completed during the second half of fiscal 2011, and by a strong performance in its footwear business.
“The operating performance goals established when we completed the acquisitions of Foot Petals and Baggallini last year were achieved much earlier than we anticipated and we believe we are well-positioned strategically and financially to continue building a larger, more profitable business,” said Jose Ibarra, SVP of finance and CFO.
Greg Tunney, president and CEO of R.G. Barry, also said in a statement, “We are actively engaged in seeking new strategic acquisitions that will grow the bottom line and enhance shareholder value. While there will no doubt be economic and marketplace challenges in the months and years ahead, we believe the company is positioned to not only weather these times but to flourish long-term.”
At year-end, R.G. Barry’s cash and short-term investments stood 69.1 percent higher at $41.7 million, while long-term debt was reduced 17 percent to $20.4 million.