McRae Industries, Inc. Quarterly Report: Second Quarter Ended January 28, 2012

April 1, 2012

McRae Industries, Inc. (OTCPink: MRINA.PK and MRINB.PK) reported revenues for its fiscal second quarter ended January 28, 2012 fell 8% to $19.94 million compared to net revenues of $21.68 million for the second quarter of the prior year.  For the first six months of fiscal 2012, revenues slipped 3.1% to $40.13 million versus net revenues of $41.42 million for the first six months of fiscal 2011.  Revenues for both fiscal 2012 periods were negatively impacted by lower revenue from the company’s work boot and military boot product lines.  These declines were partially offset by increased demand from the company’s western and lifestyle footwear products.

Net income for the second quarter of fiscal 2012 increased 33.9% to $1.37 million or $0.63 per diluted share compared to net income of $1.02 million or $0.49 per diluted share for the second quarter of fiscal 2011.  Net income for the first six months of fiscal 2012 increased 19.3% to $2.75 million or $1.26 per diluted share versus $2.31 million or $1.08 per diluted share for the first six months of fiscal 2011.  Net income for both periods benefited from higher gross profit margins due to higher sales from the company’s western and lifestyle products.

As of January 28, 2012, the balance sheet reflected current assets of $43.06 million (including cash and cash equivalents of $12.89 million), total assets of $55.05 million, current liabilities of $5.64 million and no long-term debt.  During the first six months of fiscal 2012, shareholders’ equity increased 5.1% to $49.41 million.

McRae Industries, Inc. designs and manufacture footwear.  The product focus on the design and manufacture of boots including military combat boots.  The companies brands include Dan Post Boots, Laredo Western Boots, Dingo, John Deere, Johnny Poppers and McRae Industrial.

Source: McRae Industries, Inc.


Print Friendly

Previous post:

Next post: