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Maidenform Brands, Inc. Reports Third Quarter 2012 Results - Provides Fourth Quarter Guidance

ISELIN, N.J., Nov. 7, 2012 /PRNewswire/ -- Maidenform Brands, Inc. (NYSE: MFB), a global branded marketer of intimate apparel, today reported third quarter 2012 net sales of $150.2 million, an increase of 1.3% over the third quarter of 2011.  Reported EPS was $0.46 for the third quarter of 2012 compared to EPS of $0.44 for the third quarter of 2011.     

"Our third quarter results met our EPS expectations as favorable expenses and higher gross profit more than offset lower than planned revenues. Looking forward, we anticipate global economic challenges and increased competition; we are addressing these concerns with a continued focus on product innovation, such as Comfort Devotion, amplified emphasis on leveraging the equity of the Maidenform brand and operational improvements," stated Maurice S. Reznik, Chief Executive Officer. 

Financial Results for Third Quarter 2012 versus Third Quarter 2011

Net sales for the third quarter of 2012 increased $2.0 million, or 1.3%, to $150.2 million.  Wholesale segment net sales for the third quarter of 2012 increased $1.3 million, or 1.0%, to $131.5 million. Retail segment net sales increased $0.7 million, or 3.9%, to $18.7 million.  

The Company's net sales performance by channel of distribution is highlighted in Exhibit 1 to this press release.

Wholesale Segment

Department Stores and National Chain Stores

Net sales for the department stores and national chain stores channel increased $4.3 million, or 7.2%, to $64.2 million for the third quarter of 2012.  This increase was led by growth in the bra and pant categories, resulting from replenishment orders and new product launches.    

Mass Merchants

Mass merchant channel net sales decreased $0.3 million, or 0.7%, to $44.8 million for the third quarter of 2012, resulting from a decline in shipments to a mass customer that was nearly offset by program shipments to a warehouse club.   

Other

Net sales in the other channel decreased $2.7 million, or 10.7%, to $22.5 million for the third quarter of 2012 from lower sales to a specialty retailer that was partially offset by increased sales to off-price retailers.      

Total international net sales, which are included in the wholesale segment, increased $2.5 million, or 17.7%, to $16.6 million.  This increase was driven by sales in Canada and Mexico that more than offset lower sales in most European countries.    

Retail Segment

Total retail segment net sales increased $0.7 million, or 3.9%, to $18.7 million, largely driven by e-commerce growth.  Same store sales, defined as outlet stores that have been open for more than one year, increased 0.7%.  Internet sales increased $0.6 million, or 35.3%, to $2.3 million for the third quarter of 2012.  The retail segment operated 76 outlet stores as of the end of the third quarter of 2012 and 75 outlet stores as of the end of the third quarter of 2011.   

Consolidated gross profit increased $1.3 million, or 2.7%, to $48.7 million for the third quarter of 2012.  As a percentage of net sales, consolidated gross margins were 32.4% for the third quarter of 2012 versus 32.0% for the third quarter of 2011.  The increase in gross margin was primarily a result of favorable product mix during the quarter.  Partially offsetting this increase was a higher mix of sales to off-price retailers.         

Consolidated selling, general and administrative expenses (SG&A) decreased $0.6 million, or 1.9%, to $30.9 million for the third quarter of 2012.  This decrease was primarily due to a reduction in incentive compensation and the benefit of currency exchange rates, particularly in Mexico.  These decreases were partially offset by increases in retail operating expenses, including costs associated with e-commerce sales promotion activities.  As a percentage of net sales, SG&A decreased to 20.5% for the third quarter of 2012 compared to 21.3% for the third quarter of 2011.        

Net interest expense for the third quarter of 2012 was $0.3 million compared to $0.2 million for the third quarter of 2011.         

The Company's effective income tax rate for the third quarter of 2012 was 38.5% compared to 35.0% for the third quarter of 2011.  The lower effective income tax rate in the third quarter of 2011 was primarily a result of discrete items recorded, such as the utilization of research and development credits and non-recurring state income tax benefits. 

Net income for the third quarter of 2012 and 2011 was $10.8 million and $10.2 million, respectively, and EPS was $0.46 and $0.44, respectively.        

Financial Results for Year-To-Date 2012 versus Year-To-Date 2011

Net sales for the first nine months of 2012 decreased $16.6 million, or 3.4%, to $465.2 million.  Wholesale segment net sales, on a year-to-date basis, decreased $18.3 million, or 4.2%, to $417.7 million

Department stores and national chain stores were relatively flat when compared to the prior year.  In addition to the reasons mentioned for the third quarter, the Company experienced an assortment expansion in 2011 at one of the Company's chain store customers that did not repeat in 2012, and sales declines at a mid-tier department store as it transitions to a new pricing and merchandising strategy. These decreases were partially offset by sales of the Jennifer Lopez brand that shipped for the first time to a chain store customer in the second quarter of 2012. 

The Company's mass merchant channel decreased $7.9 million, or 4.9%, resulting from the changes mentioned in the third quarter, along with mixed results with other mass merchant customers.  The other channel decreased $10.3 million, or 12.4%, resulting from the reasons mentioned in the third quarter, along with fewer program sales to off-price retailers. 

Total international net sales increased $3.8 million, or 8.6%, to $47.9 million, driven by growth in major markets, such as Canada, the United Kingdom and Mexico.  Partially offsetting these increases were sales decreases in other major markets, such as the Benelux countries and Sweden.

Retail segment net sales for the first nine months of 2012 increased $1.7 million, or 3.7%, to $47.5 million.  Same store sales for Maidenform's retail outlet stores increased 0.3%.  Internet sales increased $1.9 million, or 38.0%, to $6.9 million, resulting from promotional events which increased sales.  The Company's net sales performance by channel of distribution is highlighted in Exhibit 1 to this press release.

Consolidated gross margins on a year-to-date basis were 31.2% versus 33.7% for the same period in 2011.  The decrease in gross margin was a result of increased off-price retailer activity to drive inventory productivity and inventory related clearing costs.

Consolidated SG&A increased $0.6 million, or 0.6%, to $98.6 million for the first nine months of 2012.  This increase is a result of increased payroll and related benefits and increased retail operating expenses.  Partially offsetting these increases were reductions in incentive compensation and professional fees, and the benefit of favorable currency exchange rates, primarily in Mexico.  As a percentage of net sales, SG&A increased to 21.2% for the first nine months of 2012 compared to 20.4% for the same period of 2011.         

Year-to-date operating income for 2012 was $46.6 million, or 10.0% of net sales.  Year-to-date operating income for 2011, including a litigation settlement (which is separately listed on the consolidated statements of income), was $57.4 million, or 11.9% of net sales.  Continued operating income for the first nine months of 2011, excluding the litigation settlement, was $64.2 million, or 13.3% of net sales.

The Company's effective income tax rate for the first nine months of 2012 was 38.8% compared to 36.0% for the same period of 2011.  The lower effective rate for 2011 was a result of the discrete items mentioned above along with a discrete income tax benefit related to a New Jersey tax law change recorded in the second quarter of 2011.    

Net income for the first nine months of 2012 and 2011 was $28.0 million and $36.3 million, respectively, and EPS was $1.19 and $1.55, respectively.  Excluding the litigation settlement of $4.1 million after tax, or $0.17 EPS, net income was $40.4 million, or EPS of $1.72 for the first nine months of 2011.

Total cash and cash equivalents as of September 29, 2012 were $72.5 million compared to $51.8 million as of October 1, 2011.  The Company's outstanding debt was $68.2 million as of September 29, 2012 versus $69.3 million as of October 1, 2011.        

Financial Performance Guidance for 2012:

2012 Outlook: 

  • Fourth quarter sales in a range of $130 to $135 million, including the impact of a weaker than expected European economy, suppressed sales due to Hurricane Sandy and increased shapewear competition
  • Fourth quarter EPS in a range of 20 to 25 cents per share
  • Full year EPS in a range of $1.39 to $1.44 per share

Conference Call Information

Maidenform will host a conference call and webcast on Wednesday, November 7, 2012 at 8:30 am ET to discuss its third quarter 2012 results, in addition to providing an update on its business.  The conference call telephone number is (866) 578-5784 and the passcode is "Maidenform."  The conference call will be simultaneously webcasted and can be accessed via the investor relations page of Maidenform's website at www.maidenformbrands.com.  A dial-in replay of this event will be available through November 21, 2012 and will be hosted on the Company's website for a limited time.  The replay telephone numbers are (888) 286-8010 or (617) 801-6888.  The replay passcode is 71063165.

About Maidenform Brands, Inc.

Maidenform Brands, Inc. is a global intimate apparel company with a portfolio of established, well-known brands, top-selling products and an iconic heritage. Maidenform designs, sources and markets an extensive range of intimate apparel products, including bras, panties and shapewear.  During its 90-year history, Maidenform has built strong equity for its brands and established a platform for growth through a combination of innovative, first-to-market designs and creative advertising campaigns focused on increasing brand awareness with generations of women.  Maidenform sells its products under some of the most recognized brands in the intimate apparel industry, including Maidenform®, Control It!®, Fat Free Dressing®, Flexees®, Lilyette®, Maidenform's Charmed®, Bodymates®, Inspirations®, Self Expressions® and Sweet Nothings®. Maidenform products are currently distributed in approximately 63 countries and territories outside the United States.

Forward Looking Statement: This press release contains forward-looking statements relating to future events and the Company's future performance within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including, without limitation, statements regarding our expectations, beliefs, intentions or future strategies that are signified by the words "anticipates," "believes," "estimates," "expects," "intends," "plans," "potential," "predicts," "projects" or similar words or phrases, although not all forward-looking statements contain such identifying words.  All forward-looking statements included in this press release are based on information available to the Company on the date hereof.  It is routine for the Company's internal projections and expectations to change as the year or each quarter in the year progress, and therefore it should be clearly understood that the internal projections and beliefs upon which the Company bases its expectations may change prior to the end of each quarter or the year.  Although these expectations may change, we assume no obligation to update or revise publicly any forward-looking statements whether as a result of new information, future events or otherwise. Actual events or results may differ materially from those contained in the projections or forward-looking statements. 

The following factors, among others, could cause the Company's actual results to differ materially from those expressed in any forward-looking statements: the worldwide apparel industry may continue to be harmed by the current global economic downturn, the conditions in the financial and credit markets may affect the availability and cost of our funding, the Company's growth cannot be assured and any growth may be unprofitable; potential fluctuations in our results of operations or rate of growth; our dependence on a limited number of customers; the Company has larger competitors with greater resources; retail trends in the intimate apparel industry, including consolidation and continued growth in the development of private brands, resulting in downward pressure on prices, reduced floor space and other harmful changes; failure to anticipate, identify or promptly react to changing trends, styles, or consumer preferences; the Company's credit agreement could limit growth opportunities; external events that disrupt the Company's supply chain, result in increased cost of goods or an inability to deliver its products; events which result in difficulty in procuring or producing products on a cost-effective basis; disputes with third parties for infringement or misappropriation of their proprietary rights; increases in the prices of raw materials; changing international trade regulation, including as it relates to the imposition or elimination of quotas on imports of textiles and apparel; foreign currency exposure; and the sufficiency of cash to fund operations and capital expenditures.

This list is intended to identify only certain of the principal factors that could cause actual results to differ from those discussed in the forward-looking statements.  Readers are referred to the reports and documents filed from time to time by the Company with the Securities and Exchange Commission for a discussion of these and other important risk factors that could cause actual results to differ from those discussed in forward-looking statements.

  

MAIDENFORM BRANDS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except share and per share amounts)

(unaudited)




September 29, 


December 31,




2012


2011

Assets




Current assets





Cash and cash equivalents

$            72,507


$          68,041


Accounts receivable, net

85,409


54,517


Inventories

116,385


113,200


Deferred income taxes

15,357


15,357


Prepaid expenses and other current assets

18,304


14,310

Total current assets

307,962


265,425

Property, plant and equipment, net

30,151


29,497

Goodwill 

7,162


7,162

Intangible assets, net

92,067


92,765

Other non-current assets

374


386

Total assets

$          437,716


$        395,235





Liabilities and stockholders' equity




Current liabilities





Current portion of long-term debt

$             1,100


$           1,100


Accounts payable

49,618


38,425


Accrued expenses and other current liabilities

24,501


24,967

Total current liabilities

75,219


64,492

Long-term debt 

67,125


67,950

Deferred income taxes

27,474


25,108

Other non-current liabilities

13,268


14,497

Total liabilities

183,086


172,047













Stockholders' equity





Preferred stock -  $0.01 par value; 10,000,000 shares authorized and none issued and outstanding

-


-


Common stock - $0.01 par value; 100,000,000 shares authorized; 24,399,732 shares issued and 23,097,188 outstanding at September 29, 2012 and 24,399,732 shares issued and 22,922,969 outstanding at December 31, 2011

244


244


Additional paid-in capital                         

79,569


78,362


Retained earnings

207,976


181,227


Accumulated other comprehensive loss

(7,916)


(8,301)


Treasury stock, at cost (1,302,544 shares at September 29, 2012 and 1,476,763 shares at December 31, 2011)

(25,243)


(28,344)

Total stockholders' equity

254,630


223,188

Total liabilities and stockholders' equity

$          437,716


$        395,235








  

MAIDENFORM BRANDS, INC. AND SUBSIDIARIES


CONDENSED CONSOLIDATED STATEMENTS OF INCOME


(in thousands, except share and per share amounts)


(unaudited)















Three Months Ended



Nine Months Ended




September 29,


October 1,



September 29,


October 1,




2012


2011



2012


2011













Net sales

$         150,122


$    148,224



$         465,153


$    481,811


Cost of sales

101,401


100,798



319,967


319,587


          Gross profit

48,721


47,426



145,186


162,224


Selling, general and










administrative expenses

30,979


31,517



98,617


98,111


Litigation settlement

-


-



-


6,750


          Operating income

17,742


15,909



46,569


57,363












Interest expense, net

291


227



840


689


          Income before provision for income taxes

17,451


15,682



45,729


56,674


Income tax expense

6,712


5,492



17,761


20,407


         Net income

$          10,739


$     10,190



$          27,968


$     36,267


Basic earnings per common share

$              0.47


$         0.44



$              1.21


$         1.59


Diluted earnings per common share 

$              0.46


$         0.44



$              1.19


$         1.55


Basic weighted average number of shares outstanding

23,091,707


22,904,002



23,027,595


22,834,252


Diluted weighted average number of shares outstanding

23,467,726


23,371,945



23,415,705


23,332,432
























  











MAIDENFORM BRANDS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(in thousands)

(unaudited)













Three Months Ended



Nine Months Ended



September 29,


October 1,



September 29,


October 1,



2012


2011



2012


2011











Net income


$           10,739


$    10,190



$           27,968


$    36,267

Other comprehensive income (loss), before tax:










Foreign currency translation adjustments


357


(1,090)



138


(200)

Net gain on defined benefit pension plan


137


57



411


169

Other comprehensive income (loss), before tax


494


(1,033)



549


(31)

Income tax expense related to items of other comprehensive income (loss)


54


23



164


68

Other comprehensive income (loss), net of tax


440


(1,056)



385


(99)

Comprehensive income


$           11,179


$      9,134



$           28,353


$    36,168












  

MAIDENFORM BRANDS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

(unaudited)


Nine Months Ended


September 29,


October 1,


2012


2011

Cash flows from operating activities




Net income

$           27,968


$    36,267

Adjustments to reconcile net income to net cash  





provided by (used in) operating activities






Depreciation and amortization

3,880


3,414



Amortization of intangible assets

823


817



Amortization of deferred financing costs

160


133



Stock-based compensation

3,430


2,972



Deferred income taxes

2,235


3,014



Excess tax benefits related to stock-based compensation

(887)


(1,078)



Bad debt expense

269


55



Other non-cash items

617


221



Net changes in operating assets and liabilities







Accounts receivable

(30,967)


(44,051)




Inventories

(2,765)


(34,935)




Prepaid expenses and other current and non-current assets

(1,102)


(3,425)




Accounts payable

11,166


27,003




Accrued expenses and other current and non-current liabilities

(1,628)


(3,989)




Income taxes payable

(1,979)


(1,961)





Net cash provided by (used in) operating activities

11,220


(15,543)

Cash flows from investing activities




Capital expenditures

(4,653)


(4,848)





Net cash used in investing activities

(4,653)


(4,848)

Cash flows from financing activities




Term loan repayments

(825)


(825)

Proceeds from stock options exercised

636


1,521

Excess tax benefits related to stock-based compensation

887


1,078

Payments of employee withholding taxes related to equity awards

(1,698)


(1,286)

Purchase of common stock for treasury

-


(1,961)

Payments of capital lease obligations

(228)


(208)

Financing fees paid

(250)


-





Net cash used in financing activities

(1,478)


(1,681)

Effects of exchange rate changes on cash and cash equivalents

(623)


619





Net increase (decrease) in cash and cash equivalents

4,466


(21,453)

Cash and cash equivalents




Beginning of period

68,041


73,221

End of period

$           72,507


$    51,768





Supplementary disclosure of cash flow information




Cash paid during the period




Interest

$                766


$         730

Income taxes

$           17,219


$    19,245





Supplemental schedule of non-cash financing activities




Treasury stock issued related to equity award activity

$            4,799


$     4,824











  
















Exhibit 1

MAIDENFORM BRANDS, INC. AND SUBSIDIARIES

SALES BY CHANNEL OF DISTRIBUTION AND PRODUCT MIX

(in millions)

(unaudited)










Three months ended 


September 29,


October 1,


$


%


2012


2011


change


change


(in millions)

Department stores and








national chain stores 

$              64.2


$       59.9


$                4.3


7.2%

Mass merchants

44.8


45.1


(0.3)


(0.7)

Other

22.5


25.2


(2.7)


(10.7)

Total wholesale

131.5


130.2


1.3


1.0









Retail

18.7


18.0


0.7


3.9









Total consolidated net sales

$            150.2


$     148.2


$                2.0


1.3%


















Nine months ended 


September 29,


October 1,


$


%


2012


2011


change


change


(in millions)

Department stores and








national chain stores 

$            193.2


$     193.3


$              (0.1)


(0.1%)

Mass merchants

152.0


159.9


(7.9)


(4.9)

Other

72.5


82.8


(10.3)


(12.4)

Total wholesale

417.7


436.0


(18.3)


(4.2)









Retail

47.5


45.8


1.7


3.7









Total consolidated net sales

$            465.2


$     481.8


$            (16.6)


(3.4%)


















Three months ended


Nine months ended


September 29,


October 1,


September 29,


October 1,


2012


2011


2012


2011

Bras

56%


56%


57%


56%

Shapewear

33


37


35


37

Panties

11


7


8


7


100%


100%


100%


100%









 

SOURCE Maidenform Brands, Inc.

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