Jim Hjelm Private Collection announces second quarter results

Business Wire, June 27, 1995

NEW YORK--(BUSINESS WIRE)--June 27, 1995--Jim Hjelm Private Collection (NASDAQ:JHPC), today said that, for the second fiscal quarter ended April 30, 1995, revenues were $1,816,718, a five percent improvement compared to revenues of $1,728,899 for the same quarter last year.

The company had net income in the second quarter of fiscal 1995 of $37,640, or or $.03 a share, compared to net income of $91,637, or $.08 a share, for the same quarter in fiscal 1994.

For the first six months of fiscal 1995, revenues were $3,557, 024, a nine percent increase on revenues of $3,255,646 for the same period a year ago. Net income for the first two quarters of fiscal 1995 was $96,853, or $.08 per share, compared to net income of $227,463, or $.19 per share, for the same period in fiscal 1994. Net income for fiscal 1994 included a cumulative effect of change in accounting principle of $75,000, or $.05 per share.

Joseph L. Murphy, president and CEO, attributed the decline in second quarter income to lower gross margins resulting from start-up overseas production. However, he said the company expects revenues and gross margins to increase due to sales growth in its Lazaro, Occasions, bridesmaids and more moderately priced Jim Hjelm wedding gowns over the remaining quarters of the fiscal year.

Jim Hjelm Private Collection Inc., founded in 1987 and based in New York City, is the nation's only publicly traded manufacturer of wedding apparel. The company markets the contemporary classic-styled Lazaro line, the traditional-styled Private Collection and Pure Romance lines, and the Occasions bridesmaids line. -0-