Isaacs & Co. reports profit of 18 cents a share for third quarter

I. C.

And it expects reduction in fourth-quarter loss

November 09, 2000|By Eileen Ambrose | Eileen Ambrose,SUN STAFF

Sportswear maker I. C. Isaacs & Co. Inc. reported a profit yesterday for the third quarter, but not large enough to help the company reach its goal of profitability for the year.

I. C. Isaacs earned $1.4 million, or 18 cents per share, in the quarter, which ended Sept. 30. That compares with a loss of $500,000, or 8 cents per share, in the third quarter a year earlier.

Net sales in the quarter jumped 28 percent to $31.9 million, compared with $24.9 million in the third quarter of 1999.

I. C. Isaacs, based in Baltimore and New York, designs, manufactures and markets branded sportswear.

The brands are BOSS, Urban Expedition, Marithe & Francois Girbaud and Beverly Hills Polo Club.

Robert J. Arnot, chairman and chief executive officer, said in a prepared statement that strong sales for the men's and women's Girbaud lines were largely responsible for the third-quarter profit. The sales, though, were not enough to offset the company's second-quarter loss, and a "challenging retail environment" will hurt sales in the fourth quarter, he added.

Arnot said the company will report a loss in the fourth quarter, but it won't be as steep as the $4.6 million loss in the fourth quarter of 1999.

"We will, therefore, not be able to achieve our goal of profitability for the year," he said. He added that the company expects to turn a profit in 2001.

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