From: ASAP
Tropical Sportswear Int'l Corporation (TSI) (Nasdaq: TSIC) today announced adjustments to previous expectations for sales and earnings in its fiscal fourth quarter ending September 29, 2001 due to the negative trend in retail sales of apparel products, which was exacerbated by the events of September 11th. Many retailers have further reduced replenishment orders or canceled open orders in response to the terrorist attacks and the deteriorating retail conditions. The Company also expects to adjust its inventory valuation reserves as retailers and the Company aggressively manage inventories. The Company expects difficult retail conditions to persist through at least the next two fiscal quarters. As a result of these factors, the Company now expects net sales of approximately $105 million to $108 million, which includes $3 million to $4 million of net sales from Duck Head since its acquisition on August 8, 2001 and net income of approximately $1.1 million to $1.3 million and diluted earnings per share of $0.14 to $0.17. William W. Compton, Chairman and CEO, commented, "Our customers are continuing to assess the impact of the recent events on their businesses and we believe that consumers and retailers will emphasize more value-oriented core product that can be delivered quickly and reliably. We believe that our operating blueprint of high-quality products, tight cost control, and established NAFTA and Caribbean Basin production using domestically produced fabric, positions us well to be the supplier-of-choice in these uncertain economic times."
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