SNKI Swank Inc. featured news, full reports, and detailed charts
Swank Inc. (SNKI/SNKI.PK) Wrap Up:
Swank, Inc. engages in the importation, sale, and distribution of men's accessories in the United States. The company offers leather accessories, including belts, wallets, billfolds, key cases, and card holders and other items. It also distributes men's jewelry, such as cuff links, tie klips, chains and tacs, bracelets, neck chains, vest chains, collar pins, key rings, money clips, and suspenders. The company offers its products under various brands, including Kenneth Cole, Tommy Hilfiger, Nautica, Geoffrey Beene, Claiborne, Guess?, Ted Baker, Donald Trump, Tumi, Chaps, Steve Harvey, and Pierre Cardin. Swank sells its merchandise to various retailers, including department stores, national ch...www.swankinc.com
255 Employees
Founded in 1897
Swank Inc. (SNKI:OTC)
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Market Cap
15.3M
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Total Revenue
113.9M
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EBITDA
4.0M
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DILUTED EPS TTM
0.54
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P/E
5.0x
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P/S
0.1x
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Return On Asset
4.11
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Return On Equity
11.45
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| K = Thousands M = Millions B = Billions | ||
SNKI Top Compensated Officers
Mr. John A. Tulin
Chairman, Chief Executive Officer and Member ...
Age: 62
Total Annual Compensation: $500.0K
Mr. Eric P. Luft
President and Director
Age: 54
Total Annual Compensation: $522.5K
Mr. Melvin Goldfeder
Senior Vice President of Special Markets Divi...
Age: 72
Total Annual Compensation: $402.3K
Executives, Board Directors
Compensation as of Fiscal Year 2008.
Key developments for Swank Inc. (SNKI)
Swank Inc. Reports Unaudited Earnings Results for the Third Quarter and Nine Months Ended September 30, 2009
11/10/2009
Swank Inc. reported unaudited earnings results for the third quarter and nine months ended September 30, 2009. The company reported net income for the third quarter ended September 30, 2009 was $390,000 or $0.07 per diluted share compared to net income of $53,000 or $0.01 per diluted share for the corresponding quarter in 2008. Net sales during the quarter decreased 0.2% to $28,639,000 compared to $28,685,000 for the corresponding period in 2008. The company reported income from operations of $742,000 and income before income taxes of $390,000 compared to income from operations of $295,000 and income before income taxes of $86,000 for the same period a year ago. For the nine-month period ended September 30, 2009, net income was $512,000 or $0.09 per diluted share compared to a net loss of $486,000 or $0.08 per diluted share last year. Net sales for the quarter and nine-month periods were $28,639,000 and $79,111,000, respectively, which in both cases is approximately even with the corresponding periods in 2008. Net sales for the nine-month period of $79,111,000 were approximately even with last year's $79,158,000. The company reported income from operations of $1,158,000 and income before income taxes of $849,000 compared to loss from operations of $150,000 and loss before income taxes of $779,000 for the same period a year ago.
Swank Inc. Reports Unaudited Earnings Results for the Second Quarter and Six Months Ended June 30, 2009
08/11/2009
Swank Inc. reported unaudited earnings results for the second quarter and six months ended June 30, 2009. For the quarter, the company reported income from operations of $759,000, income before income taxes of $664,000 and net income of $401,000 or $0.07 per diluted share on net sales of $26,501,000 compared to the loss from operations of $6,000, loss before income taxes of $205,000 and net loss of $128,000 or $0.02 per diluted share on net sales of $25,755,000 for the same quarter year ago. For the six months period, the company reported income from operations of $416,000, income before income taxes of $202,000 and net income of $122,000 or $0.02 per diluted share on net sales of $50,472,000 compared to the loss from operations of $445,000, loss before income taxes of $865,000 and net loss of $539,000 or $0.09 per diluted share on net sales of $25,755,000 for the same period year ago.
Swank Inc., Annual General Meeting, Aug 20, 2009
07/17/2009
Swank Inc., Annual General Meeting, Aug 20, 2009, at 09:30 Eastern Daylight. Location: 656 Joseph Warner Boulevard, Taunton, MA 02780, United States. Agenda: To elect two Class II directors to serve on the company's Board of Directors; to ratify the appointment of BDO Seidman, LLP as the independent registered public accounting firm of the company for the fiscal year ending December 31, 2009; and to transact such other business as may properly come before the meeting or any adjournments or postponements thereof.
SNKI Competitors
| Company | Last | Change |
| Fossil Inc | $31.88 USD | -0.07 |
| Perry Ellis International Inc | $14.07 USD | +0.07 |
| Tandy Brands Accessories Inc | $3.24 USD | +0.24 |
| Market data is delayed at least 20 minutes. | ||
Industry Analysis
| Valuation | SNKI | Industry Range |
| Price/Earnings | 5.0x |
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| Price/Sales | 0.1x |
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| Price/Book | 0.5x |
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| Price/Cash Flow | 5.0x |
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| TEV/Sales | 0.0x |
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SNKI |
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SNKI transactions
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| No transactions in the last 6 months. | ||
More Recent News About Swank Inc.
More news for SNKI
SWANK, INC. Files SEC form 10-Q, Quarterly Report
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations Overview We are currently engaged in the importation, sale and distribution of men's belts, leather accessories, suspenders, and men's jewelry. Our products are sold both domestically and internationally under a broad assortment of brands including both licensed tradenames and private labels. We distribute our merchandise principally through department stores and through a wide variety of specialty stores and mass merchandisers. We also operate four factory outlet stores primarily to distribute excess and out of line merchandise. Our net sales during the quarter ended September 30, 2009 decreased 0.2% to $28,639,000 compared to $28,685,000 for the corresponding period in 2008 and for the nine-month period decreased 0.1% to $79,111,000 compared to $79,158,000 for the corresponding period in 2008. During both periods, a decrease in in-store markdowns and other dilutive allowances offset decreases in gross shipments. Gross profit for the quarter and nine-month periods decreased 2.9% and 2.4%, respectively, compared to the same periods last year. Gross profit expressed as a percentage of net sales for the quarter declined to 30.4% from 31.2% and, for the nine-month period, fell to 30.7% from 31.5%, in each case as compared to the prior year. The decreases in gross profit during both the quarter and nine-month periods were mainly due to an increase in certain inventory-related expenses associated with higher customer returns and sales of out of line inventory. The decrease during the quarter was also due to an increase in royalty expense. Selling and administrative expenses for the quarter and nine-month periods ended September 30, 2009 decreased $705,000, or 8.1%, and $1,915,000, or 7.6%, respectively, compared to the same periods last year. The decreases were primarily due to lower selling costs in a number of areas, principally trade show, compensation, travel, and di...Click here to read the whole Article (external link)
SWANK, INC. Files SEC form 8-K, Entry into a Material Definitive Agreement, Results of Operations and Financial Condi
Item 1.01 Entry into a Material Definitive Agreement. On November 10, 2009, the board of directors of Swank, Inc. (the "Company") adopted a stockholder rights agreement, and declared a dividend of one right for each outstanding share of the Company's common stock to stockholders of record at the close of business on November 23, 2009. Each right, when exercisable, entitles the registered holder to purchase from the Company one one-hundredth of a share of Series E Junior Participating Preferred Stock, $1.00 per share par value (the "Series E Preferred Stock"), at a purchase price of $16.00 per one one-hundredth of a share of Series E Preferred Stock, subject to adjustment. The description and terms of the rights are set forth in a Rights Agreement (the "Rights Agreement") dated as of November 11, 2009 between the Company and American Stock Transfer & Trust Company LLC, as rights Agent. This Rights Agreement succeeds the Company's prior stockholder rights agreement, which originally was adopted in 1999 and will expire by its terms at the close of business on November 11, 2009. The board of directors also adopted resolutions providing for the issuance of the Series E Preferred Stock, as set forth in a Certificate of Designation, Preferences and Rights of the Series E Preferred Stock (the "Certificate of Designation"). In addition, and pursuant to a Certificate Eliminating Reference to Series of Shares of Stock from the Certificate of Incorporation of the Company (the "Certificates of Elimination"), the Company returned previously designated shares of Series C Junior Participating Preferred Stock, $1.00 par value per share, and Series D Junior Participating Preferred Stock, $1.00 par value per share, to the status of authorized, unissued and undesignated shares of the preferred stock, $1.00 par value per share, of the Company. The Certificate of Designation and the Certificate of Elimination were each filed with the Secretary of State of D...Click here to read the whole Article (external link)
Swank, Inc. Adopts New Stockholder Rights Plan
NEW YORK, NY--(Marketwire - 11/10/09) - Swank, Inc. ("Swank" or the "Company") (Pinksheets:SNKI - News), announced today that its board of directors has adopted a new stockholders rights plan. Under the terms of the stockholders rights plan, the Company will distribute to its stockholders rights to purchase one one-hundredth of a share of newly created Series E Junior Participating Preferred Stock at an initial exercise price of $16.00. One right will be distributed for each share of the Company's common stock outstanding on November 23, 2009. The stockholder rights plan succeeds Swank's prior rights plan, which originally was adopted in 1999 and will expire by its terms on November 11, 2009. The rights will expire on November 10, 2019 subject to earlier termination as provided in the rights plan. After the stockholder rights plan takes effect, any stockholder or group that acquires beneficial ownership of 25% or more of Swank's outstanding securities without the approval of Swank's board of directors would be subjected to significant dilution in its holdings. Commenting on the adoption of the stockholder rights plan, John Tulin, Chairman and Chief Executive Officer of the Company, stated "We believe the stockholders rights plan, like our prior stockholder rights plans, is in the best interests of our stockholders, as it contains provisions to protect stockholders and the Company from coercive or unfair takeover tactics." He noted that the stockholders rights plan was not adopted in response to any specific offer or effort t...Click here to read the whole Article (external link)
Swank, Inc. Reports Net Sales and Net Income for the Quarter and Nine Months Ended September 30, 2009
NEW YORK, NY--(Marketwire - 11/10/09) - John Tulin, Chairman of the Board and Chief Executive Officer of SWANK, INC. (Pinksheets:SNKI - News), today reported net sales and net income for the Company's third quarter and nine months ended September 30, 2009. Net income for the third quarter ended September 30, 2009 was $390,000 or $.07 per diluted share compared to net income of $53,000 or $.01 per diluted share for the corresponding quarter in 2008. For the nine-month period ended September 30, 2009, net income was $512,000 or $.09 per diluted share compared to a net loss of $486,000 or ($.08) per diluted share last year. Net sales for the quarter and nine-month periods were $28,639,000 and $79,111,000, respectively, which in both cases is approximately even with the corresponding periods in 2008.Commenting on the results for the quarter and nine-month periods, Mr. Tulin said, "Despite the ongoing challenges presented by uncertain economic conditions, we are pleased to report that our net income improved for both our third quarter and nine-month periods relative to the same time last year on approximately flat net sales. While the very difficult retail environment continues to put pressure on margins, we have paid particular attention to cost control and asset management in order to maintain our solid balance sheet. As a result, our financial condition remains strong as we enter the important holiday selling season."Results for the Third Quarter ended September 30, 2009Net income for the third quarter ended S...Click here to read the whole Article (external link)
SWANK, INC. Financials
PERIOD ENDING30-Jun-0931-Mar-0931-Dec-0830-Sep-08Total Revenue26,501 23,971 34,809 28,685 Cost of Revenue18,384 16,478 23,895 19,723 Gross Profit8,117 7,493 10,914 8,962 Operating ExpensesResearch Development - - - - Selling General and Administrative7,358 7,836 8,431 8,667 Non Recurring - - (2,000) - Others - - - - Total Operating Expenses - - - - Operating Income or Loss759 (343)4,483 295 Income from Continuing OperationsTotal Other Income/Expenses Net - - - - Earnings Before Interest And Taxes759 (343)4,483 295 Interest Expense95 119 238 209 Income Before Tax664 (462)4,245 86 Income Tax Expense263 (183)1,669 33 Minority Interest - - - - Net Income From Continuing Ops401 (279)2,576 53 Non-recurring EventsDiscontinued Operations - - - - Extraordinary Items - - - - Effect Of Accounting Changes ...Click here to read the whole Article (external link)
SWANK, INC. Files SEC form 10-Q, Quarterly Report
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations Overview We are currently engaged in the importation, sale and distribution of men's belts, leather accessories, suspenders, and men's jewelry. Our products are sold both domestically and internationally under a broad assortment of brands including both licensed tradenames and private labels. We distribute our merchandise principally through department stores and through a wide variety of specialty stores and mass merchandisers. We also operate four factory outlet stores primarily to distribute excess and out of line merchandise. Our net sales during the quarter ended June 30, 2009 increased 2.9% to $26,501,000 compared to $25,755,000 for the corresponding period in 2008 and for the six-month period were $50,472,000 or approximately even with last year. The increase during the quarter was primarily due to higher shipments of our belt and personal leather accessories merchandise as well as a decrease in in-store markdown and cooperative advertising expenses. Gross profit for the quarter and six-month periods decreased 4.6% and 2.2%, respectively, compared to the same periods last year. Gross profit expressed as a percentage of net sales for the quarter declined to 30.6% from 33.0% and, for the six-month period, fell to 30.9% from 31.6%, in each case as compared to the prior year. The decreases in gross profit were mainly due to higher inventory-related expenses associated with sales of excess and discontinued merchandise and increases in certain product and transportation costs. Selling and administrative expenses for the quarter and six-month periods ended June 30, 2009 decreased $1,160,000, or 13.6%, and $1,210,000, or 7.4%, respectively, compared to the same periods last year. The decreases were primarily due to lower domestic selling costs, principally compensation and travel, as well as a decrease in bad debt expense. We significantly increased our reserve for bad debt ...Click here to read the whole Article (external link)
Swank, Inc. Reports Net Sales and Net Income for the Quarter and Six Months Ended June 30, 2009
NEW YORK, NY--(Marketwire - 08/11/09) - John Tulin, Chairman of the Board and Chief Executive Officer of SWANK, INC. (Pinksheets:SNKI - News), today reported net sales and net income for the Company's second quarter and six months ended June 30, 2009. Net income for the quarter ended June 30, 2009 was $401,000 or $.07 per diluted share compared to a net loss of $128,000 or ($.02) per diluted share for the corresponding quarter in 2008. For the six-month period ended June 30, 2009, net income was $122,000 or $.02 per diluted share compared to a net loss of $539,000 or ($.09) per diluted share for the corresponding period last year. Net sales for the quarter increased 2.9% compared to last year's second quarter to $26,501,000. For the six-month period, net sales were $50,472,000 or approximately even with the corresponding period last year.Commenting on the results for the quarter and six-month periods, John Tulin, Chairman of the Board and Chief Executive Officer, said, "We are very pleased with our overall results which were achieved during some of the most difficult economic conditions our industry has faced in decades. Although net sales for the first six months of 2009 were even with last year, the Company's bottom line improved significantly, benefiting from our efforts to control costs during these challenging times while continuing to exceed the expectations of our customers. We ended the quarter with a very strong balance sheet as bank borrowings and inventory levels were down 46% and 28%, respectively, as compar...Click here to read the whole Article (external link)
SWANK, INC. Files SEC form 8-K, Entry into a Material Definitive Agreement, Financial Statements and Exhibits
Show all filings for SWANK, INC. | Request a Trial to NEW EDGAR Online Pro Form 8-K for SWANK, INC. 2-Jul-2009Entry into a Material Definitive Agreement, Financial Statements and Exhibits Copyright © 2009 Yahoo! Inc. All rights reserved. Privacy Policy - Terms of Service - Copyright/IP Policy - Send Feedback SEC Filing data and information provided by EDGAR Online, Inc. (1-800-416-6651). All information provided "as is" for in...Click here to read the whole Article (external link)
SWANK, INC. Files SEC form 10-Q, Quarterly Report
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations Overview We are currently engaged in the importation, sale and distribution of men's belts, leather accessories, suspenders, and men's jewelry. Our products are sold both domestically and internationally under a broad assortment of brands including both licensed tradenames and private labels. We distribute our merchandise principally through department stores and through a wide variety of specialty stores and mass merchandisers. We also operate four factory outlet stores that distribute excess and out of line merchandise as well as certain other accessories. Our net sales during the quarter ended March 31, 2009 decreased 3.0% to $23,971,000 compared to $24,718,000 for the corresponding period in 2008. The decrease was mainly due to lower net sales of our men's jewelry merchandise as well as a decline in net sales of our Luxury Division leather goods collections, in each case as compared to the prior year. Gross profit during the quarter of $7,493,000 was approximately even with last year's $7,447,000. Gross profit expressed as a percentage of net sales increased to 31.3% from 30.1% last year. Selling and administrative expenses during the quarter decreased $50,000 or less than 1% to $7,836,000 or 32.7% of net sales at March 31, 2009 from $7,886,000 or 31.9% of net sales at March 31, 2008. The decrease was due mainly to reductions in a number of variable sales-related expenses including warehouse and distribution expenses, sales commissions and in-store inventory coordinator fees, offset in part by increases in certain advertising expenditures, bad debt expense, and certain fringe-benefit costs. Critical Accounting Policies and Estimates We believe that the accounting policies discussed below are important to an understanding of our financial statements because they require management to exercise judgment and estimate the effects of uncertain matte...Click here to read the whole Article (external link)
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