Fashion, GB, clothing, uk, news, Double-digit sales for Q3 Russell

Russell acquires bankrupt Bike

American sportswear maker Russell Corporation on Friday announced that it has reached an agreement to acquire bankrupt Bike Athletic Company for 16.25 million dollar.

Bike, that pruduces athletic supporters, knee and elbow pads, braces, protective equipment, team uniforms and performance apparel under several brand names including Bike, Lady Bike, Compression Performance Short, BMS, SXT and Sportfit, filed for bankruptcy on June 20, 2002 and has been operating under chapter 11 protection. The company had sales of approximately $35 million in 2002.

"The Bike brand itself is well-known and respected in the athletic world, and we believe it is a perfect fit with our ongoing efforts to expand our business based on our athletic heritage," said Jack Ward, chairman and CEO.

www.russellcorp.com
February 1, 2003

Double-digit sales for Q3 Russell

Russell Corporation announced double-digit sales and EPS growth in its fiscal 2002 third quarter results. Sales for the 2002 third quarter were up USD 35.7 million (GBP 22,6m) to USD 387.0 million (GBP 244,8m), a 10% increase over last year's third quarter sales of USD 351.3 million (GBP 222,2m).

Net income for the 2002 third quarter was USD 23.4 million (GBP 14,8m), versus a net loss of USD 15.4 million (GBP 9,7m), in the comparable period last year. Excluding the 2001 restructuring charges, net income in the 2002 third quarter was up 30% to USD 23.4 million(GBP 14,8m), from USD 18.0 million (GBP 11,4m), in the 2001 third quarter.

For the nine months ended September 29, 2002, sales were up USD 9.7 million (GBP 6,1m) to USD 855.9 million (GBP 514,3m), a 1% increase over the prior year's sales of USD 846.2 million (GBP 535,2m). For the first nine months of fiscal 2002, net income was USD 19.8 million (GBP 12,5m), versus a net loss of USD 24.7 million (GBP 15,6m), in the comparable period last year.

Net income for the first nine months of fiscal 2002 was USD 32.5 million (GBP 20,5m), versus USD 26.8 million (GBP 16,9m), in the comparable nine-month period of fiscal 2001.