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HBI » Topics » Highlights from the First Quarter Ended April 4, 2009

This excerpt taken from the HBI 10-Q filed May 11, 2009.
Highlights from the First Quarter Ended April 4, 2009
 
  •  Diluted earnings per share were a loss of $0.20 in the first quarter of 2009, compared with a profit of $0.38 in the same quarter of 2008.


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  •  Operating profit was $16 million in the first quarter of 2009, compared with $88 million in the same quarter of 2008.
 
  •  Total net sales in the first quarter of 2009 was $858 million, compared with $988 million in the same quarter of 2008.
 
  •  During the first quarter of 2009, we approved actions to close three manufacturing facilities and one distribution center in the Dominican Republic, Honduras, the United States and Canada, and eliminate an aggregate of approximately 2,600 positions in those countries and El Salvador. In addition, approximately 50 management and administrative positions were eliminated, with the majority of these positions based in the United States. In addition, we completed several such actions in 2009 that were approved in 2008.
 
  •  Gross capital expenditures were $56 million during the first quarter of 2009 as we continued to build out our textile and sewing network in Asia, Central America and the Caribbean Basin.
 
  •  We amended our Senior Secured Credit Facility and Accounts Receivable Securitization Facility to provide for additional cushion for the leverage ratio and interest coverage ratio covenant requirements.
 
  •  We ended the first quarter of 2009 with $358 million of borrowing availability under our $500 million revolving loan facility (the “Revolving Loan Facility”), $32 million in cash and cash equivalents and $58 million of borrowing availability under our international loan facilities.
 
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