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This excerpt taken from the HBI 10-Q filed May 11, 2009. Operating
Profit
Operating profit was lower in the first quarter of 2009 compared
to the first quarter of 2008 as a result of lower gross profit
of $87 million and higher restructuring and related charges
of $16 million, partially offset by lower selling, general
and administrative expenses of $31 million. The lower gross
profit was primarily the result of lower sales volume,
unfavorable product sales mix, higher other manufacturing costs
and increases in manufacturing input costs for cotton and energy
and other oil-related costs, which when combined exceeded the
benefits of higher product pricing and our savings from
executing our consolidation and globalization strategy during
the first quarter of 2009.
This excerpt taken from the HBI 10-Q filed Oct 31, 2008. Operating
Profit
Interest expense, net was lower by $37 million in the nine
months of 2008 compared to 2007. The lower interest expense is
primarily attributable to a lower weighted average interest
rate, $25 million of which resulted from a lower LIBOR and
$4 million of which resulted from reduced interest rates
achieved through changes in our financing structure such as the
February 2007 amendment to our senior secured credit facility
and our accounts receivable securitization that we entered into
in November 2007. In addition, interest expense was reduced by
$8 million as a result of our net prepayments of long-term
debt during 2007 of $178 million. Our weighted average
interest rate on our outstanding debt was 6.17% during the nine
months of 2008 compared to 7.82% in 2007.
During the third quarter of 2008, we terminated an interest rate
cap with a notional amount of $250 million and a capped
interest rate of 5.75%. At September 27, 2008, we had
outstanding interest rate hedging arrangements whereby we have
capped the interest rate on $700 million of our floating
rate debt at 5.75% and had fixed the interest rate on
$600 million of our floating rate debt at 5.04%.
Approximately 56% of our total debt outstanding at
September 27, 2008 was at a fixed or capped rate.
During and subsequent to the third quarter of 2008, we entered
into additional interest rate hedging arrangements that will
become effective during the fourth quarter of 2008 that,
combined with expirations of other portions of our interest rate
derivative portfolio, will result in approximately 86% of our
floating rate debt bearing interest at a fixed or capped rate.
Once these interest rate hedging arrangements become effective
in the fourth quarter of 2008, the interest rate on
$600 million of our floating rate debt will be capped at
3.50% and the interest rate on $1.4 billion of our floating
rate debt will be fixed at a weighted average rate of 4.17%.
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This excerpt taken from the HBI 10-Q filed Aug 1, 2008. Operating
Profit
Operating profit was higher in the six months of 2008 by
$44 million compared to 2007 primarily as a result of
higher gross profit of $6 million and lower restructuring
charges of $38 million. Our ability to control costs and
execute our consolidation and globalization strategy has allowed
us to offset higher investments in our strategic initiatives of
$15 million during the six months of 2008 compared to 2007.
This excerpt taken from the HBI 10-Q filed May 7, 2008. Operating
Profit
Operating profit was higher in the first quarter of 2008 by
$19 million compared to 2007 primarily as a result of lower
restructuring charges for facility closures of $14 million
and higher gross profit of $5 million. Our ability to
control costs and execute on our consolidation and globalization
strategy has allowed us to offset higher investments in our
strategic initiatives of $19 million during the first
quarter of 2008 compared to 2007.
These excerpts taken from the HBI 10-K filed Feb 19, 2008. Operating
Profit
Operating profit in 2006 was higher than in 2005 as a result of
the items discussed above.
Operating Profit
Operating profit in 2006 was higher than in 2005 as a result of the items discussed above. This excerpt taken from the HBI 10-Q filed Nov 5, 2007. Operating
Profit
Operating profit was lower in the nine month period in 2007 by
$7 million compared to the same nine month period in 2006
primarily as a result of higher restructuring charges of
$35 million and lower gross profit of $7 million
partially offset by lower selling, general and administrative
expenses of $35 million. Our ability to control costs and
execute on our consolidation and globalization strategy during
the nine month period in 2007 has allowed us to more than offset
$17 million of higher investments in our strategic
initiatives and $11 million of higher standalone expenses
associated with being an independent company.
This excerpt taken from the HBI 10-Q filed Aug 3, 2007. Operating
Profit
Operating profit was lower in the six month period in 2007 by
$19 million compared to the same six month period in 2006
primarily as a result of higher restructuring charges of
$42 million and lower gross profit of $2 million
partially offset by lower selling, general and administrative
expenses of $25 million. Our higher expenses were partially
offset by savings from our cost reduction initiatives and prior
restructuring actions as described above.
This excerpt taken from the HBI 10-Q filed May 14, 2007. Operating
Profit
Operating profit decreased in the first quarter of 2007 by
$27 million as compared to the same quarter in 2006
primarily as a result of restructuring and related charges for
facility closures of $22 million and higher selling,
general and administrative expenses of $11 million. Our
higher costs were partially offset by benefits from prior year
restructuring actions and cost savings initiatives.
This excerpt taken from the HBI 8-K filed Nov 29, 2006. Operating
Profit
Operating profit in fiscal 2005 was lower than in fiscal
2004 primarily due to higher raw material costs for cotton and
charges for slow moving and obsolete inventories.
This excerpt taken from the HBI 10-Q filed Nov 13, 2006. Operating
Profit
Operating profit for the quarter ended September 30, 2006
decreased as compared to the quarter ended October 1, 2005
primarily as a result of expenses associated with operating as
an independent company, nonrecurring spin off and related costs
and restructuring and related charges for facility closures.
These
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changes were partially offset by manufacturing cost savings
initiatives and benefits from prior year restructuring actions.
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