Financial Reports: Schein, OfficeMax, Hanover, and More

Schein’s Annual Sales Up 16%
Melville, NY-based medical, dental, and veterinary supplier Henry Schein (Nasdaq: HSIC) posted a nearly 17% rise in annual sales and an 18% lift in annual income.

For the year ended Dec. 31, Schein netted $151.3 million on sales of nearly $3.32 billion. In 2004 it reported net income of $128.2 million on sales of $2.84 billion.

Fourth-quarter sales rose 16%, to $1.34 billion. The fourth quarter of 2005 included an extra week, which the company estimates accounted for 5%-6% of the net sales growth. Fourth-quarter income from continuing operations was $52.5 million, up 78% from the previous year.

OfficeMax Ends Year in the Red
Itasca, IL-based OfficeMax (NYSE: OMX) lost $43.1 million for the quarter ended Dec. 31 and $73.8 million for all of 2005. Annual sales, meanwhile, fell to $9.15 billion from $13.2 billion. Financial results for 2004, however, included the results of the company’s paper, forest products, and timberland assets, reported as the Boise Building Solutions and Boise Paper Solutions segments, which were sold in October 2004.

On the positive side, contract sales increased more than 9% for the fourth quarter and nearly 6% for the year.

During the fourth quarter, OfficeMax opened 18 new retail stores and closed three stores, ending 2005 with 970 stores, compared to 940 at the end of 2004.

Hanover Direct Releases Preliminary Sales Results
Weehawken, NJ-based multititle mailer Hanover Direct posted a slight decline in fourth-quarter revenue but a slight increase in annual sales. Even better, the company expects to report net income of $11.7 million for fiscal 2005, compared with $4.9 million in income for 2004.

For the year ended Dec. 31, Hanover’s unaudited revenue was $407.4 million, compared with sales of $403.2 million in 2004. Fourth-quarter unaudited revenue was $120.7 million, down from $121.6 million the previous fourth quarter. The 2005 revenue excludes the results of the upscale gifts and decor cataloger/retailer Gump’s, which was sold in March 2005 to a consortium of private investors for $8.5 million.

For fiscal 2005, Hanover’s Company Store and Domestications decor titles, as well as its Silhouettes catalog of plus-size women’s apparel, enjoyed sales increases. But the International Male and Undergear catalogs, which sell men’s clothing, saw sales declines.

Annual Sales Up, Loss Flat for Bluefly
New York-based Bluefly (NasdaqSmallcap: BFLY), an online merchant of discounted designer apparel and decor, posted a 34% leap in annual revenue, to $58.8 million from $43.8 million in 2004. The company’s net loss for the year was all but flat at $3.8 million.

The company credits some of its sales jump to a national ad campaign it launched in the fall. Whereas Bluefly had spent less than $1.5 million on marketing in 2004, last year it spent nearly $6.3 million.

Year-over-Year Sales Decline for Brookstone
For the 48 weeks ended Dec. 31, cataloger/retailer Brookstone posted net sales of $440.6 million, a 4% decline from the comparable 48-week period of 2004. Same-store sales for the same period fell 8%. The company changed its fiscal year end from the last Saturday in January to the last Saturday in December; hence the 48-week fiscal 2005.

Record Q3 for Excelligence
For the three months ended Sept. 30, Monterey, CA-based Excelligence Learning Corp. had record revenue of $57.1 million, a 7% boost from the third quarter of 2004. Net income for the quarter increased 9.5%, to $4.4 million from $4.1 million.

Sales in the Early Childhood division, which includes the Discount School Supply and Early Childhood Manufacturers’ Direct catalogs of products for preschools and educators, increased 13%, to $36.5 million, from $32.2 million for the same period in 2004. The Elementary School division, which sells fundraising kits to schools, reported revenue of $20.6 million, down 3% from the third quarter of 2004.

The company’s stock had been delisted from Nasdaq earlier this month because Excelligence had not been able to file its quarterly reports on time. The company is currently trading on the Pink Sheets under “LRNS.PK.” But with the release of its third-quarter financials Excelligence announced that it had submitted a notice of appeal to Nasdaq to get its stock relisted.

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