Financial reports: Varsity, Urban Outfitters

Varsity Brands 3Q Revenue Up 4%

Varsity Brands

(Amex: RDL), formerly known as Riddell Sports, which manufactures cheerleading and dance team products, (Amex: RDL) posted a net gain of $8.7 million for the quarter ended Sept. 30. The Memphis-based manufacturer/marketer of cheerleading and dance team products benefited from a $1.6 million gain on the retirement of $10.0 million of its 10.5% senior notes. At the same time, it took a $100,000 hit from discontinued operations and a tax charge of $1.6 million. Third-quarter revenue rose 4%, to $60.1 million from $55.7 million in 2000. Most of the increase was from the company’s camps and competitions.

Profits Up 109% at Urban Outfitters Philadelphia-based cataloger/retailer Urban Outfitters (Nasdaq: URBN), which mails the Anthropologie catalog of women’s apparel and home decor, boosted its third-quarter net income 109% on a 20% rise in total net sales. For the three months ended Oct. 31, net income was $4.9 million on net revenue of $92.9 million. For the comparable period of 2000, net income was $2.4 million on sales of $77.1 million. Catalog and Internet sales increased 26%, to $6.4 million from $5.0 million last year.

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