Financial Reports: Hanover, Franklin Covey

Hanover Direct Posts Wider Loss

Edgewater, NJ-based Hanover Direct, which mails the Domestications, The Company Store, Company Kids, Silhouettes, International Male, Scandia Down, and Gump’s by Mail catalogs, ended fiscal 2003 with a wider net loss. For the year ended Dec. 27, Hanover lost $15.4 million, compared with a net loss of $9.1 million for 2002. The increase was primarily due to a $7.6 million deferred federal income tax provision incurred during 2003 to increase the valuation allowance and fully reserve the remaining net deferred tax asset.

On the positive side, Hanover reported income from operations of $6.1 million for the year, compared with a $400,000 loss for fiscal 2002. Net revenue fell nearly 10%, to $414.8 million, because of the soft economy as well as a “reduction in unprofitable circulation.” Internet sales grew 28%, to $108.6 million.

Franklin Covey Reports 2Q Profit
Salt Lake City-based Franklin Covey (NYSE:FC), a marketer of business diaries and other productivity tools, reported operating income of $1.0 million for its fiscal second quarter ended Feb. 28. That’s a turnaround from the operating loss of $7.5 million it posted the previous second quarter. Net income totaled $232,000, compared with a net loss of nearly $8 million a year earlier.

Sales for the quarter fell 12%, to $78.7 million. Catalog and e-commerce sales dipped 5%, to $16.3 million from $17.1 million a year ago.

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