K-Swiss Has Record Profits in 4th Quarter and for 1993
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K-posted record revenue and profits for the fourth quarter of 1993 and the full year.
The Chatsworth-based sneaker concern said in its fourth quarter that ended Dec. 31, its profit more than tripled to $1.5 million, compared with $395,000 a year earlier. Revenue in the quarter rose 12% to $23.8 million from $21.2 million a year earlier.
K-Swiss attributed the increases to higher sales of its line of mid-priced leather sneakers and greater profit margins from reduced manufacturing costs.
The company’s net income for all of 1993 climbed 41% to $12.5 million. In 1992, an extraordinary charge of $896,000 for early retirement of debt made the company’s final net income $8.9 million. Without the onetime charge, K-Swiss would have earned $9.8 million in 1992.
Revenue for all of 1993 climbed 17% to $149.6 million from $127.8 million.
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