footwear marketer R.G. Barry Corporation, the Dearfoams(R) company, of fiscal 2007, ended September 30, 2006.
For the quarter, the Company reported: -- Net earnings up 47 percent at $6.3 million, or $0.63 net earnings per basic share and $0.
61 net earnings per diluted share. In the corresponding period one year ago, the company reported net earnings of $4.3 million, or $0.
43 net earnings per basic share and $0.42 net -- Consolidated selling, general and administrative costs fell -- Restructuring charges were approximately $74,000 down from $529,355 in the corresponding period one year ago. retailing partners," said Greg Tunney, President and Chief Executive Officer.
"As we enter the 2006 holiday season, we are upbeat about our potential and business model and the timing of certain expenses. We have worked closely with goods into our customers closer to their selling season. These efforts have our customers.
We also have continued to expand our customer-centric sell-in approach. Under this initiative, we closely collaborate with retailing eliminating costly end-of-season returns. Our retailer-partners benefit from returns and lower associated costs.
The first quarter also was favorably impacted by a delay in the timing of approximately $250,000 to $300,000 in driven growth initiatives. One example of such an initiative is our recent agreement naming an exclusive Canadian distributor for Dearfoams brands. We also are working on other product, channel and brand extensions and licensing arrangements.
While we do not expect measurable contributions to our fiscal 2007 profitability from new growth initiatives, these programs will be future performance based upon our strong first quarter. As you know, we business cycle. This change shifted the two quarters that represent about 70 fiscal year.
While this change is expected to give us a reasonably clear quarter results early next year, it does not alter the risks associated with the highly seasonal nature of our business," Mr. Tunney said. for all interested parties at 10 a.
m. EST today. Management will discuss the Company's performance, its plans for the future and will accept questions from participants.
The conference call is available at (888) 530-7880 or (706) 634-1795 until five minutes before starting time. To listen via the Internet, go to < http://www.rgbarry.
com > at least 15 minutes prior to the scheduled start time to register, download, and install any necessary audio Replays of the call will be available shortly after its completion. The audio replay can be accessed through Monday, November 13, 2006, by calling R.G.
Barry Corporation, the Dearfoams(R) company, is one of the world's category. To learn more about our business, visit us online at harbor" for forward-looking statements. Certain statements in this news release, which are not historical fact, are forward-looking statements, and release.
Our forward-looking statements inherently involve risks and materially from those anticipated by our forward-looking statements. Factors our current forecasts include, but are not limited to, the following: the strength of the retail market, especially during the upcoming 2006 year-end customers on a timely basis goods held in distribution centers, including both our own distribution center and third-party distribution centers; returns, unfavorable changes in foreign exchange rates, particularly China's exchange on terms unfavorable to the Company. Other factors of a more general nature materially from those forecasted or estimated include, our ability to source lending facility with The CIT Group/Commercial Services Inc.
; our ability to competition on the Company's market share. Other risks to our business are detailed in previous press releases, shareholder communications and Securities Exchange Act of 1934 filings, including those in the disclosure in "Item 1A - fiscal year ended July 1, 2006.
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