Tefron's shareholders may obtain, free of charge, a printed copy of Tefron's complete audited financial statements for the year 2007 by sending a request to the Company's General Counsel, Michal Baumwald Oron (email: bomichal@tefron.com), or by calling 972-3-9230215.
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Tefron Updates Expected Financial Results
Tefron Updates Expected Financial Results
Misgav, Israel, July 5, 2007 - Tefron Ltd. (NYSE: TFR ; TASE: TFRN), a leading producer of seamless intimate apparel and engineered-for-performance (EFPTM) active-wear, today updated its expected financial results.
Tefron expects, based on preliminary data, second quarter revenues of approximately $40.5 million, representing an approximately 19% decrease from second quarter 2006 revenues of $49.7 million. The expected decrease is due mainly to lower than anticipated active-wear and intimate apparel sales. Tefron expects that third quarter revenues will further decline due to a delay in active-wear orders, as well as the seasonal reduction in sales of its swimwear product line.
Tefron expects its second and third quarter profitability to be impacted by the lower revenue and manufacturing levels expected during these quarters. In addition, and as management previously addressed in the Company's press release announcing its first quarter results, there are two other main factors reducing the Company's profitability. One factor is the devaluation of the US Dollar versus the New Israeli Shekel, and the second factor is price reductions in older collections of Tefron's intimate apparel product line. Due to these factors, Tefron expects its profitability in the second and third quarters of 2007 to be significantly below the profitability levels seen in the first quarter of 2007, and the comparable second and third quarters of 2006.
Tefron has received initial purchase orders for 'next generation' products from Nike for the third quarter. Tefron currently expects revenues to improve in the fourth quarter, mainly due to positive indications received from Nike for increased 'next generation' product orders in the fourth quarter, backed up by raw material commitments, and due to an expected growth in sales of our swimwear product line.
As a result of the above, Tefron now expects revenues for the year 2007 as a whole to be below those of 2006 and profitability to be significantly lower than that achieved in 2006.
Tefron manufactures boutique-quality everyday seamless intimate apparel, active wear and swim wear sold throughout the world by such name-brand marketers as Victoria's Secret, Nike, Target, The Gap, Banana Republic, J. C. Penney, Lululemon Athletica, Warnaco/Calvin Klein, Patagonia, Reebok and El Corte Englese, as well as other well known retailers and designer labels.The company's product line includes knitted briefs, bras, tank tops, boxers, leggings, crop, T-shirts, nightwear, bodysuits, swimwear, beach wear and active-wear.
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