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"Candie&amp;#39;s, Inc. (Nasdaq NMS symbol: CAND; &amp;quot;The Company&amp;quot;) today announced financial results for the first quarter fiscal 2001 ended April 30, 2000. FIRST QUARTER OPERATING RESULTS: For the first quarter of fiscal 2001, net revenues rose approximately 15.0% to approximately $24.4 million from $21.3 million in the prior year first quarter. The rise in net revenues resulted from strong consumer acceptance of the Company&amp;#39;s women&amp;#39;s footwear lines. The gross profit margin for the fiscal 2001 first quarter was 23.2% compared to 25.4% in the prior year first quarter. The decline in gross profit margin was primarily attributable to clearing certain unsold inventory. Licensing income rose to $1.0 million compared to $390,000 in first quarter of the prior year, reflecting continued revenue increases for Candie&amp;#39;s licensed products. Selling, general &amp;amp; administrative expenses decreased by approximately 18% in the first quarter of fiscal 2001 compared to the first quarter of the prior year in response to the Company&amp;#39;s expense reduction initiatives. The Company recorded an operating profit of $826,000 compared to an operating loss of approximately $1.3 million in the first quarter of the prior year. Net income was $465,000 or $0.02 per diluted share on 21.8 million shares, compared to a net loss of approximately $1.2 million, or $(0.07) per diluted share on 17.4 million shares in the first quarter of the prior year. In commenting on the results, Neil Cole, Chairman and CEO stated, &amp;quot;The first quarter marked the beginning phase of implementing initiatives designed to improve the Company&amp;#39;s operating results. Management&amp;#39;s focus on footwear and marketing activities, as well as changes to inventory management, sourcing, and a reduction in expenses has enabled the Company to return to profitability.&amp;quot; Mr. Cole continued, &amp;quot;Our Candie&amp;#39;s and Bongo brands continue to gain strength, which is demonstrated by the strong performance of our licensed products and the traffic to our website,"^^<http://www.w3.org/2001/XMLSchema#string>
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