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R.G. Barry Corp. (DFZ) Discusses Fiscal Year 2008 Financial Results

R.G. Barry Corporation (NasdaqGM: DFZ), an accessories footwear and slipper marketer of Dearfoams®, a super-soft terrycloth slipper with foam cushioning, recently reported the company’s earnings for the fourth quarter and fiscal year 2008. The company reported net earnings of approximately $729,000, or $0.07 per basic and diluted share, for the fourth quarter of fiscal 2008, versus a net loss of approximately $1.7 million, or $0.16 net loss per basic and diluted share, during the corresponding period in 2007.

Net sales in the fourth quarter totaled $18.6 million compared to $14.1 million in the fourth quarter last year. For fiscal year 2008, the company reported net sales increase of approximately 4.0 percent to $109.5 million. After-tax net earnings, R.G. Barry Corporation reached $9.8 million, or $0.93 per basic share and $0.92 per diluted share, a steep decline compared to after-tax net earnings of $25.1 million, or $2.49 per basic share and $2.40 per diluted share one year ago.

During a corporate conference call, CFO Daniel D. Viren stated: “Despite challenges in the marketplace, this was a good year for us, both operationally and financially. Our gross profit rose to 41.1 percent from 39.7 percent one year ago. This was due to increased sales volumes and higher average wholesale prices for our products. We ended the year with $26.1 million in cash, up from $18.2 million a year ago.”

Additionally, the company will continue to move forward with its key growth initiatives, including an appropriate strategic acquisition, which would be funded with cash reserves.

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