Key Developments For Joe's Jeans Inc.
Joe's Jeans Inc. (JOEZ.O) (Consolidated Issue listed on NASDAQ Capital Market)
Joe's Jeans Inc. Issues Q4 2009 Revenue Outlook Above Analysts' Estimates-Conference Call
Joe's Jeans Inc. announced that for the fourth quarter of 2009, it expects a sales increase commensurate with, if not larger than, third quarter of 2009. The Company reported revenue of $21.24 million in the third quarter of 2009. According to Reuters Estimates, analysts on an average were expecting the Company to report revenue of $17.1 million for the fourth quarter of 2009.
Joe's Jeans Inc. Enters Into Agreement To License Belts
Joe's Jeans Inc. announced that it has signed a new license agreement with Vogue Trimmings Inc. to manufacture and distribute Joe's branded belts for men, women, girls and boys. The new line of belts will debut in September 2009 at the tradeshows Project in Las Vegas and Coterie in New York and will be available in time for the holiday shopping season nationwide in department stores and specialty store retailers as well as the Joe's branded stores.
Joe's Jeans Inc. Enters Into License Agreement for Children's Products
Joe's Jeans Inc. announced that it has signed a new license agreement with Kids Jeans LLC to manufacture and distribute apparel products for infants, girls and boys. The new children's line will debut at the September 2009 tradeshows, Project in Las Vegas and Coterie in New York.
Joe's Jeans Inc. To Restate Previously Issued Financial Statements
Joe's Jeans Inc. announced that it will amend and restate certain of its previously issued financial statements and other financial information to revise the accounting treatment of its acquisition of JD Holdings, Inc. (JD Holdings) completed in October 2007. In light of the pending restatement, the previously issued financial statements and other financial information contained in the Company's Forms 10-Q for the quarters ended February 28, 2008, May 31, 2008 and August 31, 2008 should no longer be relied upon. Additionally, the Company will not file its Form 10-K for the year ended November 30, 2008 until the restatement has been completed.
Joe's Jeans Inc. Lowers Q4 2008 Guidance
Joe's Jeans Inc. updated its guidance for the fourth quarter of 2008. The Company expects its fourth quarter 2008 net sales to be between $17.4-$17.7 million and earnings per share (EPS) of approximately $0.01-$0.02 per share. The reason for the change in net sales is primarily due to the Company experiencing lower than expected reorders during the holiday selling season from both department and specialty stores. According to Reuters Estimates, analysts were expecting the Company to report revenue of $19.7 million and EPS of $0.03 for the same period.
