SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the 39 Weeks Ended Commission File Number
September 29, 1995 0-05083
HYDE ATHLETIC INDUSTRIES, INC.
(Exact name of registrant as specified in its charter)
Massachusetts 04-1465840
(State or other jurisdiction of (I.R.S. employer identification number)
incorporation or organization)
Centennial Industrial Park, 13 Centennial Drive, Peabody, MA 01960
(Address of principal executive offices)
508-532-9000
(Registrant's telephone number, including area code)
Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports) and (2) has been subject to such filing
requirements for the past 90 days.
Yes [ X ] No [ ]
Class Outstanding as of November 10, 1995
Class A Common Stock-$.33 1/3 Par Value 2,701,727
Class B Common Stock-$.33 1/3 Par Value 3,515,415
---------
6,217,142
=========
HYDE ATHLETIC INDUSTRIES, INC.
INDEX
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
Condensed Consolidated Balance Sheets as of September 29,
1995 and December 30, 1994. ............................3
Condensed Consolidated Statements of Income for the
thirteen weeks and thirty-nine weeks ended September 29,
1995 and September 30, 1994 ............................4
Condensed Consolidated Statements of Stockholders' Equity
for the thirty-nine weeks ended September 29, 1995 and
September 30, 1994 .....................................5-8
Condensed Consolidated Statements of Cash Flows for the
thirty-nine weeks ended September 29, 1995 and September
30, 1994 ..............................................9-10
Notes to Condensed Consolidated Financial Statements -
September 29, 1995 .....................................11
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations .......................12
PART II. OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K....................13
Signature.....................................................14
Exhibit Index.................................................15
<TABLE>
HYDE ATHLETIC INDUSTRIES, INC.
CONDENSED CONSOLIDATED BALANCE SHEET
(Unaudited)
ASSETS
<CAPTION>
September 29, December 30,
1995 1994
---- ----
<S> <C> <C>
CURRENT ASSETS
Cash and cash equivalents $ 8,301,873 $ 3,349,776
Accounts receivable 20,915,056 23,947,584
Inventories 27,345,341 31,863,443
Prepaid expenses and other current assets 3,065,891 2,460,952
------------ ------------
TOTAL CURRENT ASSETS 59,628,161 61,621,755
------------ ------------
PROPERTY, PLANT, AND EQUIPMENT, NET 8,062,084 8,292,926
------------ ------------
OTHER ASSETS
Investments in limited partnerships 753,433 5,746,768
Other assets 1,248,030 1,420,882
------------ ------------
TOTAL OTHER ASSETS 2,001,463 7,167,650
------------ ------------
TOTAL ASSETS $ 69,691,708 $ 77,082,331
============ ============
LIABILITIES AND STOCKHOLDERS' EQUITY
<S> <C> <C>
CURRENT LIABILITIES
Notes payable $ 2,981,959 $ 2,825,120
Accounts payable 3,844,125 4,718,069
Accrued expenses and other current
liabilities 3,557,044 5,382,463
Current maturities of long term debt 2,139,226 2,732,208
------------ ------------
TOTAL CURRENT LIABILITIES 12,522,354 15,657,860
------------ ------------
LONG TERM DEBT 5,919,520 11,922,391
------------ ------------
DEFERRED INCOME TAXES 2,337,900 2,320,777
------------ ------------
MINORITY INTEREST 345,486 426,475
------------ ------------
STOCKHOLDERS' EQUITY
Common stock, $.33 1/3 par value 2,138,514 2,138,047
Additional paid in capital 15,521,470 15,592,805
Retained earnings 32,407,145 30,619,761
Accumulated translation (204,578) (171,471)
------------- -------------
Total 49,862,551 48,179,142
Less: Unearned compensation 242,313 447,211
Treasury stock 1,053,790 977,103
------------ ------------
TOTAL STOCKHOLDERS' EQUITY 48,566,448 46,754,828
------------ ------------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 69,691,708 $ 77,082,331
============ ============
<FN>
See notes to condensed consolidated financial statements
</TABLE>
<TABLE>
HYDE ATHLETIC INDUSTRIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
FOR THE THIRTEEN WEEKS AND THIRTY-NINE WEEKS ENDED SEPTEMBER 29, 1995 AND SEPTEMBER 30, 1994
(Unaudited)
<CAPTION>
13 Weeks 13 Weeks 39 Weeks 39 Weeks
Ended Ended Ended Ended
Sept.29, Sept.30, Sept.29, Sept.30,
1995 1994 1995 1994
------- ------ ------- -------
<S> <C> <C> <C> <C>
Net sales $25,649,266 $27,452,538 $81,300,904 $78,311,563
Other income 383,692 379,591 1,369,781 750,422
---------- ----------- ----------- ----------
Total revenue 26,032,958 27,832,129 82,670,685 79,061,985
---------- ----------- ----------- ----------
Costs and expenses
Cost of sales 17,464,091 18,156,065 55,220,901 52,814,885
Selling, general and
administrative expenses 7,775,764 7,785,799 23,649,529 22,619,624
Interest expense 228,306 360,106 974,937 1,089,382
---------- ----------- ----------- ----------
Total costs and expenses 25,468,161 26,301,970 79,845,367 76,523,891
---------- ----------- ----------- ----------
Income before income taxes
and minority interest 564,797 1,530,159 2,825,318 2,538,094
Provision for income taxes 220,581 532,244 1,098,528 864,750
Minority interest in loss of
consolidated subsidiaries 24,808 42,449 (60,594) 17,359
---------- ----------- ------------ ----------
Net income $ 319,408 $ 955,466 $ 1,787,384 $1,655,985
========== =========== =========== ==========
Per share amounts:
Net income $0.05 $0.15 $0.29 $0.26
========= ========== ========== ==========
Weighted average common shares
and equivalents outstanding 6,231,606 6,423,956 6,243,411 6,472,298
========== ========== =========== =========
Cash dividends per share of
common stock 0 0 $ 0 $ 0
========= ========= ========= =========
<FN>
See notes to condensed consolidated financial statements
</TABLE>
<TABLE>
HYDE ATHLETIC INDUSTRIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
FOR THE THIRTY-NINE WEEKS ENDED SEPTEMBER 29, 1995 AND SEPTEMBER 30, 1994
(Unaudited)
<CAPTION> Additional
Common Stock Paid-In Retained Treasury Stock
Class A Class B Capital Earnings Shares Amount
------- ------- ------- -------- ------ ------
<S> <C> <C> <C> <C> <C> <C>
Balance, January 1, 1994 $ 915,937 $1,249,404 $16,287,197 $27,683,124 -- --
Issuance of 7,288 shares of
common stock, stock option
exercise 267 2,162 22,597 -- -- --
Retirement of 89,566 shares of
common stock (14,928) (14,928) (914,050) -- -- --
Issuance of below market options -- -- 237,925 -- -- --
Cancellation of below market
options -- -- (41,580) -- -- --
Amortization of unearned
compensation -- -- -- -- -- --
Acquisition of 21,500 shares of
common stock, at cost -- -- -- -- 21,500 (118,625)
Net income -- -- -- -- -- --
Foreign currency translation
adjustments -- -- -- -- -- --
--------- ---------- ---------- ---------- --------- ----------
Balance, September 30, 1994 $ 901,276 $1,236,638 $15,592,089 $29,339,109 21,500 ($118,625)
========= ========== =========== =========== ========= ===========
Balance, December 31, 1994 $ 901,342 $1,236,705 $15,592,805 $30,619,761 $ 180,700 $ (977,103)
Issuance of 1,400 shares of
common stock, stock option
exercise 233 234 3,184 -- -- --
Cancellation of below market
options -- -- (74,519) -- -- --
Amortization of unearned
compensation -- -- -- -- -- --
Acquisition of 17,700 shares
of common stock, at cost -- -- -- -- 17,700 (76,687)
Net income -- -- -- 1,787,384 -- --
Foreign currency translation
adjustments -- -- -- -- -- --
--------- ---------- ---------- ---------- --------- ----------
Balance, September 29, 1995 $ 901,575 $1,236,939 $15,521,470 $32,407,145 198,400 $(1,053,790)
========= ========== =========== =========== ========= ============
<CAPTION>
Total
Unearned Notes Accumulated Stockholders'
Compensation Receivable Translation Equity
------------ ---------- ----------- ------
<S> <C> <C> <C> <C>
Balance, January 1, 1994 $ (950,354) $ (400,911) $ (74,573) $44,709,824
Issuance of 7,288 shares of
common stock, stock option
exercise -- -- -- 25,026
Retirement of 89,566 shares of
common stock 542,995 400,911 -- --
Issuance of below market options (237,925) -- -- --
Cancellation of below market
options 41,580 -- -- --
Amortization of unearned
compensation 92,991 -- -- 92,991
Acquisition of 21,500 shares of
common stock, at cost -- -- -- (118,625)
Net income -- -- -- 1,655,985
Foreign currency translation
adjustments -- -- (111,155) (111,155)
---------- ---------- ------------ ------------
Balance, July 1, 1994 $ (510,713) $ 0 $ (185,728) $46,254,046
=========== ============ =========== ===========
Balance, December 31, 1994 $ (447,211) -- $ (171,471) $46,754,828
Issuance of 1,400 shares of
common stock, stock option
exercise -- -- -- 3,651
Cancellation of below market
options 74,519 -- -- --
Amortization of unearned
compensation 130,379 -- -- 130,379
Acquisition of 17,700 shares
of common stock, at cost -- -- -- (76,687)
Net income -- -- -- 1,787,384
Foreign currency translation
adjustments -- -- (33,107) (33,107)
---------- ---------- ----------- ------------
Balance, September 29, 1995 $ (242,313) -- $ (204,578) $48,566,448
=========== ========== =========== ===========
See notes to condensed consolidated financial statements.
</TABLE>
<TABLE>
HYDE ATHLETIC INDUSTRIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE THIRTY-NINE WEEKS ENDED SEPTEMBER 29, 1995 AND SEPTEMBER 30, 1995
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
(Unaudited)
<CAPTION>
Sept.29, Sept.30,
1995 1994
---- ----
<S> <C> <C>
Cash flows from operating activities:
Net income $ 1,787,384 $ 1,655,985
----------- -----------
Adjustments to reconcile net income to net cash
Provided (used) by operating activities:
Depreciation and amortization 854,765 868,292
Deferred income tax benefit (145,570) (258,961)
Minority interest in income (loss) of consolidated
subsidiaries (60,594) 17,359
Compensation from stock grants and stock options 130,379 92,991
Gain on sale of investment in limited partnership (397,645) --
Changes in operating assets and liabilities:
Decrease (increase) in assets:
Marketable securities -- 4,003,592
Accounts receivable 3,210,153 (3,596,317)
Inventories 4,807,214 (5,776,256)
Prepaid expenses and other current assets (333,200) 615,891
Increase (decrease) in liabilities:
Accounts payable (1,046,045) 1,867,199
Accrued expenses (1,823,497) 1,080,233
------------ -----------
Total adjustments 5,195,960 (1,085,617)
----------- ------------
Net cash provided by operating activities 6,983,344 570,368
----------- -----------
Cash flows from investing activities:
Purchases of property, plant and equipment (320,908) (373,210)
Increase in deferred charges, deposits and other (76,352) (241,692)
Payments for business acquisitions (112,000) --
Proceeds from sale of investment in limited
partnership 1,335,289 --
----------- -----------
Net cash provided (used) by investing activities 826,029 (614,902)
----------- ------------
</TABLE>
<TABLE>
HYDE ATHLETIC INDUSTRIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS, cont.
FOR THE THIRTY-NINE WEEKS ENDED SEPTEMBER 29, 1995 AND SEPTEMBER 30, 1994
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
(Unaudited)
<CAPTION>
Sept.29, Sept.30,
1995 1994
----------- -----------
<S> <C> <C>
Cash flows from financing activities:
Net short term borrowings 91,724 1,562,974
Repayment of long term debt and capital
lease obligations (2,725,664) (2,469,367)
Payment of termination benefit payable (26,866) (226,762)
Common stock repurchased (76,687) (99,375)
Issuances of common stock, including options 3,651 25,026
----------- -----------
Net cash used by financing activities (2,733,842) (1,207,504)
Effect of exchange rate changes on cash and
cash equivalents (123,434) (397,717)
------------ ------------
Net increase (decrease) in cash and cash
equivalents 4,952,097 (1,649,755)
Cash and equivalents at, beginning of period 3,349,776 10,013,166
----------- -----------
Cash and equivalents at, end of period $ 8,301,873 $ 8,363,411
=========== ===========
Supplemental disclosure of cash flow information:
Cash paid during the period for:
Incomes taxes $ 1,874,520 $ 826,494
=========== ===========
Interest $ 1,132,024 $ 691,297
=========== ===========
Non-cash investing and financing activities:
Property purchased under capital leases $ 98,103 $ 74,837
Sale of investment in limited partnership
Cash received, net of broker fees $ 1,335,289 --
Investment in limited partnership (4,993,335) --
Current liabilities (796,568) --
Long-term debt (3,259,123) --
------------ -----------
Gain realized on sale 397,645 --
=========== ===========
Reconciliation of assets acquired and liabilities
assumed, business acquisitions
Assets acquired $ 62,777 --
Liabilities assumed 62,777 --
----------- -----------
Cash paid for business acquisitions $ -- --
=========== ===========
See notes to condensed consolidated financial statements
</TABLE>
HYDE ATHLETIC INDUSTRIES, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
September 29, 1995
(Unaudited)
NOTE A - BASIS OF PRESENTATION
The accompanying unaudited condensed consolidated financial statements have been
prepared in accordance with the instructions to Form 10-Q and, therefore, do not
include all information and footnotes necessary for a fair presentation of
financial position, results of operations, and cash flows in conformity with
generally accepted accounting principals. In the opinion of Management, all
adjustments (consisting solely of normal recurring adjustments) necessary for a
fair presentation have been included. Operating results for thirty-nine weeks
ended September 29, 1995, are not necessarily indicative of the results for the
entire year.
NOTE B - INVENTORIES
Inventories at September 29, 1995 and December 30, 1994, consisted of the
following:
September 29, December 30,
1995 1994
---- ----
Finished Goods $24,795,483 $24,722,893
Work in Process 20,071 71,700
Raw Materials 2,529,787 7,068,850
----------- ----------
$27,345,341 $31,863,443
=========== ===========
NOTE C - OTHER INCOME
On June 1, 1995 the Company sold its entire interest, as a limited partner, in
the Columbia Housing Partners Corporate Tax Credit II Limited Partnership, for
the sum of $5,501,000. Net proceeds totalled $1,335,000 resulting in a pre-tax
gain of $398,000, after transaction expenses, or $.03 per share after tax. The
after tax gain is based upon projected tax credits and passive losses provided
by the general partner. As a result of the sale, the Company realized
reductions in current and long-term debt of $4,056,000.
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
THIRTEEN WEEKS ENDED SEPTEMBER 29, 1995 COMPARED TO THIRTEEN WEEKS ENDED
SEPTEMBER 30, 1994
Net sales decreased 6.6% to $25,649,000 for the thirteen weeks ended September
29, 1995, compared to $27,453,000 for the thirteen weeks ended September 30,
1994. This decrease was primarily the result of a 20.5% decrease in Saucony
brand worldwide sales due to lower sales volume and lower unit sales prices
associated with the sale of close-out merchandise. Saucony's domestic sales
decreased by 26.7% in comparison with the 1994 quarter and foreign sales
decreased by 6.2%. Worldwide sales of Brookfield products increased by more
than 32.5% over the comparable 1994 quarter as the result of increased sales of
licensed products and higher unit sales prices. This increase reflects a 62.8%
increase in domestic sales and a 17.2% decrease in international sales compared
to the third quarter of 1994. Other sales, including sales by the Company's new
Quintana Roo subsidiary and Canadian retail outlet, increased 10% over the
comparable 1994 quarter.
The Company's gross profit decreased by 12.0%, to $8,185,000, in the third
quarter of 1995 compared to the third quarter of 1994. The gross margin in the
1995 third quarter was 31.9%, which was 2.0% lower than the gross margin of
33.9% in the third quarter of 1994. This change was attributable to a decreased
margin for Saucony products resulting from the sale of a higher proportion of
lower margin, close-out items. The gross margin for Brookfield products
increased due to increased sale of higher margin, licensed products and quality
improvements reducing product returns.
Selling, general and administrative expenses as a percentage of net sales
increased by 1.9% to 30.3% of net sales for third quarter 1995 from 28.4% for
the third quarter of 1994. Domestic selling, general and administrative
expenses decreased by 7.5%, while foreign expenses increased by 25.0% in
comparison with the 1994 period. The decrease in domestic selling, general and
administrative expenses reflects lower professional fees and reduced insurance
and advertising expenses. The increase in foreign selling, general and
administrative expenses due to increased staffing and distribution expenses, the
addition of the Company's German subsidiary and an increase in advertising
expenses which were offset in part by a decrease in selling expenses.
Interest expense decreased by approximately 36.6% in the third quarter of 1995
compared with the same quarter in 1994, reflecting a pay down of the Company's
long term debt.
The effective tax rate of 39.1% in the third quarter 1995 increased from 34.8%
in the same period last year. The lower tax rate during the third quarter of
1994 resulted from the effect of tax credits the Company received from its
investment in a limited partnership.
Net income for third quarter 1995 was approximately $319,000, or $0.05 per
share, compared with approximately $1,530,000, or $0.15 per share, for the third
quarter of 1994.
THIRTY-NINE WEEKS ENDED SEPTEMBER 29, 1995 COMPARED TO THE THIRTY-NINE WEEKS
ENDED SEPTEMBER 30, 1994
For the thirty-nine weeks ended September 29, 1995, net sales increased by 3.8%
to $81,301,000 from $78,312,000 for the thirty-nine weeks ended September 30,
1994. Net sales of the Saucony brand declined by 1.3% to $57,292,000 for the
thirty-nine week period ended September 29, 1995, compared with $58,042,000 for
the same period in 1994. Foreign sales of Saucony products increased 18.4%
while sales in the domestic market decreased by 8.5%. Net sales of Brookfield
increased by 18.5%, to approximately $17,984,000, for the thirty-nine week
period ended September 29, 1995 from $15,176,000 for the same period in 1994.
Domestic Brookfield sales in the 1995 period increased by approximately 19.6%,
while international sales increased by 14.6%.
The Company's gross profit increased by approximately 2.3%, to $26,080,000, for
the thirty-nine week period ended September 29, 1995 compared with the thirty-
nine week period ended September 30, 1994. The gross margin percent decreased
by 0.5% from 32.6% in the 1994 period to 32.1% in the 1995 period. This
decrease was due to the increased sales of Brookfield products, which have lower
gross margins than Saucony products, as a percentage of total sales. Brookfield
products represented 22.1% of total sales in the 1995 period compared with 19.5%
of total sales in the 1994 period.
Selling, general and administrative expenses as a percentage of net sales
remained essentially flat at 29.1% for the thirty-nine week period ended
September 29, 1995 in comparison to 28.9% for the 1994 period. Reductions in
domestic advertising and professional fees, were offset by increases in
worldwide selling expenses, foreign advertising, and foreign general and
administrative expenses. The increase in foreign selling, general and
administrative expenses resulted from increased staffing and distribution
expenses, the addition of the Company's German subsidiary and increased
advertising and promotion expenses.
Other income increased by approximately $620,000, or 82.5%, for the thirty-nine
week period ended September 29, 1995 in comparison with the thirty-nine week
period ended September 30, 1994. This increase was a result of the gain on the
sale of the Company's investment in a limited partnership and increased royalty
income. The royalty payment was the final payment under a litigation
settlement.
Interest expense decreased by approximately $114,000 in the 1995 period. This
reduction was due primarily to a pay down of the Company's long term debt.
The effective tax rate for the Company rose to 38.9% for the thirty-nine week
period ended September 29, 1995 compared with 34.1% in the comparable 1994
period. The lower tax rate in 1994 was attributable to the tax credits the
Company received from its investment in a limited partnership.
Net income for the thirty-nine week period ended September 29, 1995 increased
7.9% to approximately $1,787,000, or $0.29 per share, from approximately
$1,656,000, or $0.26 per share, for the comparable 1994 period.
LIQUIDITY AND CAPITAL RESOURCES
As of September 29, 1995, the Company's cash and cash equivalents totalled
$8,302,000, an increase of approximately $4,952,000 from December 30, 1994.
For the thirty-nine weeks ended September 29, 1995, the Company generated
$6,983,000 of net cash from operations, expended $ 321,000 for capital
expenditures, expended $2,753,000 to reduce long-term debt and other long-term
commitments, expended $77,000 to repurchase shares of the Company's Common
Stock, invested $112,000 in a newly formed subsidiary, increased short-term
borrowings by $92,000, and received $1,335,000 in cash as the result of the
sale, by the Company, of its investment in a tax credit limited partnership.
As part of the sale of this investment, the Company realized a reduction of
$4,056,000 of debt, of which $3,259,000 was long-term debt.
Principal factors (other than net income) affecting the Company's cash flow from
operations in this period included a decrease in accounts receivable of
$3,210,000 which is net of the increased provision for bad debts and discounts
of $3,210,000, as a result of seasonal payment patterns. The increase in the
provision for bad debts resulted from the bankruptcies of several retailers.
Inventories decreased by $4,807,000 (due to lower Saucony inventory
requirements), an increase in prepaid expenses and other current assets of
$333,000 (due to advance payments for advertising and promotions), a decrease in
accounts payable of $1,046,000 (due to lower inventory requirements) and a
decrease in accrued expenses of $1,823,000 (due to the payment during the period
of year end 1994 bonuses, the timing of corporate income tax payments, lower
royalties payable due to the seasonality of the retail industry and lower
interest payable as the result of the reduction in interest expense and the
timing of interest payments). The declining value of the U.S. dollar decreased
the value of cash and cash equivalent by $123,000 during this period.
The liquidity of the Company is contingent upon a number of factors, principally
the Company's future operating results. Management believes that the Company's
current cash and cash equivalents, credit facilities and internally generated
funds are adequate to meet its working capital requirements and to fund its
capital investment needs and debt service payments.
Inflation And Currency Risk
The Company has experienced minimal impact of inflation over the past three
years. The Company has also experienced minimal impact due to currency
fluctuations because substantially all purchases from foreign suppliers and
sales to customers to date have been denominated in United States dollars.
PART II
OTHER INFORMATION
ITEM 6. Exhibits And Reports On Form 8-K
a. Exhibits
11.00 - Computation of Earnings Per Share
27.00 - Financial Data Schedule
b. Reports on Form 8-K.
None.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
HYDE ATHLETIC INDUSTRIES, INC.
Date: November 13, 1995 By: /s/Charles A. Gottesman
-------------------------
Charles A. Gottesman
Executive Vice President
Chief Operating Officer
(Duly authorized officer and
principal financial officer)
EXHIBIT INDEX
EXHIBIT
NUMBER DESCRIPTION
- ------ -----------
11.00 Computation of Earnings Per Share
27.00 Financial Data Schedule
<TABLE>
HYDE ATHLETIC INDUSTRIES, INC. AND SUBSIDIARIES
EXHIBIT 11 - COMPUTATION OF EARNINGS PER SHARE
<CAPTION>
For the For the
Thirteen Weeks Ended Thirty-Nine Weeks Ended
Sept.29, Sept.30, Sept.29, Sept.30,
1995 1994 1995 1994
---- ----- ---- ----
<S> <C> <C> <C> <C>
PRIMARY
Net income applicable to
common stock $ 319,408 $ 955,466 $ 1,787,384 $ 1,655,985
------------ ------------- -------------- ------------
Weighted average shares:
Average shares outstanding 6,217,142 6,405,418 6,227,563 6,461,502
Dilutive stock options
based upon application
of the treasury stock
method using average
market price 14,464 18,538 15,848 10,796
------------ ------------- -------------- ------------
Total shares 6,231,606 6,423,956 6,243,411 6,472,298
============ ============= ============== ============
Net income per share $ 0.05 $ 0.15 $ 0.29 $ 0.26
============ ============= ============== ============
FULLY DILUTED
Net income applicable to
common stock $ 319,408 $ 955,466 $ 1,787,384 $ 1,655,985
------------ ------------- -------------- ------------
Weighted average shares:
Average shares outstanding 6,217,142 6,405,418 6,227,563 6,461,502
Dilutive stock options
based upon application of
the treasury stock method
using market price at end
of period or average market
price, if greater 14,560 18,732 16,203 12,685
------------ ------------- -------------- ------------
Total shares 6,231,702 6,424,150 6,243,766 6,474,187
============ ============= ============== ============
Net income per share $ 0.05 $ 0.15 $ 0.29 $ 0.26
============ ============= ============== ============
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
This schedule contains summary financial information extracted from Hyde
Athletic Industries Inc. 3rd Quarter 10Q for the period ended September 29, 1995
and is qualified in its entirety by reference to such 10Q.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> JAN-05-1996
<PERIOD-END> SEP-29-1995
<CASH> 8,301,783
<SECURITIES> 0
<RECEIVABLES> 20,915,056
<ALLOWANCES> 594,788
<INVENTORY> 27,345,341
<CURRENT-ASSETS> 59,628,161
<PP&E> 14,418,459
<DEPRECIATION> 6,356,375
<TOTAL-ASSETS> 69,691,708
<CURRENT-LIABILITIES> 12,522,354
<BONDS> 5,919,520
<COMMON> 2,138,514
0
0
<OTHER-SE> 46,427,934
<TOTAL-LIABILITY-AND-EQUITY> 69,691,708
<SALES> 81,300,904
<TOTAL-REVENUES> 82,670,685
<CGS> 55,220,901
<TOTAL-COSTS> 55,220,901
<OTHER-EXPENSES> 23,649,529
<LOSS-PROVISION> 614,346
<INTEREST-EXPENSE> 974,937
<INCOME-PRETAX> 2,825,318
<INCOME-TAX> 1,098,528
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<NET-INCOME> 1,787,384
<EPS-PRIMARY> .29
<EPS-DILUTED> .29
</TABLE>
