Broder Bros. Co. Announces Fourth Quarter and Fiscal Year Results
Fourth quarter 2009 gross profit was $30.9 million compared to $41.4 million for the fourth quarter 2008. Gross profit was 25 percent less than the prior year primarily due to lower unit volume as noted above.
Operating expenses during the fourth quarter 2009, excluding the highlighted charges noted below, were $25.4 million compared to $33.9 million during the fourth quarter 2008. The reduction in operating expenses was primarily due to a $4.1 million reduction in bad debt expense; a $2.6 million reduction in fixed personnel costs resulting from headcount reductions in the fourth quarter 2008 and first quarter 2009; a $1.0 million reduction in variable operating expenses due to lower volumes; and other reductions in fixed operating expenses.
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