Lillian Vernon Loses $18.6M in 2003 FY
Lillian Vernon Corp., Rye, NY, reported a net loss of $18.6 million yesterday for its fiscal year ending Feb. 22.Revenues for the year was $238 million, down from $259.6 million last year.
Fourth quarter revenue was $86.7 million, a drop from $96.1 million last year. The net loss for the quarter was $3.5 million compared to $4.3 million for the 2002 fourth quarter.
Lillian Vernon announced in April its acquisition by Ripplewood Holdings LLC for $60 million. ZelnickMedia will have a minority interest and handle daily management of the 52-year-old cataloger. The transaction is expected to close by June 30, one month earlier than previously announced.
Strauss Zelnick, founder of ZelnickMedia, will become chairman of Lillian Vernon Corp. Lillian Vernon, the founder and board chairman, is expected to own 5 percent of the acquired company and will continue to serve as non-executive chairwoman and spokeswoman.
