ATTLEBORO, MASS. — Troubled jewelry and accessory manufacturer Swank, Inc. reported a net loss of $3.76 million, or 68 cents per share for the first quarter ended March 31, 2001.
During the year-ago period, Swank lost $1.28 million, or 29 cents per share.
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Swank, which announced last month it would be delisted from the Nasdaq SmallCap market, last traded on that exchange on May 24, at 50 cents per share.
Since January 1, Swank has reduced its annual payroll costs by $5 million, in what it said is part of “an aggressive cost reduction program designed to reduce overhead and streamline operations.”
In a statement accompanying the first quarter results, president John Tulin said: “While we view the results for the first quarter as unacceptable, we look forward to the challenge of returning our company to profitability by focusing on what we do best. We are reducing costs in all areas and have reorganized our sales and merchandizing organizations to reduce duplication and improve the efficiency of our operations.”
Swank’s products are distributed under such well-known brands as Kenneth Cole, Tommy Hilfiger, DKNY, Claiborne, Guess?, Anne Klein, Anne Klein II, Geoffrey Beene, John Henry, Pierre Cardin, and Colours by Alexander Julian; as well as Swank, and private labels.
