Helen of Troy Ltd (HELE) 2004 Q4 法說會逐字稿

Good morning and welcome, ladies and gentlemen, to the Helen of Troy fourth quarter earnings conference call for fiscal 2004.

女士們先生們，早上好，歡迎來到海倫特洛伊公司 2004 財年第四季度收益電話會議。

At this time I would like to inform you that all participants are in a listen-only mode.

此時我想通知您，所有參與者都處於只聽模式。

At the request of the company we will open the conference up for questions and answers after the presentation.

應公司的要求，我們將在演講結束後開放會議進行問答。

Our speakers for this morning's conference call are Gerald Rubin, Chairman, Chief Executive Officer and President, Christopher Carameros, Executive Vice President, Thomas Benson, Senior Vice President and Chief Financial Officer, and Robert Spear, Senior Vice President and Chief Information Officer.

今天上午電話會議的發言人是董事長、首席執行官兼總裁 Gerald Rubin、執行副總裁 Christopher Carameros、高級副總裁兼首席財務官 Thomas Benson 以及高級副總裁兼首席信息官 Robert Spear。

I will now turn the conference over to Robert Spear.

我現在將會議轉交給羅伯特斯皮爾。

Please go ahead, sir.

請繼續，先生。

Good morning, everyone and welcome to Helen of Troy's fourth quarter and fiscal year 2004 conference call.

大家早上好，歡迎來到特洛伊的海倫 (Helen of Troy) 第四季度和 2004 財年電話會議。

The agenda for this morning's conference call is as follows.

今天上午的電話會議議程如下。

We will have a brief forward-looking statement review followed by Mr. Rubin who will discuss our fourth quarter and year end earning release and related results of operation for Helen of Troy, followed by a financial review of our income statement and balance sheet for the quarter by Tom Benson our Chief Financial Officer, and finally we will open up for question-and-answer session for those of you with any further questions.

我們將進行簡短的前瞻性陳述審查，隨後魯賓先生將討論我們第四季度和年底的收益發布以及海倫特洛伊的相關經營業績，然後對我們的損益表和資產負債表進行財務審查我們的首席財務官湯姆·本森 (Tom Benson) 發表了季度報告，最後我們將為那些有任何其他問題的人開放問答環節。

First, the Safe Harbor statement.

首先，安全港聲明。

This conference call may contain certain forward-looking statements that are based on management's current expectation with respect to future events or financial performance.

本次電話會議可能包含某些基於管理層當前對未來事件或財務業績的預期的前瞻性陳述。

A number of risks or uncertainties could cause actual results to differ materially from historical or anticipated results.

許多風險或不確定性可能導致實際結果與歷史或預期結果存在重大差異。

Certain words anticipates, believes and expects, and other similar words identify forward-looking statements.

某些詞語預期、相信和期望，以及其他類似詞語標識前瞻性陳述。

The company cautions listeners to not place undue reliance on forward-looking statements.

該公司提醒聽眾不要過分依賴前瞻性陳述。

Forward-looking statements are subject to risks that could cause such statements to differ materially from actual results.

前瞻性陳述存在可能導致此類陳述與實際結果存在重大差異的風險。

Factors that could cause actual results to differ from those anticipated are described in the company's form 10-K filed with the Securities and Exchange Commission for the fiscal year ended February 28, 2003 and form 10-K for the quarters ended May 31 and August 31, 2003.

公司向美國證券交易委員會提交的截至 2003 年 2 月 28 日的財政年度的 10-K 表格以及截至 5 月 31 日和 8 月 31 日的季度的 10-K 表格中描述了可能導致實際結果與預期結果不同的因素, 2003.

Before I turn the conference over to our Chairman, Mr. Rubin, I would like to inform all parties that a copy of today's earnings release has been posted to our website at www.hotus.com.

在我將會議轉交給我們的主席 Rubin 先生之前，我想通知所有各方，今天的收益發布副本已發佈到我們的網站 www.hotus.com 上。

The release can be accessed by selecting the Investor Relations tab of the home page and then the news tab.

可以通過選擇主頁的“投資者關係”選項卡，然後選擇“新聞”選項卡來訪問該新聞稿。

I will now turn the conference over to Mr. Gerald Rubin, Chairman, CEO and President of Helen of Troy.

我現在將會議轉交給海倫特洛伊的董事長、首席執行官兼總裁 Gerald Rubin 先生。

Thank you, Bob, and good morning everybody.

謝謝你，鮑勃，大家早上好。

And welcome to our fourth quarter conference call.

歡迎來到我們的第四季度電話會議。

Helen of Troy today reported record sales and earnings for the fourth quarter in fiscal year ended February 29, 2004.

Helen of Troy 今天報告了截至 2004 年 2 月 29 日的財政年度第四季度創紀錄的銷售額和收益。

Fourth-quarter sales from continuing operations increased 26 percent to $113 million from $89,657,000 in the same period of the prior year.

第四季度來自持續經營業務的銷售額從上年同期的 89,657,000 美元增長 26% 至 1.13 億美元。

Net earnings from continuing operations for the quarter was $16,300,000 or 50 cents per diluted share compared with $8.5 million or 29 cents per diluted share for the same period a year earlier.

本季度來自持續經營業務的淨收益為 16,300,000 美元或每股攤薄收益 50 美分，而去年同期為 850 萬美元或每股攤薄收益 29 美分。

An increase of 92 percent in net earnings from continuing operations.

來自持續經營業務的淨收益增長了 92%。

Net loss for the quarter from discontinued operations including goodwill impairment was $8,780,000 or 27 cents per diluted share compared with a loss of $2 million or 7 cents per diluted share for the same period in the prior year.

本季度包括商譽減值在內的已終止業務的淨虧損為 8,780,000 美元或稀釋後每股虧損 27 美分，而去年同期為虧損 200 萬美元或稀釋後每股虧損 7 美分。

Net earnings for the fourth quarter was $7,500,000 or 23 cents per share versus $6.5 million or 22 cents per diluted share for the year earlier, an increase in net earnings of 16 percent.

第四季度淨收益為 750 萬美元或每股 23 美分，而去年同期為 650 萬美元或每股攤薄收益 22 美分，淨收益增長 16%。

For the full year the net sales from continuing operations increased 25 percent to $475 million from $380 million in the prior year.

全年來自持續經營業務的淨銷售額從去年的 3.8 億美元增長 25% 至 4.75 億美元。

Full year net earnings from continuing operations was $71,562,000 or $2.29 per diluted share compared with $38 million or $1.28 per diluted share for the prior year, the net increase from continuing operations of 89 percent.

來自持續經營業務的全年淨收益為 71,562,000 美元或攤薄後每股收益 2.29 美元，而上年為 3800 萬美元或攤薄後每股收益 1.28 美元，持續經營業務淨增長 89%。

Full year net loss from the discontinued operations including goodwill impairment was $11 million or 35 cents per diluted share, versus net earnings of $924,000 or 3 cents per diluted share a year ago.

包括商譽減值在內的已終止業務的全年淨虧損為 1100 萬美元或攤薄後每股收益 35 美分，而一年前的淨收益為 924,000 美元或攤薄後每股收益 3 美分。

Net earnings for the year was %60,522,000 or $1.94 per diluted share compared with $38,716,000 or $1.31 per share in the prior year, an increase in net earnings for the year of 56 percent.

與上一年的 38,716,000 美元或每股 1.31 美元相比，本年度淨收益為 %60,522,000 或每股攤薄收益 1.94 美元，同比增長 56%。

The current and prior year period continuing operation results have been restated to reflect the discontinued operation due to the sale of Tactica International effective April 29 of this year.

本年度和上一年期間的持續經營業績已經重述，以反映因今年 4 月 29 日生效的 Tactica International 出售而終止的經營。

We have just completed another record fourth quarter and fiscal year in sales and earnings, and we anticipate another year, another record year in fiscal 2005.

我們剛剛在第四季度和本財政年度的銷售額和收益中再次創下紀錄，我們預計 2005 財政年度將再創紀錄。

The categories leading the sales increases for the year include personal care appliances under our Revlon, Vidal Sassoon, Dr. Scholl's and Sunbeam trade names, our international product sales, our professional sales led by the Wigo and Hot Tools brand and our line of grooming, skin and hair care products which were led by Brute.

引領本年度銷售額增長的品類包括 Revlon、Vidal Sassoon、Dr. Scholl's 和 Sunbeam 商品名下的個人護理用品、我們的國際產品銷售、我們以 Wigo 和 Hot Tools 品牌引領的專業銷售以及我們的美容系列，以 Brute 為首的護膚和護髮產品。

Helen of Troy continues to have a strong balance sheet with cash of over $53 million and stockholders equity up $350 million, which represents an increase of $61 million in shareholders equity from the comparable period last year.

Helen of Troy 的資產負債表繼續保持強勁，現金超過 5300 萬美元，股東權益增加 3.5 億美元，股東權益比去年同期增加 6100 萬美元。

Inventory at the year end was $104 million which represented a decline of $10 million dollars or 8 percent from the last quarter.

年底存貨為 1.04 億美元，比上一季度減少 1000 萬美元或 8%。

Year-to-year our inventory increased only 4 percent, while our sales increased 25 percent.

與去年同期相比，我們的存貨僅增加了 4%，而銷售額卻增加了 25%。

We increased our sales over $100 million and our inventory only $4 million.

我們增加了超過 1 億美元的銷售額，而我們的存貨僅為 400 萬美元。

As previously announced, we have entered into a definitive agreement to acquire the OXO International business and expect the transaction to close during the fiscal second quarter.

正如之前宣布的那樣，我們已就收購 OXO International 業務達成最終協議，預計該交易將在第二財季完成。

OXO International is a world leader of providing innovative consumer products in a variety of product areas.

OXO International 是在各種產品領域提供創新消費品的世界領導者。

OXO offers approximately 500 consumer product tools in several categories including kitchen, cleaning, barbecue, barware, garden, automotive, storage and organization.

OXO 提供大約 500 種消費品工具，涉及多個類別，包括廚房、清潔、燒烤、酒具、園藝、汽車、儲物和整理。

OXO also has strong customer relations with leading specialty and department stores retailers.

OXO 還與領先的專賣店和百貨商店零售商建立了牢固的客戶關係。

Each year, approximately 50 innovative products are introduced through OXO Good Grips, OXO Steel, OXO Good Grips I (ph) series and the OXO software product lines.

每年，OXO Good Grips、OXO Steel、OXO Good Grips I (ph) 系列和 OXO 軟件產品線都會推出大約 50 種創新產品。

And we are very excited about bringing the OXO brand-name and its dedicated employees into Helen of Troy.

我們很高興將 OXO 品牌及其敬業的員工帶入特洛伊的海倫。

OXO is a world-class business with excellent leadership with significant potential for growth both domestically and internationally.

OXO 是一家世界一流的企業，擁有卓越的領導能力，在國內和國際上都具有巨大的增長潛力。

We are pleased that Alex the President of OXO International and his talented management team will be joining our Helen of Troy family.

我們很高興 OXO International 總裁 Alex 和他才華橫溢的管理團隊將加入我們的 Helen of Troy 家族。

We have increased our earnings per share guidance for fiscal 2005 to $2.50 to $2.70 from previously reported $2.30 to $2.40 on sales of 575 million to 600 million.

我們已將 2005 財年的每股收益指導從之前報告的 2.30 美元至 2.40 美元提高到 2.50 美元至 2.70 美元，銷售額為 5.75 億至 6 億美元。

Our expectations for the first quarter of fiscal 2005 or for sales in the range of 98 to 106 million.

我們對 2005 財年第一季度銷售額的預期或為 98 至 1.06 億美元。

Versus the prior year sales of $91 million, an increase of 8 to 16 percent.

與上一年 9100 萬美元的銷售額相比，增長了 8% 到 16%。

Diluted earnings per share for the fiscal first-quarter are anticipated to be in the range of 42 to 45 cents per diluted share, an increase of 2 to 10 percent from prior years continuing operation earnings per diluted share of 41 cents, which excludes a onetime gain for the settlement of litigation in the prior year's first quarter.

第一財季的攤薄後每股收益預計在 42 至 45 美分之間，比往年每股攤薄後持續經營收益 41 美分增加 2% 至 10%，其中不包括一次性去年第一季度的訴訟和解收益。

Our four-year goal for Helen of Troy is $4 of earnings per share.

我們對海倫的四年目標是每股收益 4 美元。

I now would like to thank all the employees at Helen of Troy worldwide for the terrific performance we had last year.

我現在要感謝世界各地海倫特洛伊的所有員工，感謝我們去年的出色表現。

Increasing earnings before income tax 77 percent from 48,570,000 to $86 million, an increase of over $37.5 million and the sales increase of 25 percent or approximately $100 million was due to the hard work and dedication of everyone at Helen of Troy, and I personally thank each one of them for their efforts.

所得稅前利潤從 48,570,000 美元增加 77% 到 8600 萬美元，增加了超過 3750 萬美元，銷售額增加了 25% 或大約 1 億美元，這要歸功於 Helen of Troy 每個人的辛勤工作和奉獻精神，我個人感謝每一位其中之一是他們的努力。

I now would like to turn over the floor to Tom Benson, our CFO, who will give you the financial highlights.

我現在想請我們的首席財務官湯姆·本森 (Tom Benson) 發言，他將為您介紹財務亮點。

Thank you, Jerry, and good morning everyone.

謝謝你，傑里，大家早上好。

First I will talk about the fourth-quarter results.

首先我會談談第四季度的業績。

Then I will make some comments on the full fiscal year and then some comments on our financial position.

然後我將對整個財政年度發表一些評論，然後對我們的財務狀況發表一些評論。

As a result of our decision to evaluate strategic alternatives for our investment in Tactica and subsequent sale on April 29, 2004, we have reclassified our financial reporting to reflect Tactica's results as a discontinued operation.

由於我們決定對我們在 Tactica 的投資和隨後於 2004 年 4 月 29 日出售的戰略備選方案進行評估，因此我們對我們的財務報告進行了重新分類，以反映 Tactica 的業績為已終止經營。

Thus, sales and operating income information will not include the discontinued operation.

因此，銷售和營業收入信息將不包括已終止的業務。

We are all very pleased with our operating performance for the fourth quarter, as well as the entire year exclusive of Tactica.

我們對第四季度的運營表現以及 Tactica 全年的運營表現都非常滿意。

Fourth-quarter sales increased 26 percent.

第四季度銷售額增長了 26%。

Quarter four 2004 sales were $112,911,000 compared to quarter four 2003 of $89,657,000.

與 2003 年第四季度的 89,657,000 美元相比，2004 年第四季度的銷售額為 112,911,000 美元。

That represents an increase of $23,254,000, 26 percent.

這意味著增加了 23,254,000 美元，增幅為 26%。

However, more importantly, our net earnings from continuing operations increased 92 percent.

然而，更重要的是，我們來自持續經營業務的淨收益增長了 92%。

Net earnings from continuing operations in quarter four 2004 were $16,298,000 compared to quarter four 2003 $8,484,000, an increase of $7,814,000 a 92 percent increase.

與 2003 年第四季度的 8,484,000 美元相比，2004 年第四季度來自持續經營業務的淨收益為 16,298,000 美元，增加了 7,814,000 美元，增幅為 92%。

Net earnings from discontinued segment was a net loss of $8,780,000 in quarter four 2004 compared to a net loss of $290 26 (ph) in quarter four 2003.

與 2003 年第四季度淨虧損 290 美元 26 (ph) 相比，已停產部門的淨收益在 2004 年第四季度淨虧損 8,780,000 美元。

Net earnings grew by 16 percent.

淨收益增長了 16%。

Net earnings for quarter four 2004 $7,518,000 compared to quarter four 2003 $6,458,000.

與 2003 年第四季度的 6,458,000 美元相比，2004 年第四季度的淨收益為 7,518,000 美元。

That represents an increase of $1 million 060 (ph), 16 percent.

這代表 060 (ph) 增加了 100 萬美元，增長了 16%。

Most notably is an improvement in operating income.

最值得注意的是營業收入的改善。

Operating income for fourth-quarter 2004 $20,286,000 compared to $12,782,000 the prior year.

2004 年第四季度營業收入為 20,286,000 美元，上年同期為 12,782,000 美元。

This represents an increase of 7.5 million or 59 percent.

這表示增加了 750 萬或 59%。

Operating income was 17.9 percent of net sales in quarter four 2004 compared to 14.3 percent of net sales in quarter four 2003.

營業收入佔 2004 年第四季度淨銷售額的 17.9%，而 2003 年第四季度占淨銷售額的 14.3%。

Key to improved performance is higher sales, better margin, favorable currency rates and the benefits of leveraging our internal costs.

提高業績的關鍵是更高的銷售額、更高的利潤率、有利的匯率以及利用我們內部成本的好處。

Diluted earnings per share from continuing operations increased 72 percent to 50 cents compared to 29 cents in quarter four 2003.

與 2003 年第四季度的 29 美分相比，來自持續經營的稀釋後每股收益增加了 72%，達到 50 美分。

Diluted earnings per share after discontinued operations increased 5 percent to 23 cents.

終止經營後的每股攤薄收益增長 5% 至 23 美分。

I will give a little more detail on our net sales.

我將更詳細地介紹我們的淨銷售額。

The Company's net sales in quarter four exclusive of Tactica were up 23.3 million, 26 percent as mentioned earlier.

公司在第四季度不包括 Tactica 的淨銷售額增長了 2330 萬美元，如前所述增長了 26%。

By segment, our North American sales in quarter four 2004 had sales of $98.7 million compared to $81.7 million in quarter four 2003.

按部門劃分，2004 年第四季度我們在北美的銷售額為 9870 萬美元，而 2003 年第四季度為 8170 萬美元。

It is a $17 million increase, 21 percent increase.

增加了 1700 萬美元，增加了 21%。

International had quarter four 2004 sales of $14.2 million compared to $8 million in quarter four 2003.

國際公司 2004 年第四季度的銷售額為 1420 萬美元，而 2003 年第四季度為 800 萬美元。

That represents a $16.2 million increase, 78 percent.

這意味著增加了 1620 萬美元，增長了 78%。

As I mentioned earlier, overall our sales were up 26 percent for the fourth quarter.

正如我之前提到的，我們第四季度的整體銷售額增長了 26%。

Next I would like to report on our core sales, which I am defining as sales not including acquisitions that were not in the prior comparable period.

接下來我想報告我們的核心銷售額，我將其定義為不包括不在前一個可比期間的收購的銷售額。

For the fourth quarter core sales do not include the Brute acquisition that closed in September 2003.

第四季度的核心銷售額不包括 2003 年 9 月完成的對 Brute 的收購。

Core sales in North America for quarter four 2004 were $91.7 million compared to $81.7 million in quarter four 2003, a $10 million increase, which is a 12 percent increase.

2004 年第四季度在北美的核心銷售額為 9170 萬美元，與 2003 年第四季度的 8170 萬美元相比增加了 1000 萬美元，增幅為 12%。

Our international area the core sales were $12.2 million in quarter four 2004 compared to $8 million in quarter for 2003, a $4.2 million increase, a 53 percent increase.

與 2003 年第四季度的 800 萬美元相比，2004 年第四季度我們的國際區域核心銷售額為 1220 萬美元，增加了 420 萬美元，增幅為 53%。

Overall core sales in the fourth quarter grew 16 percent.

第四季度整體核心銷售額增長了 16%。

The growth in the Company's core North American sales is due to increased sales of the Vidal Sassoon, Dr. Scholl's, Revlon, Hot Tools and Wigo branded line of products sold to retailers in the professional distribution channel.

公司核心北美銷售額的增長是由於在專業分銷渠道中銷售給零售商的 Vidal Sassoon、Dr. Scholl's、Revlon、Hot Tools 和 Wigo 品牌產品線的銷售額增加。

Increased sales in our international segment were result of increases in the United Kingdom, France, Brazil and other international regions.

我們國際分部的銷售額增加是由於英國、法國、巴西和其他國際地區的銷售額增加。

Also contributing to the international growth has been strengthening of the British pound and the euro.

英鎊和歐元的走強也為國際增長做出了貢獻。

Sales in our international segment are growing at a faster percentage rate than North America, but not as great in dollars due to the smaller base.

我們國際部門的銷售額增長速度快於北美，但由於基數較小，以美元計算沒有那麼大。

International sales were 13 percent of total net sales for quarter four 2004 compared to 9 percent in quarter four 2003.

2004 年第四季度國際銷售額佔總淨銷售額的 13%，而 2003 年第四季度為 9%。

Gross profit for the fourth quarter 2004 was $51.3 million, a gross profit rate of 45.4 percent compared to the gross profit of $38.2 million in the fourth quarter of 2003, which was a rate of 42.6 percent.

2004 年第四季度的毛利潤為 5130 萬美元，毛利率為 45.4%，而 2003 年第四季度的毛利潤為 3820 萬美元，毛利率為 42.6%。

Gross profit margins are up due to lower production costs, the mix of our sales more profitable, newly introduced products with enhanced features and the benefits of the strength in foreign currencies against the U.S. dollar.

由於生產成本降低、我們的銷售組合利潤更高、新推出的產品具有增強的功能以及外幣兌美元走強的好處，毛利率有所上升。

A few comments on SG&A expense for the fourth quarter SG&A expense decreased as a percentage of sales.

關於第四季度 SG&A 費用的一些評論 SG&A 費用佔銷售額的百分比有所下降。

Quarter four 2004 SG&A expense was $31 million, 27.5 percent of net sales compared to $25.4 million, 28.3 percent in the prior year fourth quarter.

2004 年第四季度的 SG&A 費用為 3100 萬美元，占淨銷售額的 27.5%，而去年第四季度為 2540 萬美元，占淨銷售額的 28.3%。

Royalty costs as a percent of net sales is falling due to renewing royalty agreements on more favorable terms.

由於以更優惠的條款續簽特許權使用費協議，特許權使用費占淨銷售額的百分比正在下降。

The benefit of prepaying minimum royalties and an increase in sales of branded products of which we own the brand and thus do not pay royalty payment.

預付最低特許權使用費的好處以及我們擁有品牌且因此不支付特許權使用費的品牌產品的銷量增加。

Outbound freight costs continue to increase mostly due to higher fuel costs.

出境貨運成本繼續增加主要是由於燃料成本上漲。

The increased transportation costs were offset by lower warehouse costs as a result of doing more warehousing inhouse instead of third party providers.

增加的運輸成本被較低的倉庫成本所抵消，這是由於在內部而不是第三方供應商進行更多的倉儲。

As I stated earlier, our operating income improved to 17.9 percent of sales compared to 14.3 percent last year.

正如我之前所說，我們的營業收入佔銷售額的比例從去年的 14.3% 提高到 17.9%。

Our income tax expense for the fourth quarter, the effective income tax rate was 14.7 percent in quarter four 2004 compared to 28.3 percent in quarter four 2003.

我們第四季度的所得稅費用，2004 年第四季度的有效所得稅率為 14.7%，而 2003 年第四季度為 28.3%。

This is due to our expanding international operations in corporate organizational structure; a larger percentage of our taxable income is being earned in lower taxing jurisdictions.

這是由於我們在企業組織結構上不斷擴大國際化經營；我們較大比例的應稅收入是在較低稅收的司法管轄區賺取的。

Now some comments on the full fiscal year 2004.

現在對整個 2004 財年發表一些評論。

Net sales for fiscal 2004 increased 25 percent.

2004 財年的淨銷售額增長了 25%。

Fiscal 2004 sales were $475 million compared to $380 million, an increase of $95 million or 25 percent.

2004 財年的銷售額為 4.75 億美元，與 3.8 億美元相比增加了 9500 萬美元或 25%。

Core sales increased 54 million, which is a 14 percent increase.

核心銷售額增加了 5400 萬，增幅為 14%。

Net earnings from continuing operations increased 89 percent.

來自持續經營業務的淨收益增長了 89%。

Fiscal 2004 we had $71.6 million of net earnings from continuing operations compared to $37.8 million in fiscal 2003.

與 2003 財年的 3780 萬美元相比，2004 財年我們的持續經營淨收益為 7160 萬美元。

This is an increase of $33.8 million or 89 percent.

這增加了 3380 萬美元或 89%。

Diluted earnings per share from continuing operations increased 79 percent to $2.29 per diluted share.

來自持續經營業務的每股攤薄收益增長了 79%，達到每股攤薄收益 2.29 美元。

Diluted earnings per share after discontinued operations increased 48 percent to $1.94 per diluted share.

終止經營後的每股攤薄收益增長 48%，達到每股攤薄收益 1.94 美元。

Helen of Troy's stock price increased $16.04 during fiscal 2004.

特洛伊海倫的股價在 2004 財年上漲了 16.04 美元。

It started the year March 1, 2003 at $13.09 and ended the year February 29, 2004 at $29.13.

它從 2003 年 3 月 1 日開始，價格為 13.09 美元，到 2004 年 2 月 29 日結束時，價格為 29.13 美元。

This represents a gain of 123 percent in the stock price during the fiscal year.

這意味著該財年股價上漲了 123%。

A few comments on our financial position.

關於我們的財務狀況的一些評論。

Our financial position continues to remain strong.

我們的財務狀況繼續保持強勁。

During fiscal 2004 we generated $70 million of cash from operating activities.

在 2004 財年，我們從經營活動中獲得了 7000 萬美元的現金。

And closed the year with $53 million cash in the bank compared to $47 million at the end of fiscal 2003.

年末銀行存款為 5300 萬美元，而 2003 財年末為 4700 萬美元。

We purchased the Brute brand for $55 million during the year and spent $10 million prepaying license renewals and future minimum royalty obligations.

我們在這一年以 5500 萬美元的價格購買了 Brute 品牌，並花費了 1000 萬美元預付許可續訂和未來的最低特許權使用費義務。

Accounts receivable increased 27 percent year-over-year, and inventory increased 3 percent on a sales increase of 25 percent.

應收賬款同比增長 27%，庫存增長 3%，銷售額增長 25%。

We have no revolver debt outstanding at the end of the fiscal year.

在本財政年度末，我們沒有未償還的循環債務。

Our shareholders' equity increased $61 million to $350 million.

我們的股東權益增加了 6100 萬美元，達到 3.5 億美元。

We are very pleased with our results.

我們對我們的結果非常滿意。

I will now turn it over to Jerry for some additional comments.

我現在將其轉交給 Jerry 以徵求一些補充意見。

I would like now to turn the floor over to the operator for questions.

我現在想把發言權交給接線員提問。

(OPERATOR INSTRUCTIONS) Mimi Sokilowski from Sidoti & Co.

（操作員說明）來自 Sidoti & Co. 的 Mimi Sokilowski。

Jerry, I do not know if you are able to disclose at this time, but can you provide us with a little bit more information on OXO like their sales in calendar 2003, and perhaps their margins?

傑里，我不知道你現在是否可以透露，但你能否為我們提供更多關於 OXO 的信息，比如他們在 2003 年的銷售額，也許還有他們的利潤率？

Well, as we disclosed, we are anticipating sales of a minimum of $100 million, and that was in the last press release.

好吧，正如我們透露的那樣，我們預計銷售額至少為 1 億美元，這是在上一份新聞稿中提到的。

And our profits are similar to our hair care and skin are division.

而我們的利潤類似於我們的頭髮護理和皮膚是分裂的。

And, which are very good margins.

而且，這是非常好的利潤率。

Okay.

好的。

Can you tell me how you are going to finance this?

你能告訴我你打算如何融資嗎？

This is Tom Benson.

這是湯姆·本森。

Currently we are working on different financing alternatives, and they have not yet been finalized.

目前我們正在研究不同的融資方案，但尚未最終確定。

When we have it finalized we will provide some information.

完成後，我們將提供一些信息。

So it's too soon to tell how the balance sheet is going to look over the course of '05, or interest payments during the course of the year?

因此，現在判斷 05 年的資產負債表情況或全年的利息支付情況還為時過早嗎？

We are working on financing it, some borrowed funds, and we also have some available cash.

我們正在努力為它融資，一些借來的資金，我們也有一些可用現金。

Okay.

好的。

And one of two other questions if you just bear with me for a second.

還有另外兩個問題之一，請耐心等待。

Are you holding any Tactica inventory currently or has that been cleared out?

您目前是否持有任何 Tactica 庫存或已清空庫存？

No, everything was closed out in the sale or sold back to the shareholders of Tactica on the date that we sold it.

不，在我們出售它的那一天，所有的東西都在出售中被關閉或賣回給了 Tactica 的股東。

Okay, and lastly maybe I should take this off line, but are you able to provide the quarterly EPS results from F '04 from continuing operations only?

好吧，最後也許我應該把它取消，但是你能提供 F '04 的季度每股收益結果嗎？

We are going to have our 10-K.

我們將有我們的 10-K。

That's going to be out tomorrow and all that information is in there.

那將在明天發布，所有信息都在那裡。

Great.

偉大的。

We have a five-year look back that gives the yearly, and we have a chart for fiscal '04 that gives quarterly information.

我們有五年回顧，提供年度信息，我們有 04 財年的圖表，提供季度信息。

Perfect.

完美的。

Thank you on that.

謝謝你。

And lastly, can you break out the percentage of revenue for the full year derived from Wal-Mart?

最後，您能否列出來自沃爾瑪的全年收入百分比？

It's in our 10-K.

它在我們的 10-K 中。

I think it is --.

我覺得是這樣的 - 。

Its 29 percent, I believe it is.

它是 29%，我相信它是。

Twenty-nine percent.

百分之二十九。

Okay that's it.

好的，就是這樣。

Thank you very much.

非常感謝。

Justin Bledsoe (ph) from Gates Capital Management (ph).

來自蓋茨資本管理公司 (ph) 的 Justin Bledsoe (ph)。

I was wondering when you gave the core growth rates does that include any foreign exchange rates, currency changes in the international business?

我想知道你什麼時候給出的核心增長率是否包括任何外匯匯率、國際業務中的貨幣變化？

Yes, it does.

是的，它確實。

Can you tell us how much of that core growth was from the FX?

您能否告訴我們核心增長中有多少來自外匯？

For the fourth quarter we had foreign exchange improvements.

第四季度，我們的外匯交易有所改善。

Let me get the number here.

讓我在這裡拿到號碼。

It's approximately 1.2 million for the fourth quarter and for the year it was about $4.5 million.

第四季度約為 120 萬美元，全年約為 450 萬美元。

I think the rest of my questions were just financial questions I can get from the K tomorrow.

我想我剩下的問題只是我明天可以從 K 那裡得到的財務問題。

So that's it, thanks.

就是這樣，謝謝。

I just wanted to answer correct Mimi's question about sales to Wal-Mart stores, last year they accounted for 28 percent of our sales versus 29 percent the year before and 29 percent the previous year.

我只想回答 Mimi 關於沃爾瑪商店銷售額的正確問題，去年它們占我們銷售額的 28%，而前一年和前一年分別為 29% 和 29%。

Gary Giblen from Paradigm Capital.

來自 Paradigm Capital 的 Gary Giblen。

Good morning, Jerry.

早上好，傑瑞。

Just trying to understand the first fiscal quarter guidance looks substantially lower than if we see estimates that is out there.

只是試圖了解第一財季的指導看起來比我們看到的估計要低得多。

I fully understand that you guys don't give, you haven't guided to very specific quarterly numbers, but certainly it seems to be that that quarter is light compared to your expectations for the year.

我完全理解你們不給，你們沒有指導非常具體的季度數字，但可以肯定的是，與你們今年的預期相比，那個季度似乎很輕。

So what are the factors driving that quarter?

那麼推動該季度的因素是什麼？

Cause it is a little less favorable than the total year does?

原因是它比全年有利一點？

Gary, as you know we always try to be on the conservative end and the worse thing we want to do is ever to miss our numbers.

加里，正如你所知，我們總是試圖站在保守的一端，而我們想做的最糟糕的事情就是永遠錯過我們的數據。

So if you go back over the last few years you know that what we give out and what happens are always good results.

所以如果你回顧過去幾年，你就會知道我們付出的和發生的總是好的結果。

Also, there is because of the share price moving up, there will be the weighted average amount of shares will be somewhere between 32.5 million to 33 million shares outstanding.

此外，由於股價上漲，加權平均流通股數將介於 3250 萬至 3300 萬股之間。

That should be factored in also.

這也應該考慮在內。

We finished the year, as you saw the report for the third quarter was 32,315,000, and it will be up slightly for the first quarter.

我們結束了這一年，如您所見，第三季度的報告為 32,315,000，第一季度將略有上升。

But we have already reported the fourth-quarter end in our earnings report today, 32,315,000 shares.

但我們已經在今天的收益報告中報告了第四季度末的 32,315,000 股。

Okay and a couple other questions.

好的，還有其他幾個問題。

The Dollar stores have had weak sales recently, so what percent of your sales are to Dollar stores.

Dollar 商店最近銷售疲軟，那麼您的銷售額中有多少百分比來自 Dollar 商店。

And would you find that those sales if they are not happening there, they are just happening at Wal-Mart anyway or?

如果這些銷售不在那裡發生，您會發現它們只是發生在沃爾瑪嗎？

Our sales from the Dollar stores are not significant.

我們在一元店的銷售額並不大。

They are probably in the one percent plus or so.

他們可能在百分之一左右。

That's really small.

那真的很小。

Okay.

好的。

And finally, I know that Applica is a different company and you made that very clear in the past, but it looks like some of the things that caused their challenging quarter might play at least might be management challenges here at Helen of Troy, and maybe we're dealing with a different kind of management.

最後，我知道 Applica 是一家不同的公司，你在過去已經非常清楚地說明了這一點，但看起來導致他們具有挑戰性的季度的一些事情可能至少可能是海倫特洛伊的管理挑戰，也許我們正在處理一種不同類型的管理。

But in other words, they cited a cost squeeze on raw materials and inbound freight, so can you just address those as it applies to Helen of Troy?

但換句話說，他們提到了原材料和入境運費的成本緊縮，所以你能解決那些適用於特洛伊海倫的問題嗎？

Well, Applica and Helen of Troy are certainly operating in different arenas.

好吧，Applica 和 Helen of Troy 肯定在不同的領域運作。

We do not compete with them in any category.

我們不在任何類別中與他們競爭。

So I can't comment on what's going on in their business.

所以我不能對他們的業務中發生的事情發表評論。

I can just (multiple speakers) that everything is very positive.

我可以（多位發言者）說一切都非常積極。

We are expecting record earnings.

我們期待創紀錄的收益。

We've already estimated 250 to 270 for the year up from this year's 229.

我們已經估計今年有 250 到 270 人，高於今年的 229 人。

So we are expecting a good year.

所以我們期待一個好年頭。

Do you have any pressures or things at least you have to manage vigorously against on in terms of raw material or inbound freight costs going up?

在原材料或入境運費上漲方面，您是否有任何壓力或至少必須大力應對的事情？

No, I think the only thing on inbound freight basically stable.

沒有，我認為只有進港運費基本穩定。

It's just a fuel charge that's added on, and that has been going on for the last year.

這只是增加的燃油費，而且這種情況在去年一直在進行。

Great.

偉大的。

Good results.

好結果。

Thank you.

謝謝。

I wanted to know, Tom, probably a question for you; what tax rate should I assume going forward?

湯姆，我想知道，這可能是你的問題；我應該假設未來的稅率是多少？

I think in the range of 16 to 18 percent.

我認為在 16% 到 18% 的範圍內。

I think what you need to do is kind of look at it on annual basis not necessarily the quarterly basis.

我認為您需要做的是按年而不是按季度查看。

We have some ups and downs throughout the quarters.

我們在整個季度都有一些起伏。

Okay and what is going to impact that?

好的，什麼會影響它？

Is there a seasonality associated with the international segment?

國際部分是否存在季節性？

I think the re is some seasonality associated with it, and what we do is we continue to refine our tax provisions as the year goes on, as we get more clarity on exactly where we are going to be.

我認為這與它相關的一些季節性因素，我們所做的是隨著時間的推移繼續完善我們的稅收規定，因為我們對我們將要達到的確切位置更加清晰。

Okay, and has there been any sort of feedback from the regulators recently regarding offshore incorporation?

好的，監管機構最近有沒有關於離岸公司的任何反饋？

Can you comment on that at all?

你能對此發表評論嗎？

We always have continuing legislations but nothing really has gone through and we monitor that pretty closely.

我們總是有持續的立法，但沒有真正通過，我們會密切關注。

But there's really nothing at this point in time that would affect us that negatively.

但目前確實沒有什麼會對我們產生負面影響。

I just don't know what's going to happen but we watch that pretty regularly.

我只是不知道會發生什麼，但我們經常看。

All right.

好的。

And then the last question, Jerry it's for you.

然後是最後一個問題，傑里，這是給你的。

I know you stated in the past what you think Helen of Troy can accomplish on an operating margin.

我知道您過去曾說過您認為特洛伊的海倫可以在營業利潤率上取得什麼成就。

Can you provide an update with that?

你能提供更新嗎？

Perhaps a range over the next year or so?

也許在未來一年左右的範圍內？

Well, we ended this year at 18 percent.

好吧，我們今年以 18% 結束。

We are not looking for any deterioration there in operating income, as a matter-of-fact we hope it is going to improve.

我們不希望營業收入有任何惡化，事實上我們希望它會有所改善。

So we are up to 18 percent in operating income and hopefully will get better over the quarters.

因此，我們的營業收入高達 18%，希望在幾個季度內會有所改善。

Okay.

好的。

Thank you.

謝謝。

Steve Friedman from Wachovia Securities.

美聯銀行證券公司的史蒂夫弗里德曼。

I just have a question regarding the sale on Tactica.

我只是有一個關於 Tactica 銷售的問題。

You stated I think in the advanced guidance and release of the sale that there would be some tax refunds that were part of the sale or carry forwards.

你說我認為在銷售的高級指導和發布中，會有一些退稅是銷售或結轉的一部分。

Could you expand just a bit on that?

你能稍微擴展一下嗎？

As we announced on the sale, we are going to get some refunds, and those refunds will be forthcoming in the next three to six months.

正如我們在銷售時宣布的那樣，我們將獲得一些退款，這些退款將在未來三到六個月內到位。

Again, that was part of the consideration that we had due to the losses that we had and as we told you in the past.

同樣，正如我們過去告訴您的那樣，這是我們因損失而考慮的一部分。

Tactica did not join our consolidated tax returns so that will be able for us to be able to file and get back and we should get that money back in three to six months.

Tactica 沒有加入我們的綜合納稅申報表，因此我們能夠提交並取回，我們應該會在三到六個月內取回這筆錢。

Thank you.

謝謝。

Fine results.

很好的結果。

Nat Kellogg (ph) from (indiscernible) specialized funds.

Nat Kellogg (ph) 來自（音頻不清晰）專門基金。

Two quick questions.

兩個快速問題。

First if you could just refresh my memory and tell me what the components of the other income are on the income statement and then the second one was you guys mentioned that there was a good will write down in Tactica, and can you provide sort of what that number was?

首先，如果你能喚醒我的記憶並告訴我其他收入的組成部分在損益表上是什麼然後第二個是你們提到在 Tactica 中有一個很好的遺囑，你能提供什麼那個數字是？

The other income on the income statement is made up of interest income.

損益表上的其他收入由利息收入組成。

It's made up of some gains on some securities we hold, and it was also made up in the first quarter of last year, we had a litigation settlement.

它是由我們持有的一些證券的一些收益組成的，它也是在去年第一季度彌補的，我們進行了訴訟和解。

I'm sorry the second question was?

對不起，第二個問題是？

You mentioned in the press release you took a goodwill write down on (indiscernible) when you sold the (indiscernible) and I was wondering if you could give the number value of what that was.

你在新聞稿中提到，當你出售（音頻不清晰）時，你對（音頻不清晰）進行了商譽減記，我想知道你是否可以給出那是什麼的數值。

The goodwill write down after taxes was $3.7 million.

稅後商譽減記為 370 萬美元。

Okay, thanks very much.

好的，非常感謝。

(OPERATOR INSTRUCTIONS) Mike Carlotti (ph) from Palomar Capitol.

（操作員說明）來自 Palomar Capitol 的 Mike Carlotti (ph)。

Just a quick question on the FX.

只是一個關於 FX 的快速問題。

You said it was a benefit to the gross margin line as well.

你說這對毛利率線也有好處。

Was the 1.2 million that hit the sales line in the fourth quarter did that all slow down the gross margin and (inaudible)?

第四季度達到銷售線的 120 萬美元是否都降低了毛利率和（聽不清）？

It hit the sales line and went down to the gross margin.

它觸及了銷售線並下降到毛利率。

Almost all of our cost of goods sold are priced in U.S. dollars.

我們幾乎所有的商品銷售成本都以美元計價。

So the 1.2 hit the gross profit line as well?

那麼1.2也衝上了毛利線？

Correct.

正確的。

And the Tactica sale, other than the tax refunds your going to get, are you going to get any cash consideration as well, or.

而 Tactica 銷售，除了您將獲得的退稅外，您是否也會獲得任何現金對價，或者。

As far as the cash consideration, that's it.

至於現金考慮，僅此而已。

That's it, okay.

就是這樣，好吧。

Thank you.

謝謝。

Richard (indiscernible) from Delphi Management.

來自 Delphi Management 的 Richard（音頻不清晰）。

I was just looking over this OXO acquisition.

我只是在看這次 OXO 收購。

I am wondering if you got plans to do any other acquisitions that have similar characteristics to it or if this is the end of this for now.

我想知道你是否有計劃進行任何其他具有類似特徵的收購，或者這是否是目前的結束。

Richard, we are always looking for acquisitions that meet our criteria.

理查德，我們一直在尋找符合我們標準的收購。

This OXO happened to certainly meet our criteria as many of you know I tried to buy it five years ago when it was owned by General Housewares.

這個 OXO 恰好符合我們的標準，因為你們中的許多人都知道我在五年前試圖購買它，當時它屬於 General Housewares。

And we were outbid at that time, and it has come up for sale over the last few months, but it meets all our criteria that we look for and the way we run our business and the products that they sell.

當時我們出價不高，過去幾個月它一直在出售，但它符合我們尋找的所有標準以及我們經營業務的方式和他們銷售的產品。

It looks like the product line is a little bit different from what you had initially, though, and I'm wondering if (multiple speakers) other productline.

不過，看起來產品線與您最初的產品線有點不同，我想知道（多揚聲器）是否有其他產品線。

Its sourced in the Orient.

它起源於東方。

It adds a major brand.

它增加了一個主要品牌。

It has top-quality merchandise.

它有最優質的商品。

Its sold to the same retailers that we sell to.

它賣給了我們賣給的同一零售商。

So distribution is very, very similar.

所以分佈非常非常相似。

So we are looking at companies, but they have to match up with what our criteria are.

所以我們正在尋找公司，但他們必須符合我們的標準。

All right.

好的。

You gave in the press release you said Revlon, Vidal Sassoon, Dr. Scholl's, et cetera were selling well.

你在新聞稿中說露華濃、維達爾沙宣、Dr. Scholl's 等賣得很好。

Are there any particular products that were selling better than others or it was sales strong across the board?

是否有任何特定產品比其他產品賣得更好，或者它的整體銷售強勁？

Well sales are basically strong across the board; personal care has been very, very strong for us.

Well銷量基本全線強勁；個人護理對我們來說非常非常重要。

All right.

好的。

Thank you very much.

非常感謝。

Mike Carlotti.

邁克·卡洛蒂。

Actually on the Brute acquisition when you made that acquisition you said that would probably contribute 20 to 24 cents of EPS.

實際上，在收購 Brute 時，你說這可能會貢獻 20 到 24 美分的每股收益。

I believe in this year coming up.

我相信今年即將到來。

Has that changed at all, and how much did it contribute in your last calendar year or fiscal year?

這有沒有改變，它在你的上一個日曆年或財政年度貢獻了多少？

It is on line exactly where we thought it was going to be.

它就在我們認為會出現的地方。

We look for some improvements in the third quarter we are going to introduce Brute gift packs and things that have not been done in the past.

我們在第三季度尋求一些改進，我們將推出 Brute 禮品包和過去沒有做過的事情。

But it's in line with what we had, and as far as the last quarter, we actually closed on it in October of this last year, and those results are pretty much just extrapolated off the quarter.

但這與我們所擁有的一致，就上個季度而言，我們實際上是在去年 10 月關閉的，這些結果幾乎只是從本季度推斷出來的。

So you can just extrapolate those numbers off the annual appreciation (ph) of 20, 24 cents.

因此，您可以根據 20、24 美分的年升值 (ph) 推斷出這些數字。

What were the (indiscernible) sales for the fourth quarter?

第四季度的（音頻不清晰）銷售額是多少？

Percentage to our sales agreement information we have we are not disclosing all that information.

我們所擁有的銷售協議信息所佔的百分比我們並未披露所有這些信息。

I see.

我懂了。

Okay.

好的。

Thank you.

謝謝。

(OPERATOR INSTRUCTIONS) There are no further question and I will turn the conference back to Gerald Rubin to conclude.

（操作員說明）沒有進一步的問題，我將把會議轉回杰拉爾德魯賓來結束。

I want to thank everybody for participating in our fourth quarter and year end conference call.

我要感謝大家參加我們的第四季度和年終電話會議。

And I look forward to speaking to you at the end of our first quarter, which we will also hold a conference call.

我期待在第一季度末與您交談，我們還將召開電話會議。

Thank you very much again.

再一次非常感謝你。

Ladies and gentlemen if you wish to ask us for a replay for this call you may do so by dialing 1-800-428-6051 or 973-709-2089 with an ID number of 352630.

女士們先生們，如果您希望我們重播此次通話，您可以撥打 1-800-428-6051 或 973-709-2089，ID 號碼為 352630。

This concludes our conference for today.

我們今天的會議到此結束。

Thank you all for participating, and have a nice day.

感謝大家的參與，祝你有美好的一天。

All parties may now disconnect.

所有各方現在都可以斷開連接。