Helen of Troy Ltd (HELE) 2005 Q1 法說會逐字稿

Good morning, ladies and gentlemen, to the Helen of Troy first-quarter earnings conference call for fiscal 2005.

女士們先生們，早上好，現在是海倫特洛伊 2005 財年第一季度收益電話會議。

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;

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；

Christopher Carameros, Executive Vice President;

執行副總裁 Christopher Carameros；

Thomas Benson, Senior Vice President and Chief Financial Officer; and Robert Spear, Senior Vice President and Chief Information Officer.

Thomas Benson，高級副總裁兼首席財務官；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。

Thank you.

謝謝。

Good morning everyone and welcome to Helen of Troy's first-quarter earnings conference call for fiscal year 2005.

大家早上好，歡迎來到 Helen of Troy 的 2005 財年第一季度收益電話會議。

The agenda for this morning's conference call will start with a review of our forward-looking statement followed by Mr. Rubin, who will discuss our first-quarter earnings release and related results of operations for Helen of Troy, followed by a financial presentation by our Chief Financial Officer Tom Benson and finally, a question-and-answer session for those of you with any further questions.

今天上午的電話會議的議程將從審查我們的前瞻性聲明開始，然後是魯賓先生，他將討論我們第一季度的收益發布和特洛伊海倫的相關運營結果，然後是我們的財務報告首席財務官湯姆·本森，最後，為你們中的任何其他問題提供問答環節。

I will now start with the forward-looking statement.

我現在將從前瞻性聲明開始。

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。

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

風險或不確定性的數量可能導致實際結果與歷史或預期結果存在重大差異。

Finally, the word anticipates, believes, expects and other similar words identify forward-looking statements.

最後，“預期”、“相信”、“期望”和其他類似詞語表示前瞻性陳述。

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

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 29, 2004 and form 10-Q for the quarter ended May 31, 2004.

公司向美國證券交易委員會提交的截至 2004 年 2 月 29 日的財政年度的 10-K 表格和截至 2004 年 5 月 31 日的季度的 10-Q 表格中描述了可能導致實際結果與預期結果不同的因素。

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

在我將電話會議轉交給我們的主席 Rubin 先生之前，我想通知所有感興趣的各方，今天的收益發布副本已發佈在我們的網站 www.HOTUS.com 上。

The release can be accessed by selecting Investor Relations tab on our homepage and then the news tab.

可以通過選擇我們主頁上的“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 to everybody.

謝謝你，鮑勃，大家早上好。

Helen of Troy today reported record sales and operating income for the first quarter ended May 31, 2004.

Helen of Troy 今天報告了截至 2004 年 5 月 31 日的第一季度創紀錄的銷售和營業收入。

This was the 37th quarter out of the last 41 quarters that Helen of Troy has had record sales and continuing operating profit.

這是 Helen of Troy 過去 41 個季度中第 37 個季度的銷售額和持續營業利潤創歷史新高。

Sales increased 17 percent to a first-quarter record of $107 million versus sales of 91 million in the same period of the prior year.

第一季度銷售額增長 17%，達到創紀錄的 1.07 億美元，而去年同期為 9100 萬美元。

First-quarter net income was $14,483,000 or 44 cents per diluted share compared with $14,844,000 or 50 cents per diluted share for the same period a year earlier.

第一季度淨收入為 14,483,000 美元或稀釋後每股收益 44 美分，而去年同期為 14,844,000 美元或稀釋後每股收益 50 美分。

This year's first-quarter net income results include a loss from discontinued operations of 222,000 or one penny per diluted share related to Tactica International, which their final operations were from March 1, through April 29.

今年第一季度的淨收入結果包括與 Tactica International 相關的終止經營業務虧損 222,000 美元或攤薄每股 1 美分，該公司的最終運營時間為 3 月 1 日至 4 月 29 日。

Last year first-quarter net income includes a onetime non-operating gain from litigation proceeds in the pretax amount of 2.6 million or 8 cents per diluted share.

去年第一季度的淨收入包括來自訴訟收益的一次性非經營收益，稅前金額為 260 萬美元或每股攤薄收益 8 美分。

Excluding the impact of the litigation gain in fiscal 2004 and the discontinued operations of Tactica in fiscal 2004 and 2005 comparative earnings were 14,705,000 or 45 cents per diluted share in the first quarter ended May 31, 2004, versus 12,265,000 or 41 cents per diluted share for the first quarter ended May 31, 2003, an increase of 20 percent in comparative earnings.

不包括 2004 財年訴訟收益和 Tactica 在 2004 財年和 2005 財年終止經營的影響，截至 2004 年 5 月 31 日的第一季度的比較收益為 14,705,000 或每股攤薄收益 45 美分，而 2005 年第一季度為 12,265,000 或每股攤薄收益 41 美分截至 2003 年 5 月 31 日的第一季度，比較收益增長了 20%。

Operating income for the first quarter was a record 18,900,000 versus 15,821,000 for the first-quarter in last year, an increase of 19 percent.

第一季度的營業收入達到創紀錄的 1890 萬美元，而去年第一季度為 1582.1 萬美元，增長了 19%。

OXO sales and profit were not included in the first-quarter results as we didn't purchase OXO until June 1 of this year.

OXO 的銷售額和利潤未計入第一季度業績，因為我們直到今年 6 月 1 日才購買 OXO。

I am pleased with our ongoing operating results for the first-quarter and reaffirm our full year guidance of $2.50 to $2.70 for fiscal 2005, ending February 28, 2005.

我對我們目前第一季度的運營結果感到滿意，並重申我們對截至 2005 年 2 月 28 日的 2005 財年的全年指導價為 2.50 美元至 2.70 美元。

These anticipated results projected an increase of 29 to 39 percent in net income per diluted share from fiscal 2004's earnings per diluted share of $1.94.

這些預期結果預計每股攤薄淨收入將比 2004 財年每股攤薄收益 1.94 美元增加 29% 至 39%。

Full year sales are expected to be in the range of 575 to 600 million compared to prior year's sales of 475 million or an increase of 21 26 percent.

全年銷售額預計在 575 至 6 億之間，而上年銷售額為 4.75 億，增幅為 21-26%。

Our core business is projected to be up 8 to 10 percent this year.

我們的核心業務預計今年將增長 8% 到 10%。

Our sales leaders include retail personal care, professional international products, as well as grooming, skin and hair care products.

我們的銷售領導者包括零售個人護理、專業國際產品，以及美容、皮膚和頭髮護理產品。

Our inventory was reduced from 126 million at May 31, 2003 to the current 106 million, a decrease of 16 percent even as sales increased 17 percent.

我們的存貨從 2003 年 5 月 31 日的 1.26 億減少到目前的 1.06 億，雖然銷售額增加了 17%，但減少了 16%。

For the second quarter ending August 31, 2004, we expect overall sales to be in the range of 135 million to 140 million compared to our last year's second-quarter sales of 105 million or an increase of 29 to 33 percent.

對於截至 2004 年 8 月 31 日的第二季度，我們預計整體銷售額將在 1.35 億至 1.4 億之間，而去年第二季度的銷售額為 1.05 億，增幅為 29% 至 33%。

Retail sales of our products continued to be strong in the second quarter.

我們產品的零售銷售在第二季度繼續保持強勁勢頭。

Earnings per share for the second quarter expected to be in the range of 50 to 55 cents per diluted share versus prior year earnings per share of 42 cents per diluted share, an increase of 19 to 31 percent.

預計第二季度每股攤薄收益為 50 至 55 美分，而去年同期每股攤薄收益為 42 美分，增幅為 19% 至 31%。

All of our categories are contributing to increases in both sales and profitability, and our new OXO International acquisition allows us to enter new and exciting markets through new and existing distribution channels.

我們所有的類別都有助於增加銷售額和盈利能力，我們新收購的 OXO International 使我們能夠通過新的和現有的分銷渠道進入新的和令人興奮的市場。

And we look forward to another record year in sales and earnings for them and for us.

我們期待他們和我們的銷售額和收益再創紀錄。

I like to make a comment about Wal-Mart.

我喜歡對沃爾瑪發表評論。

Our Wal-Mart sales last year were 28 percent of the Company's total.

我們去年在沃爾瑪的銷售額占公司總銷售額的 28%。

This year Wal-Mart sales percentage of our company's sales will be 22 to 24 percent even with Wal-Mart sales from us growing at double-digits percentage this year.

今年沃爾瑪銷售額占我們公司銷售額的百分比將達到 22% 到 24%，即使今年沃爾瑪銷售額以兩位數的百分比增長。

Even though -- even with our company growing 21 to 26 percent.

即使 - 即使我們公司增長了 21% 到 26%。

So from 28 percent, Wal-Mart will be 22 to 24 even with double-digit sales.

因此，從 28% 開始，即使銷售額達到兩位數，沃爾瑪也將是 22 到 24。

I now would like to turn this conference over to Tom Benson, our CFO.

我現在想把這次會議轉交給我們的首席財務官 Tom Benson。

Thank you, Jerry, and good morning.

謝謝你，傑里，早上好。

We are all pleased with our operating performance for the first quarter.

我們對第一季度的經營業績都很滿意。

First-quarter net sales grew 17.3 percent year-over-year.

第一季度淨銷售額同比增長 17.3%。

Quarter one fiscal 2005 sales were 107 million compared to 91.2 million in the prior year quarter.

2005 財年第一季度的銷售額為 1.07 億，而去年同期為 9120 萬。

This represents an increase of 15.8 million or 17.3 percent.

這意味著增加了 1580 萬或 17.3%。

However, more importantly, our first-quarter operating income increased by 19.5 percent year-over-year.

然而，更重要的是，我們第一季度的營業收入同比增長了 19.5%。

Quarter one fiscal 2005 operating income was 18.9 million, which is 17.7 percent of sales compared to 15.8 million, 17.3 percent of sales in the prior year quarter.

2005 財年第一季度營業收入為 1890 萬美元，佔銷售額的 17.7%，上年同期為 1580 萬美元，佔銷售額的 17.3%。

This represents an increase of $3.1 million.

這意味著增加了 310 萬美元。

It is a 19.5 percent increase, and the operating income margin grew 0.4 percentage points.

增幅為 19.5%，營業利潤率增長 0.4 個百分點。

First quarter income from continuing operations improved slightly year-over-year.

第一季度來自持續經營業務的收入同比略有改善。

Quarter one fiscal 2005 income from continuing operations was 14.7 million, 13.7 percent compared to 14.6 million, 16 percent in the prior year quarter.

2005 財年第一季度來自持續經營業務的收入為 1470 萬美元，與上年同期的 1460 萬美元和 16% 相比增長了 13.7%。

This is a $100,000 increase.

這是 100,000 美元的增加。

Included in the 14.6 million of income from continuing operations in last year's first quarter is an after-tax gain on a litigation settlement of approximately 2.4 million.

去年第一季度來自持續經營業務的 1460 萬美元收入中包括約 240 萬美元的訴訟和解稅後收益。

During first-quarter fiscal 2005 we completed the sale of our 55 percent ownership interest in Tactica.

在 2005 財年第一季度，我們完成了 Tactica 55% 所有權權益的出售。

During the quarter we recorded an after-tax loss from discontinued operations of 222,000 compared to a profit of 223,000 in the first quarter of last year.

本季度，我們記錄了終止經營的稅後虧損 222,000 美元，而去年第一季度的利潤為 223,000 美元。

First-quarter earnings from continuing operations per diluted share was 45 cents in the first-quarter fiscal 2005 compared to 49 cents in the first quarter of fiscal 2004.

與 2004 財年第一季度的 49 美分相比，2005 財年第一季度持續經營每股攤薄收益為 45 美分。

This is a 4 cent decrease.

這是 4 美分的減少。

First-quarter fiscal 2004 diluted earnings per share from continuing operations of 49 cents includes approximately 8 cents attributable to the litigation settlement previously mentioned, netting to 41 cents for the first quarter last year without the litigation settlements.

2004 財年第一季度來自持續經營業務的攤薄後每股收益為 49 美分，其中約有 8 美分歸因於前面提到的訴訟和解，去年第一季度沒有訴訟和解的淨收益為 41 美分。

The number of shares used to compute diluted earnings first per share increased from 29.9 million for the quarter ended May 31, 2003 to 32.7 million for the quarter ended May 31, 2004.

用於計算稀釋每股收益的股票數量從截至 2003 年 5 月 31 日的季度的 2990 萬股增加到截至 2004 年 5 月 31 日的季度的 3270 萬股。

A 9.4 percent increase mostly due to the increase in the average stock price, which increased the number of outstanding options included in the calculation.

9.4% 的增長主要是由於平均股價的上漲，這增加了計算中包括的已發行期權的數量。

The average share price for the quarter ended May 31, 2003, was $13.90 per share compared to $30.93 per share for the quarter ended May 31, 2004.

截至 2003 年 5 月 31 日的季度的平均股價為每股 13.90 美元，而截至 2004 年 5 月 31 日的季度的平均股價為每股 30.93 美元。

Now I will provide a more detailed review of the various components of our financial performance.

現在我將對我們財務業績的各個組成部分進行更詳細的審查。

The quarterly net sales were 107 million in the first fiscal quarter of 2005 compared to 91.2 million in the prior year quarter, increase of 15.8 million, 17.3 percent.

2005 年第一財季的季度淨銷售額為 1.07 億美元，與上年同期的 9120 萬美元相比，增長了 1580 萬美元，增幅為 17.3%。

We had net sales increase in the hair care appliance category and in the grooming skin care and hair care products.

我們在護髮器具類別以及美容護膚和護髮產品方面的淨銷售額有所增長。

Our brushes, combs and accessory category was down.

我們的刷子、梳子和配件類別下降了。

Core sales in the first quarter of fiscal 2005 were 97.9 million compared to 91.2 million in the prior year first quarter.

2005 財年第一季度的核心銷售額為 9790 萬，上年同期為 9120 萬。

This represents an increase of 6.6 million, which is 7.3 percent core sales growth.

這意味著增加了 660 萬輛，即核心銷售額增長 7.3%。

Noncore sales in the quarter ended May 31, 2004 accounted for 9.2 million in sales, which is 10 percent of the sales growth.

截至 2004 年 5 月 31 日的季度非核心銷售額為 920 萬美元，佔銷售額增長的 10%。

Gross profit for the first quarter was 50.2 million, a gross profit percent of 46.9 percent compared to 43.6 million, which is 47.7 percent in the prior year first quarter.

第一季度毛利為 5020 萬美元，毛利率為 46.9%，而去年第一季度為 4360 萬美元，毛利率為 47.7%。

This represents a dollar increase of $6.7 million, and it is a percentage increase of 15.3 percent.

這表示增加了 670 萬美元，增幅為 15.3%。

The slight decrease in gross profit percent of 0.8 percentage points is primarily due to a combination of sales mix changes and increased closeout sales as we adjust our inventory positions in anticipation of new product introductions in the next two quarters.

毛利率略微下降 0.8 個百分點，這主要是由於銷售組合變化和清倉銷售增加，因為我們預計未來兩個季度將推出新產品，因此我們調整了庫存狀況。

Selling, general, administrative expenses decreased as a percentage of sales during the first quarter of fiscal 2005.

2005 財年第一季度，銷售、一般和管理費用佔銷售額的百分比有所下降。

It was $31.3 million, which is 29.3 percent of sales compared to 27.7 million, 30.4 percent of sales in the prior year quarter.

這是 3130 萬美元，佔銷售額的 29.3%，而去年同期為 2770 萬美元，佔銷售額的 30.4%。

This is a decrease of 1.1 percentage points.

這減少了 1.1 個百分點。

The decrease in SG&A percentage is due to leveraging of warehouse and personnel costs at higher sales volume.

SG&A 百分比的下降是由於在較高的銷量下利用了倉庫和人員成本。

These gains were partially offset by increases in advertising rates and tradeshow costs.

這些收益部分被廣告費和展會成本的增加所抵消。

Operating income improved to 17.7 percent of net sales, $18.9 million for the first quarter of fiscal 2005 compared to 17.3 percent, $15.8 million for the first quarter of fiscal 2004.

營業收入占淨銷售額的 17.7%，2005 財年第一季度為 1890 萬美元，而 2004 財年第一季度為 17.3%，1580 萬美元。

Interest expense was down slightly in the quarter ended May 31, 2004 compared to the prior year quarter because the prior year quarter had a small interest expense for settled tax audits.

與去年同期相比，截至 2004 年 5 月 31 日的季度的利息支出略有下降，因為去年同期的清算稅務審計利息支出較少。

Other income is down 2.8 million in the quarter ended May 31, 2004 compared to the prior year quarter due mostly to the other income associated with the litigation settlement in the prior year quarter.

與去年同期相比，截至 2004 年 5 月 31 日的季度其他收入減少了 280 萬美元，這主要是由於與去年同期的訴訟和解相關的其他收入。

The tax expense for the first quarter of fiscal 2005 was 3.3 million, 18.4 percent of income before taxes compared to 3.1 million, 17.5 percent of income before taxes in the prior year first quarter.

2005 財年第一季度的稅收支出為 330 萬美元，佔稅前收入的 18.4%，而去年第一季度為 310 萬美元，佔稅前收入的 17.5%。

The effective tax rate is up 0.9 percentage points compared to the prior year due to the mix of income and taxing jurisdictions with different tax rates.

由於不同稅率的收入和稅收管轄區的組合，實際稅率比上一年上升了 0.9 個百分點。

I will now discuss our financial position.

我現在將討論我們的財務狀況。

Our cash balance was 53 million at May 31, 2004, which is comparable to 53 million at our prior year-end February 29, 2004.

截至 2004 年 5 月 31 日，我們的現金餘額為 5300 萬美元，與 2004 年 2 月 29 日截止的 5300 萬美元相當。

Accounts receivable increased 19.3 million year-over-year with the sales increase of 15.8 million.

應收賬款同比增加1930萬，銷售額增加1580萬。

Accounts receivable days fell 62.8 days at May 31, 2004 compared to 66.3 days at May 31, 2003.

與 2003 年 5 月 31 日的 66.3 天相比，2004 年 5 月 31 日的應收賬款周轉天數減少了 62.8 天。

Inventories at May 31, 2004 only increased $1.8 million from February 29, 2004 and are down 20.3 million from May 31, 2003.

2004 年 5 月 31 日的存貨比 2004 年 2 月 29 日只增加了 180 萬美元，比 2003 年 5 月 31 日減少了 2030 萬美元。

In the prior year we accelerated inventory purchases and receipts in advance of anticipated ocean freight rate increases and built inventory levels of newly acquired skin and hair care brands.

在前一年，我們在預期的海運費率上漲之前加快了庫存採購和收貨，並建立了新收購的護膚和護髮品牌的庫存水平。

We anticipate significant seasonal inventory growth over the next few months as we prepare for our peak selling season during the second half of the calendar year.

我們預計未來幾個月季節性庫存會顯著增長，因為我們正在為日曆年下半年的銷售旺季做準備。

Shareholders equity increased $64 million to $368 million at May 31, 2004 compared to May 31, 2003.

與 2003 年 5 月 31 日相比，2004 年 5 月 31 日的股東權益增加了 6400 萬美元，達到 3.68 億美元。

I will now update you on our financing activities.

我現在將向您介紹我們的融資活動。

We closed the acquisition of OXO on June first.

我們於 6 月首次完成了對 OXO 的收購。

The $273 million purchase price was financed with a new five-year $75 million revolver loan and a $200 million bridge facility.

2.73 億美元的收購價格由一項新的 5 年期 7500 萬美元循環貸款和 2 億美元的過橋貸款融資。

The bridge facility was replaced with $225 million of floating-rate senior notes at the end of June.

6 月底，橋樑設施被 2.25 億美元的浮動利率優先票據取代。

We have $100 million of five-year notes, $50 million of seven-year notes and $75 million of ten-year notes.

我們有 1 億美元的五年期票據、5000 萬美元的七年期票據和 7500 萬美元的十年期票據。

Due to the attractive short-term interest rates, we have elected to have floating-rate debt.

由於具有吸引力的短期利率，我們選擇了浮動利率債務。

As of today we have paid down our $75 million revolver to zero.

截至今天，我們已將 7500 萬美元的左輪手槍還清為零。

This revolver facility is available for future borrowings.

此循環工具可用於未來借款。

We have the ability to fix the interest rate on this debt in the future if we choose.

如果我們願意，我們有能力在未來固定這筆債務的利率。

We continue to have our $55 million of fixed rate debt.

我們繼續持有 5500 萬美元的固定利率債務。

I will now turn it over to Chris Carameros, our Executive Vice President, for some additional comments.

我現在將其轉交給我們的執行副總裁 Chris Carameros，以徵求一些補充意見。

As we were reviewing the first-quarter results we came to the consensus that we needed to discuss our newest acquisition, OXO.

在審查第一季度業績時，我們達成共識，需要討論我們最新收購的 OXO。

We want the shareholders to know how excited we are about OXO being a part of Helen of Troy and what the acquisition will mean to the Company.

我們希望股東知道我們對 OXO 成為特洛伊海倫的一部分感到多麼興奮，以及此次收購對公司意味著什麼。

As we were thinking this over we concluded that I needed briefly discuss the overall company before I cover OXO.

當我們仔細考慮這個問題時，我們得出結論，在我介紹 OXO 之前，我需要簡要討論一下整個公司。

First, Helen of Troy has a professional clients category which is led by Art August our executive VP.

首先，Helen of Troy 有一個專業客戶類別，由我們的執行副總裁 Art August 領導。

Art and his team have built the number one professional brand, Hot Tools in the beauty and professional industry.

Art 和他的團隊打造了美容和專業行業的第一專業品牌 Hot Tools。

Next, is our retail appliance category.

接下來是我們的零售電器類別。

It consists of great global brands, such as Vidal Sassoon, Revlon, Sunbeam, Dr. Scholl's and recently Health-O-Meter.

它由偉大的全球品牌組成，例如 Vidal Sassoon、Revlon、Sunbeam、Dr. Scholl's 和最近的 Health-O-Meter。

Helen of Troy has grown these brands into market leader positions.

Helen of Troy 已將這些品牌發展成為市場領導者。

Next is our brush, comb, and accessory category, a business led by Alan Ames (ph) and Diane Mesonics (ph).

接下來是我們的刷子、梳子和配件類別，這是由 Alan Ames (ph) 和 Diane Mesonics (ph) 領導的業務。

Both these individuals are charged with revitalizing this category; we have great brand names such as Karina, Vidal Sassoon and Revlon.

這兩個人都負責振興這一類別。我們擁有 Karina、Vidal Sassoon 和 Revlon 等知名品牌。

We are excited about our recent addition of the Revlon brand name to the accessory area.

我們很高興最近在配件區添加了 Revlon 品牌名稱。

Helen of Troy, the Company who stays the course and is a top performer in a variety of market areas.

Helen of Troy，該公司堅持不懈，在多個市場領域都表現出色。

In addition, Helen of Troy consistently creates new innovative products.

此外，特洛伊的海倫不斷創造新的創新產品。

Examples of this are the Ionic hairdryer appliances which were recently extended into variable ion dryers.

這方面的例子是最近擴展到可變離子吹風機的離子吹風機設備。

Helen of Troy has also introduced other great products like numerous ceramic flat irons which are leaders in the category.

Helen of Troy 還推出了其他很棒的產品，例如該類別中的眾多陶瓷扁鐵。

These great innovative products are the results of many dedicated, hard-working professionals and the business partners in the U.S., Hong Kong and China led by Michael Carfare here in the U.S.

這些偉大的創新產品是許多敬業、勤奮的專業人士以及美國、香港和中國的商業夥伴的成果，邁克爾 Carfare 在美國領導。

Helen of Troy is a Company who innovates.

Helen of Troy 是一家不斷創新的公司。

Most of these appliance and hair care products are manufactured in the Far East under UL and Helen of Troy quality standards.

大多數這些器具和護髮產品都是在遠東地區根據 UL 和 Helen of Troy 質量標準生產的。

This sourcing and UL capability is monitored by our Hong Kong office of over 100 employees.

這種採購和 UL 能力由我們擁有 100 多名員工的香港辦事處監控。

Our Far East sourcing is led by Don and Roseanne Hall (ph) make sure that all products are delivered to various retailers around the world, on an on-time basis which is a constant challenge in today's retail market.

我們的遠東採購由 Don 和 Roseanne Hall (ph) 領導，確保所有產品按時交付給世界各地的各個零售商，這是當今零售市場的持續挑戰。

Helen of Troy is an efficient sourcing company with over 30 years of experience in the Far East that delivers products around the globe.

Helen of Troy 是一家高效的採購公司，在遠東地區擁有超過 30 年的經驗，在全球範圍內提供產品。

Next, Helen of Troy has an excellent finance team which is led by our CFO, Tom Benson.

其次，Helen of Troy 擁有一支優秀的財務團隊，由我們的首席財務官 Tom Benson 領導。

The team recently negotiated and closed a new financing at very favorable rates, (inaudible) 60 days of the contract date, included the long-term financing within thirty days of the closing date of the OXO transaction.

該團隊最近以非常優惠的利率談判並完成了一項新融資，合同日期後 60 天（聽不清），其中包括 OXO 交易結束後 30 天內的長期融資。

Again, Helen of Troy is a Company with great financial record, a strong balance sheet which will enable more internal growth and growth by acquisition.

同樣，Helen of Troy 是一家擁有良好財務記錄和強大資產負債表的公司，可以通過收購實現更多的內部增長和增長。

Helen of Troy sells and markets consumer products on a worldwide basis.

特洛伊的海倫在全球範圍內銷售和營銷消費品。

The international team in Europe is led by Kevin James, with offices in the UK, France, Hong Kong and Germany and Carlos Ravel (ph) in Latin America with offices in Mexico and Brazil.

歐洲的國際團隊由 Kevin James 領導，在英國、法國、香港和德國設有辦事處，拉丁美洲的 Carlos Ravel (ph) 在墨西哥和巴西設有辦事處。

Kevin's team has greatly increased Helen of Troy's market share over the last two years, meanwhile Carlos and his team have initiated great appliance business in Mexico and established Helen of Troy appliance brands along with Ammens powder and Brut, with major retailers in Mexico and Latin America over the last twelve months.

凱文的團隊在過去兩年大大提高了海倫特洛伊的市場份額，同時卡洛斯和他的團隊在墨西哥開創了偉大的家電業務，並與 Ammens powder 和 Brut 一起建立了海倫特洛伊家電品牌，與墨西哥和拉丁美洲的主要零售商合作在過去的十二個月裡。

Helen of Troy has a strong viable international capabilities.

特洛伊的海倫具有很強的國際生存能力。

Our grooming, hair care and skin care categories business located in Connecticut is led by Jack Jancin.

我們位於康涅狄格州的美容、護髮和護膚類別業務由 Jack Jancin 領導。

Jack and his team have taken some old and neglected brands and revitalized them with key retailer incentive programs, new product introductions backed with national TV and print advertising campaigns.

傑克和他的團隊採用了一些老牌和被忽視的品牌，並通過主要的零售商激勵計劃、在全國電視和平面廣告活動的支持下推出新產品來振興它們。

As an example was our recent launch of Vitalis men's shampoo and selling products and the future launch of Sea Breeze initiatives in the spring/summer of 2005.

例如，我們最近推出了 Vitalis 男士洗髮水和銷售產品，以及未來將在 2005 年春夏推出的 Sea Breeze 計劃。

Helen of Troy has a record of acquiring brands and/or companies with successful integration, growth and profitability.

Helen of Troy 擁有收購成功整合、增長和盈利的品牌和/或公司的記錄。

Helen of Troy has proven low-cost logistics capabilities with warehouses in the U.S., Canada, Mexico, Brazil, the UK, Hong Kong and Amsterdam.

Helen of Troy 在美國、加拿大、墨西哥、巴西、英國、香港和阿姆斯特丹設有倉庫，證明了其低成本的物流能力。

We have recently invested in new IT technology systems (indiscernible) with world wide web capabilities.

我們最近投資了具有萬維網功能的新 IT 技術系統（音頻不清晰）。

Helen of Troy's invested heavily in warehouse and IT infrastructure to enable growth within the company and for acquisitions.

Helen of Troy's 對倉庫和 IT 基礎設施進行了大量投資，以實現公司內部的增長和收購。

And lastly now, hot acquisition of OXO.

最後，現在是對 OXO 的熱門收購。

Everyone at Helen of Troy is excited about the OXO brand name along with the great people associated with the Company.

Helen of Troy 的每個人都對 OXO 品牌以及與公司相關的偉大人物感到興奮。

The OXO brand name is one of the few brands that goes beyond the kitchen and across the consumer's household.

OXO 品牌名稱是為數不多的超越廚房並遍及消費者家庭的品牌之一。

OXO has established product categories in the kitchen, bath, garage, cleaning, garden, and other parts of the home.

OXO 已在廚房、浴室、車庫、清潔、花園和家庭的其他部分建立了產品類別。

Further, OXO has great development potential.

此外，OXO 具有巨大的發展潛力。

An example of that is in the kitchen.

這方面的一個例子是在廚房裡。

OXO is the market leader in kitchen gadgets today and has a great potential to become a leader in upscale small kitchen appliances tomorrow.

OXO 是當今廚房用具的市場領導者，並且有很大的潛力成為明天高檔小型廚房電器的領導者。

In the garage and the house, OXO has limited tools today, we are currently exploring a great opportunity with a strong retail partner in developing hand tools for the home improvement category.

在車庫和房子裡，OXO 今天的工具有限，我們目前正在與一家強大的零售合作夥伴一起探索一個很好的機會，為家居裝修類別開發手動工具。

OXO plans to launch these new products in 2005.

OXO 計劃在 2005 年推出這些新產品。

This category is to provide for a large, meaningful increase in business over the next two years.

此類別將在未來兩年內提供大量有意義的業務增長。

Now we move to the bath.

現在我們去洗澡。

OXO has a substantial opportunity to enter the personal care category with professional quality features, targeting premium consumer channels.

OXO 有大量機會進入具有專業品質特徵的個人護理品類，目標是高端消費渠道。

Cleaning.

打掃。

OXO may consider the expense of established cleaning care products, electrical product offerings and this is just the beginning.

OXO 可能會考慮現有清潔護理產品、電子產品的費用，而這僅僅是個開始。

How does this all fit into Helen of Troy?

這一切如何融入特洛伊的海倫？

OXO, like Helen of Troy has a great position in current categories of business, with a great future and over 160 new products currently in the process development.

OXO 與特洛伊的海倫一樣，在當前的業務類別中佔有重要地位，前景廣闊，目前有 160 多種新產品正在開發中。

OXO will be able to expand into electrical kitchen and household cleaning product offerings by utilizing Helen of Troy's current UL and appliance sourcing capabilities.

OXO 將能夠利用 Helen of Troy 目前的 UL 和家電採購能力，擴展到電氣廚房和家用清潔產品供應。

OXO will begin to utilize Helen of Troy's vast sourcing capabilities in the Far East and has already begun to do so with the new handheld category mentioned above.

OXO 將開始利用 Helen of Troy 在遠東的巨大採購能力，並且已經開始使用上述新的手持設備類別。

OXO will begin to utilize Helen of Troy's international capabilities in Europe and Latin America beginning early in 2005.

OXO 將從 2005 年初開始在歐洲和拉丁美洲利用海倫特洛伊的國際能力。

OXO will utilize Helen of Troy's financial and accounting capabilities and transition over to Helen of Troy's information, warehouse and supply chain logistics systems in 2005.

OXO 將利用 Helen of Troy 的財務和會計能力，並在 2005 年過渡到 Helen of Troy 的信息、倉庫和供應鏈物流系統。

In summary, OXO is a great brand that can expand into new categories.

總之，OXO 是一個可以擴展到新品類的偉大品牌。

OXO will benefit from Helen of Troy's established Far East sourcing capabilities.

OXO 將受益於 Helen of Troy 已建立的遠東採購能力。

OXO will benefit in utilizing existing warehouse, IT and financial accounting support.

OXO 將受益於利用現有的倉庫、IT 和財務會計支持。

And OXO sales will benefit Helen of Troy's international sales offices and expertise.

OXO 的銷售將使 Helen of Troy 的國際銷售辦事處和專業知識受益。

OXO will continue to be led by Alex Lee as President and Larry Witt, Vice President of sales and market development located in New York City along with other current employees.

OXO 將繼續由總裁 Alex Lee 和位於紐約市的銷售和市場開發副總裁 Larry Witt 以及其他現任員工領導。

We are really excited about OXO and think it's a great acquisition.

我們對 OXO 感到非常興奮，認為這是一次偉大的收購。

Thank you, Chris and Tom.

謝謝你們，克里斯和湯姆。

I would now like to open up the conference for questions.

我現在想開始會議提問。

(OPERATOR INSTRUCTIONS) Gary Giblen from C. L. King.

（操作員說明）來自 C. L. King 的 Gary Giblen。

Hi, good morning.

早上好。

Good results everybody.

大家好結果。

Thanks, Gary.

謝謝，加里。

A lot of retailers had weak numbers in June and Central Garden had indicated a big decline, a sort of cliff-like decline that's in the gardening orders from retailers.

許多零售商在 6 月份的數據都很疲軟，而中央花園則表示大幅下降，零售商的園藝訂單出現了斷崖式的下降。

So your guidance seems to indicate that nothing is changing in the business.

所以你的指導似乎表明業務沒有任何變化。

So what gives you the confidence, Gerry, that either the consumer nor the retailer buy in will slow down given what seems to be happening in consumer land now?

那麼，是什麼讓你有信心，Gerry，考慮到消費領域現在似乎正在發生的事情，消費者和零售商的購買速度都會放緩？

As you know we talked about previously we introduced a lot of products at the Housewares Show in March; that used to be January in Chicago.

如您所知，我們之前談到過我們在 3 月份的家庭用品展上推出了很多產品；那曾經是芝加哥的一月。

And we know the placements that we have with major retailers throughout the country.

我們知道我們與全國主要零售商的展示位置。

And we have more placements with major retailers throughout the country, so we are optimistic that these products will sell better.

並且我們在全國主要零售商處有更多的展示位置，因此我們樂觀地認為這些產品會賣得更好。

As I mentioned, only Wal-Mart in my comments, but the other major retailers all their sales are up with us.

正如我提到的，在我的評論中只有沃爾瑪，但其他主要零售商的所有銷售額都與我們一致。

Our products are moving.

我們的產品正在移動。

We have innovative products, good price points, and we supply products on time.

我們有創新的產品，良好的價格點，我們按時供應產品。

And nothing can be assured 100 percent, but based on past performance we're going to have a good rest of the year.

沒有什麼是可以 100% 確定的，但根據過去的表現，我們將在今年剩下的時間裡過得很好。

Okay, and to what agree are orders locked in?

好的，訂單鎖定是為了達成什麼共識？

In other words, if it looks like some people have found that Wal-Mart is canceling orders because it is just stopping their expected purchases.

換句話說，如果看起來有些人發現沃爾瑪正在取消訂單，因為它只是停止了他們預期的購買。

But how many months of orders are already locked in, or how sensitive are you to that conceivable thing, although I understand what you're saying about your products having strong sell through.

但是已經鎖定了多少個月的訂單，或者你對那個可以想像的事情有多敏感，儘管我理解你所說的關於你的產品銷售強勁的意思。

But if something happened, would it affect July sales, or would it be something that wouldn't happen until October (inaudible) from the Helen of Troy standpoint?

但如果發生什麼事，它會影響 7 月的銷售，還是從海倫特洛伊的角度來看直到 10 月（聽不清）才會發生？

We received most of our orders from our customers on a POS basis.

我們以 POS 方式收到客戶的大部分訂單。

As they sell it, we receive the orders.

當他們出售它時，我們收到訂單。

As I mentioned we do have more placements and on product and more shelf space than we've ever had.

正如我所提到的，我們確實擁有比以往更多的展示位置和產品以及更多的貨架空間。

Also, we also have some new customers, the higher end department stores that we will have this fall with our Health-O-Meter.

此外，我們還有一些新客戶，今年秋天我們將在高端百貨商店使用我們的 Health-O-Meter。

So overall we don't get our orders three or four months in advance.

所以總的來說，我們不會提前三四個月收到訂單。

We get them as they sell it, but we know with placement and history that we will have an 8 to 10 percent increase just in our core business along with all the other new products, the OXO and the Brut that we have that we didn't have last year.

我們在銷售時得到它們，但我們知道，根據佈局和歷史，我們將在我們的核心業務以及所有其他新產品、我們擁有但我們沒有的 OXO 和 Brut 中實現 8% 到 10% 的增長。去年沒有。

Great, and thanks for the info on OXO in the remarks.

太好了，感謝您在評論中提供有關 OXO 的信息。

Thank you.

謝謝。

Doug Lane from Avondale Partners.

Avondale Partners 的 Doug Lane。

Gerry, can you talk about -- or Chris -- on the OXO acquisition, what do you see as far as cross marketing because the channel is a little bit different than what you're used to in the core appliance business.

Gerry，你能談談——或 Chris——關於 OXO 的收購，你對交叉營銷有何看法，因為該渠道與你在核心家電業務中習慣的渠道有點不同。

Is there any sort of (inaudible) maybe take the core business and the different channels or take the OXO business and some of your existing channels on the retail side?

是否有任何類型的（聽不清）可能會採用核心業務和不同的渠道，或者採用 OXO 業務和零售方面的一些現有渠道？

As Chris mentioned, the OXO name is so good throughout the house, so we are planning on expanding it to as many of the categories that we are in because of our capabilities of making it in the Orient.

正如 Chris 提到的，OXO 這個名字在整個公司都非常受歡迎，因此我們計劃將它擴展到我們所處的許多類別，因為我們有能力在東方製造它。

So yes, the answer is we will have some of that.

所以是的，答案是我們會有一些。

On the other hand, the kitchen appliances are in the kitchen section of the stores, and this makes us stronger with the retailer.

另一方面，廚房用具在商店的廚房部分，這使我們與零售商的關係更加緊密。

We are selling more and more product to retailers throughout the country, and that was our goal in acquiring OXO and also with the other brands that we purchased from P&G and Unilever.

我們向全國各地的零售商銷售越來越多的產品，這是我們收購 OXO 以及我們從寶潔和聯合利華購買的其他品牌的目標。

We are a very good supplier.

我們是一個非常好的供應商。

We are value added to the retailer, and that is our goal to sell more and more products; in which categories they are going to be, of course will be expanded.

我們為零售商增值，這是我們銷售越來越多產品的目標；他們將屬於哪些類別，當然會得到擴展。

We want to be in more places in the store, not only with what we have but things that we have planned, and of course with the OXO we want to be in all categories of retailers from the high end to the mass merchants to the warehouse clubs.

我們希望在商店的更多地方，不僅有我們擁有的東西，還有我們計劃好的東西，當然我們希望通過 OXO 進入從高端到大眾商戶再到倉庫的所有類別的零售商俱樂部。

And we expect to sell as many products as we can with them.

我們希望通過它們銷售盡可能多的產品。

I assume then with Wal-Mart going from 28 percent down to 22, 24 percent that is because OXO does not have a very big business with Wal-Mart; do they have any business with Wal-Mart?

我假設沃爾瑪從 28% 下降到 22%，24% 那是因為 OXO 與沃爾瑪沒有很大的業務；他們和沃爾瑪有生意嗎？

At present, they don't sell them anything.

目前，他們不賣任何東西。

So if I am, excuse me, if I am going to look at the opportunity for OXO and Wal-Mart, is it going to be in the newer categories, or can you take what they sell to linens and Bed Bath and move that into Wal-Mart?

所以，如果我是，對不起，如果我要看看 OXO 和沃爾瑪的機會，它會屬於更新的類別，還是你可以把他們賣給亞麻製品和床上用品的東西轉移到沃爾瑪？

That's going to be tough I imagine because of the positioning.

由於定位，我想這會很艱難。

Yea, at the present time I can't comment other than to tell you that their products currently are not offered at Wal-Mart, and leave it at that.

是的，目前我只能告訴你他們的產品目前不在沃爾瑪提供，我只能這樣說。

What about the other way do you think you can come up with a more premium -- on the personal care appliance because you don't have much business with Bed Bath and Linens right now, is that correct?

你認為你可以想出更多溢價的另一種方式怎麼樣 - 在個人護理設備上，因為你現在與 Bed Bath 和 Linens 沒有太多業務，對嗎？

No, we are growing very, very well with them.

不，我們和他們一起成長得非常非常好。

But our offerings are going to them increases with the OXO, which are a very good customer of ours.

但是我們的產品將隨著 OXO 的增加而增加，他們是我們的非常好的客戶。

Okay, okay and just from a matter of modeling is OXO -- what kind of tax rate should we put on OXO?

好吧，好吧，從建模的角度來看，OXO——我們應該對 OXO 徵收什麼樣的稅率？

Is that going to be part of the Bermuda (ph) infrastructure or is it going to be like Tactica (indiscernible) a U.S. company?

這會成為百慕大 (ph) 基礎設施的一部分，還是會像美國公司 Tactica（音頻不清晰）一樣？

It should have the effect of the same tax structure as we have.

它應該具有與我們相同的稅收結構的效果。

Okay.

好的。

And are you guys not talking about North America and international or do we have to wait for the Q for that?

你們不是在談論北美和國際嗎，還是我們必須等待 Q？

This is Tom Benson.

這是湯姆·本森。

The Q will be out, and as you will see in the Q we have realigned our segments so we will no longer be talking about North America and international in the future.

Q 將會發布，正如您將在 Q 中看到的那樣，我們已經重新調整了我們的細分市場，因此我們未來將不再談論北美和國際市場。

We're going to be talking about personal care area.

我們將談論個人護理領域。

And then with OXO we will be talking about household product area.

然後我們將與 OXO 討論家居產品領域。

Is it going to be just two segments?

它會只是兩個部分嗎？

Yes.

是的。

And the Q is going to be filed later today.

Q 將在今天晚些時候提交。

And lastly, Tom, on the debt, what is the rate that you got on the five-year, seven-year and ten-year notes?

最後，湯姆，關於債務，五年期、七年期和十年期票據的利率是多少？

The rate is a three-month LIBOR, and it will reset every three months, and there is a margin above that, either 85 or 90 basis points, depending upon which group of debt it is.

該利率是三個月期倫敦銀行同業拆借利率，每三個月重置一次，在此之上有 85 或 90 個基點的差額，具體取決於債務組別。

Okay and if you were going to fix that today, what kind of fixed-rate do you think you could get?

好吧，如果你今天要解決這個問題，你認為你可以獲得什麼樣的固定利率？

In the 4 to 5 percent range, probably.

可能在 4% 到 5% 的範圍內。

Okay, thank you.

好的謝謝。

Justin Boisseau from Gates Capital Management.

蓋茨資本管理公司的 Justin Boisseau。

Just wanted to make sure I understood the tax rate; should we assume that its around 18.4 percent for the whole year?

只是想確保我了解稅率；我們是否應該假設全年約為 18.4%？

Yes, I would assume we always have said in the past we have a tax rate of 16 to 18 percent, but I would assume 18 percent.

是的，我假設我們過去總是說我們的稅率是 16% 到 18%，但我假設是 18%。

Okay, and what was your CAPEX for the quarter and what would you expect it to be for the year?

好的，您本季度的資本支出是多少？您預計今年的資本支出是多少？

Let me just take a look at it real quick.

讓我快速看一下。

Our capital expenditures for the quarter were about $2.5 million, and the current major item we are finishing is our Oracle implementation.

我們本季度的資本支出約為 250 萬美元，目前我們正在完成的主要項目是我們的 Oracle 實施。

Other than that we don't have any current major capital expenditures anticipated.

除此之外，我們目前沒有任何預期的主要資本支出。

I believe in our prior conference call we set a level of $5 to $7 million annual level would be something to use for modeling.

我相信在我們之前的電話會議中，我們設定了每年 5 到 700 萬美元的水平將用於建模。

Okay.

好的。

This is Jack (indiscernible).

這是傑克（音頻不清晰）。

Does your guidance for the year include any additional business from OXO at Wal-Mart?

您今年的指導是否包括沃爾瑪 OXO 的任何其他業務？

No, it does not and we have not entertained the fact of going to Wal-Mart.

不，它沒有，我們也沒有接受去沃爾瑪的事實。

Okay, thanks.

好的謝謝。

Mimi Sokolowski from Sidoti & Co.

來自 Sidoti & Co. 的 Mimi Sokolowski。

I was wondering if you guys could provide for us same-store sales figures x-ing out the new stores at Wal-Mart, etc. is opening, do you have a core growth rate?

我想知道你們是否可以為我們提供同店銷售數據 x-ing 出沃爾瑪等新店正在開業，你們有核心增長率嗎？

We don't have those numbers available.

我們沒有這些可用的數字。

We know that overall it has been double-digit so far this year, and we expect it to continue to be double-digit.

我們知道今年到目前為止總體上是兩位數，我們預計它會繼續保持兩位數。

Okay, and I also wanted to ask you about the projection for the second quarter.

好的，我也想問你關於第二季度的預測。

It does look like it is possible that sales growth could outpace earnings growth.

看起來銷售增長確實有可能超過盈利增長。

What is going on there that, or what is going on now that that might be a possibility?

那裡發生了什麼，或者現在發生了什麼可能？

It's always a possibility although at the present time we are not saying that it is.

這總是有可能的，儘管目前我們並沒有說它是。

There is increased advertising on a lot of our products, but I don't know that that's actually going to happen when we do finish the quarter.

我們很多產品的廣告都在增加，但我不知道當我們完成這個季度時，這是否真的會發生。

We will just have to wait and see how the quarter grows.

我們只需要拭目以待，看看該季度的增長情況。

We are expecting sales growth for the quarter of somewhere around 29 to 33 percent.

我們預計本季度的銷售增長率約為 29% 至 33%。

We're expecting strong sales growth.

我們期待強勁的銷售增長。

It looks like EPS growth is in the range of 5 unless my numbers are wrong, anywhere between 5 and 17 percent.

除非我的數字有誤，否則每股收益增長看起來在 5% 到 17% 之間。

(inaudible) that the amount of shares outstanding currently over last year is somewhere up about 9 percent, so that needs to be taken into consideration also.

（聽不清）目前已發行的股票數量比去年增加了約 9%，因此也需要考慮這一點。

If you're just doing EPS.

如果你只是做EPS。

If you are doing it on operating profit, it should be up the same as the sales.

如果你是根據營業利潤來做的，它應該和銷售額一樣。

I think that is it.

我想就是這樣。

Thank you.

謝謝。

Mike Carlotti from Palomar Capital.

來自 Palomar Capital 的 Mike Carlotti。

The noncore sales in the quarter, I think you said 9.2 million.

本季度的非核心銷售額，我想你說的是 920 萬。

What was that included, was that just Brut?

那包括什麼，那隻是布魯特嗎？

It was 9.2 million, and it is the Brut sales.

是 920 萬，是 Brut 的銷量。

Okay, so Brut only.

好吧，只有布魯特。

What was cash flow from operations?

經營活動產生的現金流量是多少？

We do not discuss that.

我們不討論那個。

It will be in the Q when that is filed.

提交時它將在 Q 中。

Okay, and how about corporate expenses for the quarter versus last year, do you disclose that?

好的，與去年相比，本季度的公司支出如何，你透露了嗎？

All those details will be in the Q.

所有這些細節都將在 Q 中。

Okay.

好的。

Thank you.

謝謝。

Jason Henshaw (ph) from Great Specialized Funds.

來自 Great Specialized Funds 的 Jason Henshaw (ph)。

Nice job on the quarter guys; a couple of quick questions here.

四分之一的傢伙幹得好；這裡有幾個簡單的問題。

With the OXO as far as what sort of integration needs to be done or to what level, can you talk about what the timeline will be and when you anticipate full integration for OXO?

關於 OXO 需要進行什麼樣的集成或集成到什麼級別，您能談談時間表是什麼以及您預計 OXO 何時完全集成嗎？

As I mentioned, we are utilizing World Kitchens existing systems to do the warehouse billing and shipping at this point in time.

正如我所提到的，我們目前正在利用 World Kitchens 現有系統進行倉庫計費和運輸。

We are implementing Oracle (indiscernible) we want to get to that implementation first.

我們正在實施 Oracle（音頻不清晰），我們希望首先實現該實施。

And as I said earlier we're planning on getting all that infrastructure transitioned in the first part of 2005.

正如我之前所說，我們計劃在 2005 年上半年完成所有基礎架構的轉換。

So you anticipate switching over to the Oracle system in early '05 is that right?

所以您預計在 05 年初切換到 Oracle 系統，對嗎？

Actually switching OXO over to Oracle in 2005.

實際上在 2005 年將 OXO 轉移到了 Oracle。

We're going to doing the Oracle transition within this next quarter.

我們將在下個季度內進行 Oracle 過渡。

Any other sort of integration required beyond sort of switching the system over?

除了切換系統之外，還需要任何其他類型的集成嗎？

No.

不。

Actually just utilizing our Far East and Hong Kong offices to help start doing the sourcing.

實際上只是利用我們的遠東和香港辦事處來幫助開始採購。

Okay, great.

好的，太好了。

Next question would be if we look at I think you gave CAPEX guidance for the full year, if you look at cash flow for fiscal 2005, working capital assumptions do you think would be reasonable given the OXO business given some of the other moving parts?

下一個問題是，如果我們看一下我認為您給出了全年的資本支出指導，如果您看一下 2005 財年的現金流量，考慮到 OXO 業務以及其他一些移動部分，您認為營運資本假設是否合理？

OXO's business is consistent with ours, so you can just take a look at that.

OXO的業務和我們是一致的，你看一下就可以了。

Doug Lane from Avondale Partners.

Avondale Partners 的 Doug Lane。

Just two quick follow-ups.

只是兩個快速跟進。

Given that softness at the end of June just in general at retail in the channels where you sell, can you just give us some characterization of how your business has been so far this quarter vis-a-vis expectations?

鑑於 6 月底在您銷售的渠道中零售業普遍表現疲軟，您能否向我們介紹一下本季度迄今為止您的業務相對於預期的情況？

And then my second part is you had a really good November quarter last year, and are you modeling in sales growth on top of a very strong November season last year?

然後我的第二部分是你去年 11 月的季度表現非常好，你是否在去年非常強勁的 11 月季度的基礎上模擬銷售增長？

As I mentioned in my comments everybody seems to be concerned about retail sales, and yet our retail sales have been very, very strong.

正如我在評論中提到的那樣，每個人似乎都關心零售額，但我們的零售額一直非常非常強勁。

I mentioned our top customer;

我提到了我們的頂級客戶；

I can mention others, which the sales growth is very, very strong.

我可以提到其他人，銷售增長非常非常強勁。

We didn't see any slowdown in June.

我們沒有看到 6 月份有任何放緩。

Our sales were strong so far.

到目前為止，我們的銷售很強勁。

Our quarter is June, July and August.

我們的季度是六月、七月和八月。

Sales are strong.

銷售強勁。

We would not be coming out and saying sales are going to be up for the quarter 29 to 33 percent if sales were not strong.

如果銷售不強勁，我們不會出來說本季度的銷售額將增長 29% 到 33%。

And we are looking for a great third quarter.

我們正在尋找一個偉大的第三季度。

Third quarter, of course is our largest quarter.

第三季度，當然是我們最大的季度。

We're very, very optimistic because of all the new planogram changes that have planned that we think we're going to have increased sales.

我們非常、非常樂觀，因為所有新的貨架圖變化都已計劃好，我們認為我們會增加銷量。

So whether we're doing better than the norm or that's the way we operate the business we expect a good, strong second quarter and third quarter and fourth quarter otherwise we would not be predicting these kinds of numbers.

因此，無論我們做得好於常態，還是我們經營業務的方式，我們都希望第二季度、第三季度和第四季度表現良好、強勁，否則我們不會預測這些數字。

Mike Carlotti from Palomar Capital.

來自 Palomar Capital 的 Mike Carlotti。

Just a follow up question on the 29 to 33 percent sales growth for Q2.

只是關於第二季度 29% 到 33% 的銷售增長的後續問題。

If you exclude OXO, which will be I guess a full quarter of impact -- Brut and I guess any other acquisitions that were made that weren't -- were made actually after the second quarter of last year, what would be the core revenue growth that you are expecting?

如果你排除 OXO，我猜這將是整個季度的影響——布魯特和我猜任何其他沒有進行的收購——實際上是在去年第二季度之後進行的，那麼核心收入是多少您期望的增長？

Can you break out your expectations for OXO?

你能打破你對OXO的期望嗎？

I mentioned that in my comments also that our business will be up at least 8 to 10 percent.

我在評論中還提到，我們的業務將至少增長 8% 到 10%。

Okay, so the rest would be OXO and Brut?

好的，剩下的就是 OXO 和 Brut？

Yes.

是的。

There are no further questions in queue.

隊列中沒有其他問題。

Thank you everybody for listening to our first quarter conference call, and we would love to have you back in our second quarter.

感謝大家收聽我們的第一季度電話會議，我們很樂意讓您回到我們的第二季度。

Thank you all.

謝謝你們。

Ladies and gentlemen, if you wish to access the replay of this call you may do so by dialing 1-800-428-6051 or 973-709-2089 with a pass code ID number of 364223.

女士們，先生們，如果您想收聽本次通話的重播，可以撥打 1-800-428-6051 或 973-709-2089，密碼 ID 號碼為 364223。

This concludes our conference call for today.

我們今天的電話會議到此結束。

Thank you all participants, and have a nice day.

感謝所有參與者，祝你有美好的一天。

All parties may disconnect now.

各方現在可以斷開連接。