Helen of Troy Ltd (HELE) 2005 Q3 法說會逐字稿

Good morning and welcome ladies and gentlemen to the Helen of Troy third quarter earnings conference call for fiscal 2005. (OPERATOR INSTRUCTIONS).

早上好，歡迎女士們先生們參加 Helen of Troy 2005 財年第三季度收益電話會議。（操作員說明）。

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 third quarter earnings conference call for fiscal year 2005.

大家早上好，歡迎來到 Helen of Troy 的 2005 財年第三季度收益電話會議。

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'll review our forward-looking statement briefly.

我們將簡要回顧我們的前瞻性聲明。

Following that, Mr. Rubin will discuss our third quarter earnings release and related results of operations 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.

之後，Rubin 先生將討論我們第三季度的收益發布和 Helen of Troy 的相關運營結果，隨後我們的首席財務官 Tom Benson 將對我們本季度的損益表和資產負債表進行財務審查。

And finally we'll open it up for questions and answers for those of you with any further questions.

最後，我們將開放它供有任何進一步問題的人提問和回答。

Safe Harbor.

避風港。

This conference call may contain certain forward-looking statements that are based on management's current expectations 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 and uncertainties could cause actual results to differ materially from historical or anticipated results.

許多風險和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。

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

一般來說，預期、相信、期望和其他類似的詞可以識別前瞻性陳述。

The Company cautions listeners not to place -- to not place undue reliance on the 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-Qs for the quarters ended May 31, August 31 and November 30, 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 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31 日和 2004 年 11 月 30 日。

Before I turn the conference 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，我們的網站 www.hotus.com 上已經發布了一份今天的收益報告。

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

可以通過選擇主頁上的“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、首席執行官兼總裁杰拉爾德魯賓先生。

Thank you, Bob, and good morning to everybody.

謝謝你，鮑勃，大家早上好。

Today Helen of Troy reported record sales and net earnings for the third quarter and nine months ending big November 30, 2004.

今天，Helen of Troy 公佈了截至 2004 年 11 月 30 日的第三季度和九個月的創紀錄銷售額和淨收益。

Sales in the third quarter increased 24 percent to a record 205,682,000 from sales of 165,386,000 for the third quarter of the prior year.

第三季度的銷售額從去年第三季度的 165,386,000 輛增長 24% 至創紀錄的 205,682,000 輛。

Third quarter record net earnings increased by a strong gain of 24 percent to 31,135,000 or 97 cents per diluted share from $25 million or 78 cents per diluted share for the same period a year earlier, Including a 3 cents per diluted share loss from discontinued operations of Tactica International.

第三季度創紀錄的淨收益從去年同期的 2500 萬美元或每股攤薄收益 78 美分強勁增長 24% 至 31,135,000 美元或每股攤薄收益 97 美分，其中包括終止經營的每股攤薄收益 3 美分戰術國際。

Income from continuing operations increased by 20 percent to $31,135,000 or 97 cents per diluted share from 25,933,000 or 81 cents per diluted share for the same period a year earlier.

來自持續經營業務的收入從去年同期的 25,933,000 美元或每股攤薄收益 81 美分增長 20% 至 31,135,000 美元或每股攤薄收益 97 美分。

Nine-month sales increased 25 percent to a record 453,932,000 from sales of 361,957,000 in the previous year.

前九個月的銷售額從去年的 361,957,000 輛增長 25% 至創紀錄的 453,932,000 輛。

Fiscal year to date net earnings increased 22 percent to 64,466,000 or $1.98 per diluted share versus $53 million or $1.71 per diluted share from the comparable period last fiscal year, including a penny and 7 cents per diluted share loss from continued operations of Tactica International, Inc. respectively.

本財年迄今淨收益增長 22% 至 64,466,000 美元或攤薄後每股收益 1.98 美元，而上一財年同期為 5300 萬美元或攤薄後每股收益 1.71 美元，其中包括 Tactica International, Inc 持續運營造成的每股攤薄收益 1 美分和 7 美分的虧損。 分別。

Income from continuing operations increased 17 percent to 64,688,000 or $1.99 per diluted share versus 55,264,000 or $1.78 per diluted share in the comparable period last fiscal year.

持續經營收入增長 17% 至 64,688,000 美元或每股攤薄收益 1.99 美元，而上一財年同期為 55,264,000 美元或每股攤薄收益 1.78 美元。

Last year's nine-month -- last year's nine-month earnings included a onetime non-operating gain from litigation proceeds in the pretax amount of 2.6 million or 8 cents per diluted share.

去年的九個月 - 去年的九個月收益包括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。

I'm extremely pleased with our excellent sales and earnings results during the third quarter in the first nine months of the fiscal year.

我對本財年前九個月第三季度出色的銷售和收益結果感到非常滿意。

Sales remained strong this holiday season.

這個假期銷售依然強勁。

And this is the first quarter in our 37 year history of which sales have exceeded $200 million.

這是我們 37 年曆史上銷售額超過 2 億美元的第一個季度。

It was just a few years ago that $200 million was actually a good year.

就在幾年前，2 億美元實際上是一個好年頭。

Our overall outstanding performance is driven by our ability to provide the customer a large variety of quality products.

我們的整體出色表現源於我們為客戶提供種類繁多的優質產品的能力。

And we believe that we're the market leader in new product development and innovation.

我們相信我們是新產品開發和創新的市場領導者。

Sales leaders for the third quarter included our domestic and international retail Personal Care products, household consumer products, and grooming, skin and hair care products.

第三季度的銷售領先者包括我們的國內和國際零售個人護理產品、家庭消費品以及美容、皮膚和頭髮護理產品。

This quarter marks the 38th of 43 quarters in which sales and earnings from continuing operations exceeded prior year results.

本季度是 43 個季度中的第 38 個季度，持續經營業務的銷售額和收益超過了上一年的結果。

Retailers have told us that they had strong sales in our products for the Christmas season.

零售商告訴我們，他們在聖誕節銷售我們的產品。

And our December sales for Helen of Troy, which starts off our fourth quarter, were record sales for us also.

我們從第四季度開始的《特洛伊海倫》12 月的銷售額也創下了我們的銷售記錄。

For the fourth quarter ending February 28, 2005 we currently expect overall sales to be in the range of 136 million to 146 million, compared to last year's fourth quarter sales of 113 million, or an increase of 20 to 29 percent.

對於截至 2005 年 2 月 28 日的第四季度，我們目前預計整體銷售額將在 1.36 億至 1.46 億之間，而去年第四季度的銷售額為 1.13 億，即增長 20% 至 29%。

Earnings per share for the fourth quarter currently are expected to be in the range of 58 cents to 63 cents per diluted share versus the prior year's fourth quarter earnings from continuing operations of 50 cents per diluted share, an increase of 16 to 26 percent.

目前預計第四季度每股攤薄收益為 58 美分至 63 美分，而去年第四季度的持續經營每股攤薄收益為 50 美分，增幅為 16% 至 26%。

Sales are currently expected to be in the range of 590 million to 600 million for the fiscal year ending February 28, 2005, with earnings per share from continuing operations anticipated to be the range of $2.57 to $2.62 per diluted share.

目前預計截至 2005 年 2 月 28 日的財政年度銷售額將在 5.9 億至 6 億之間，來自持續經營的每股收益預計為稀釋後每股 2.57 至 2.62 美元。

We are currently forecasting sales for next fiscal year beginning March 1, 2005 in the range of 645 to 660 million.

我們目前預測從 2005 年 3 月 1 日開始的下一個財政年度的銷售額在 645 至 6.6 億之間。

We're also initiating next year's fiscal earnings per share guidance to be between $2.90 to $3 per diluted share.

我們還將明年的每股財政收益指引定為每股攤薄收益 2.90 美元至 3 美元。

I would now like to turn this conference call over to Tom Benson, our CFO, who will review the financial results.

我現在想把這個電話會議轉交給我們的首席財務官湯姆本森，他將審查財務結果。

Thank you, Jerry, and good morning to everyone.

謝謝你，傑里，大家早上好。

We're all pleased with our record operating performance for the third quarter.

我們對第三季度創紀錄的經營業績感到非常滿意。

Third-quarter sales grew 24.4 percent year-over-year.

第三季度銷售額同比增長 24.4%。

The net sales in the third quarter of fiscal 2005 were 205.7 million compared to 165.4 million in the prior year quarter.

2005 財年第三季度的淨銷售額為 2.057 億美元，上年同期為 1.654 億美元。

This represents an increase of $40.3 million, which is a 24.4 percent increase.

這意味著增加了 4030 萬美元，即增加了 24.4%。

However, more importantly our third quarter operating income increased by 35.2 percent year-over-year.

然而，更重要的是，我們第三季度的營業收入同比增長了 35.2%。

Operating income for the third quarter in fiscal 2005 was 42.8 million, 20.8 percent of sales.

2005 財年第三季度營業收入為 4280 萬美元，佔銷售額的 20.8%。

The operating income for the third quarter in fiscal 2004 was 31.7 million, 19.2 percent of sales.

2004 財年第三季度營業收入為 3170 萬美元，佔銷售額的 19.2%。

This is an increase of $11.1 million, a 35.2 percent increase and a 1.6 percentage point increase in the operating income margin.

這增加了 1110 萬美元，增加了 35.2%，營業利潤率增加了 1.6 個百分點。

Third-quarter income from continuing operations improved 20.1 percent in dollar terms year-over-year.

第三季度來自持續經營業務的收入以美元計算同比增長 20.1%。

Income from continuing operations was 31.1 million in the third quarter of fiscal 2005 compared to 25.9 million in the prior year fiscal quarter.

2005 財年第三季度來自持續經營業務的收入為 3110 萬美元，上年同期為 2590 萬美元。

This is an increase of $5.2 million, a 20.1 percent increase.

這增加了 520 萬美元，增幅為 20.1%。

Third quarter earnings from continuing operations per diluted share were 97 cents for the third quarter of this fiscal year compared to 81 cents for the third quarter of the prior fiscal year.

本財年第三季度持續經營每股攤薄收益為 97 美分，而上一財年第三季度為 81 美分。

This represents a 16 cent increase, which is a 19.8 percent increase.

這表示增加了 16 美分，即增加了 19.8%。

During the third quarter ended November 30, 2003 (ph) we had a loss from discontinued operations net of taxes of 871,000 related to the Tactica business which was sold in April 2004.

在截至 2003 年 11 月 30 日的第三季度中，扣除與 2004 年 4 月出售的 Tactica 業務相關的稅款後，我們的停業業務虧損淨額為 871,000 美元。

This had a 3 cents negative impact on diluted earnings per share.

這對稀釋後的每股收益產生了 3 美分的負面影響。

No gain or loss from discontinued operations was recorded in the quarter ended November 30, 2004.

在截至 2004 年 11 月 30 日的季度中，沒有記錄終止業務的收益或損失。

Diluted earnings per share after discontinued operations was 97 cents for the third quarter of this fiscal year compared to 78 cents in the third quarter in the prior year.

本財年第三季度終止經營後的每股攤薄收益為 97 美分，而去年第三季度為 78 美分。

This is a 19 cent increase, a 24.4 percent increase.

這是 19 美分的增幅，增幅為 24.4%。

During the quarter ended November 30, 2004 we had two items that are non-recurring in nature.

在截至 2004 年 11 月 30 日的季度中，我們有兩個非經常性項目。

Both items relate to the Tactica business which was sold in April of 2004.

這兩項都與 2004 年 4 月出售的 Tactica 業務有關。

As part of the sales proceeds we received a security that had a 1 year restriction before we could sell it.

作為銷售收益的一部分，我們收到了在我們可以出售之前有 1 年限制的證券。

This security has had a reduction in value, and we have provided for a $2.6 million loss in other income this quarter.

該證券的價值有所下降，我們已為本季度的其他收入損失 260 萬美元做好準備。

Tactica has recently filed bankruptcy and we have also provided a $400,000 bad debt reserve for accounts -- excuse me, for amounts they owe us -- they owed us at the time of bankruptcy.

Tactica 最近申請破產，我們還為賬戶提供了 400,000 美元的壞賬準備金——對不起，他們欠我們的金額——他們在破產時欠我們的。

Together these items are 3 million pretax and approximately 2.3 million after-tax, which resulted in a 7 cent per diluted share negative impact.

這些項目合計為稅前 300 萬美元和稅後約 230 萬美元，導致每股攤薄收益 7 美分的負面影響。

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。

At June 1, 2004 we acquired certain assets and liabilities of OXO International for 273 million.

2004年6月1日，我們以2.73億美元的價格收購了OXO International的部分資產和負債。

OXO is a leader in providing innovative consumer products, tools in a variety of areas including kitchen, cleaning, barbecue, barware, garden, automotive, storage and organization.

OXO 是在廚房、清潔、燒烤、酒具、花園、汽車、存儲和組織等各個領域提供創新消費產品和工具的領導者。

Brands that we sell include OXO Good Grips, OXO Steel, OXO Good Grips I Series and OXO Softworks.

我們銷售的品牌包括 OXO Good Grips、OXO Steel、OXO Good Grips I 系列和 OXO Softworks。

This business will be referred to as our housewares segment.

該業務將被稱為我們的家庭用品部門。

Our other segment is our Personal Care segment and includes the following product lines, appliances.

我們的另一個部門是我們的個人護理部門，包括以下產品線、電器。

Products in this group include curling irons, thermal brushes, hair straighteners, hair dryers, massagers, combs, spa products, foot baths and electric clippers and trimmers.

此組中的產品包括捲髮器、熱刷、直發器、吹風機、按摩器、梳子、水療產品、足浴盆和電動推剪和修剪器。

Key brands in appliance include Revlon, Sunbeam, Vidal Sassoon, Hot Tools, Wigo and Dr. Scholl's.

主要家電品牌包括 Revlon、Sunbeam、Vidal Sassoon、Hot Tools、Wigo 和 Dr. Scholl's。

Grooming, skin care and hair products are included in the Personal Care segment and consist of the following brands, Vitalis, Sea Breeze, Ammens, Condition 3-in-1, Final Net, Vitapointe, Brut, Epil-stop, TimeBlock and Skin Milk.

美容、護膚和美髮產品包括在個人護理領域，由以下品牌組成：Vitalis、Sea Breeze、Ammens、Condition 3-in-1、Final Net、Vitapointe、Brut、Epil-stop、TimeBlock 和 Skin Milk .

Brushes, combs and accessories are also included in the Personal Care segment.

刷子、梳子和配件也包括在個人護理領域。

Key brands in the product category include Revlon, Vidal Sassoon and Karina.

產品類別中的主要品牌包括 Revlon、Vidal Sassoon 和 Karina。

The Company's quarterly net sales were 205.7 million for fourth quarter 3 this fiscal year compared to 165.4 million in the prior year third fiscal quarter.

公司本財年第三季度的季度淨銷售額為 2.057 億美元，而去年第三財季為 1.654 億美元。

This represents an increase of $40.3 million, 24.4 percent.

這意味著增加了 4030 萬美元，增長了 24.4%。

The Personal Care segment net sales were 175.5 million in quarter 3 fiscal 2005 compared to 165.4 million in quarter 3 fiscal 2004.

個人護理部門 2005 財年第三季度的淨銷售額為 1.755 億美元，而 2004 財年第三季度為 1.654 億美元。

This represents an increase of $10.1 million, which is a 6.1 percent sales increase.

這意味著增加了 1010 萬美元，即銷售額增長 6.1%。

Core growth excludes September 2004 Brut sales because Brut was acquired September 29, 2003, and the sales of the TimeBlock and Skin Milk, which was acquired September 29, 2004.

核心增長不包括 2004 年 9 月 Brut 的銷售額（因為 Brut 是在 2003 年 9 月 29 日被收購的），以及 TimeBlock 和 Skin Milk 的銷售額，後者是在 2004 年 9 月 29 日被收購的。

Core sales for the fiscal third quarter -- I'm sorry, for the third quarter of fiscal 2005 were 170.8 million compared to 165.4 million in the third quarter of fiscal 2004.

第三財季的核心銷售額——抱歉，2005 財年第三季度為 1.708 億，而 2004 財年第三季度為 1.654 億。

This is an increase of $5.4 million or a 3.3 percent increase.

這增加了 540 萬美元或 3.3%。

For the first three fiscal quarters ended -- ending November 30, 2004 our core growth has been 4.3 percent.

對於截至 2004 年 11 月 30 日的前三個財政季度，我們的核心增長率為 4.3%。

We ran an infomercial for Straight To The Maxx that resulted in sales for the quarter in 9 months ended November 30, 2003 of 6.5 million and 7.8 million respectively.

我們為 Straight To The Maxx 舉辦了電視廣告，結果在截至 2003 年 11 月 30 日的 9 個月內的銷售額分別為 650 萬和 780 萬。

We did not run the same infomercial this year.

今年我們沒有舉辦同樣的電視購物節目。

Excluding the Straight To The Maxx sales in the prior year, our core growth for the quarter and year would have been 7.5 percent and 6.6 percent respectively.

不包括上一年的 Straight To The Maxx 銷售額，我們本季度和年度的核心增長率分別為 7.5% 和 6.6%。

Net sales in our other segment, the Housewares Segment, were 30.2 million for quarter 3 fiscal 2005, and are 53 million since the acquisition of OXO on June 1, 2004.

2005 財年第 3 季度，我們其他部門家庭用品部門的淨銷售額為 3020 萬美元，自 2004 年 6 月 1 日收購 OXO 以來為 5300 萬美元。

Gross profit.

毛利。

Gross profit for the third quarter was 98.7 million this year, which is 48 percent of sales compared to 75.2 million the prior year, which is 45.5 percent of sales.

今年第三季度的毛利為 9870 萬美元，佔銷售額的 48%，上年同期為 7520 萬美元，佔銷售額的 45.5%。

This represents a $23.4 million increase.

這意味著增加了 2340 萬美元。

It is a 31 percent increase, and the gross margin percentage has improved 2.5 percentage points.

增幅為 31%，毛利率提高了 2.5 個百分點。

The increase in gross profit percent of 2.5 percentage points is primarily due to a combination of sales mix changes to higher margin items resulting from the OXO acquisition, margin improvement -- and margin improvement due to selected product cost decreases and higher margin on new items with enhanced features.

毛利率增長 2.5 個百分點，主要是由於收購 OXO 導致銷售組合向利潤率較高的項目變化、利潤率提高以及由於選定產品成本降低和新項目利潤率提高而導致的利潤率提高增強功能。

Selling, general and administrative expenses.

銷售、一般和管理費用。

For the third quarter SG&A expense increased as a percent of sales.

第三季度，SG&A 費用佔銷售額的百分比有所增加。

The SG&A expense was $55.8 million in the third quarter of fiscal 2005, which is 27.1 percent of sales compared to $43.5 million the prior year fiscal quarter, which is 26.3 percent of sales.

2005 財年第三季度的 SG&A 費用為 5580 萬美元，佔銷售額的 27.1%，上年同期為 4350 萬美元，佔銷售額的 26.3%。

This represents a .8 percentage point increase.

這表示增加了 0.8 個百分點。

The increase in SG&A percentage is primarily due to higher personal costs resulting from sales growth and positive operating results.

SG&A 百分比的增加主要是由於銷售增長和積極的經營業績導致個人成本增加。

Operating income.

營業收入。

Operating income improved to 20.8 percent of net sales, $42.8 million for quarter 3 fiscal 2005 compared to 19.2 percent, or 31.7 million for quarter 3 of fiscal 2004.

營業收入占淨銷售額的 20.8%，2005 財年第三季度為 4280 萬美元，而 2004 財年第三季度為 19.2%，即 3170 萬美元。

Interest expense was up in the quarter ended November 30, 2004 to 3.1 million compared to the prior year quarter of 1 million due to the interest expense associated with the new debt resulting from the OXO, TimeBlock and Skin Milk acquisitions.

由於與 OXO、TimeBlock 和 Skin Milk 收購產生的新債務相關的利息支出，截至 2004 年 11 月 30 日的季度的利息支出增加至 310 萬美元，而去年同期為 100 萬美元。

Our tax expense for the third quarter fiscal 2005 was $6.3 million.

我們 2005 財年第三季度的稅收支出為 630 萬美元。

It is 16.7 percent of income before taxes.

這是稅前收入的 16.7%。

This compares to 5.4 million, 17.3 percent of income before taxes in the prior year fiscal third quarter.

相比之下，去年第三季度稅前收入為 540 萬，佔稅前收入的 17.3%。

The effective tax rate is down .6 percentage points compared to the prior year due to the mix of income in taxing jurisdictions with different tax rates.

由於不同稅率的稅收管轄區的收入混合，實際稅率比上一年下降了 0.6 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 9 million at November 30, 2004, which is comparable to 53 million in our prior year end February 29, 2004.

截至 2004 年 11 月 30 日，我們的現金餘額為 900 萬美元，與截至 2004 年 2 月 29 日的上一年的 5300 萬美元相當。

We have a $75 million revolving line of credit in place, of which we borrowed 46 million and had approximately 1.3 million of letters of credit outstanding, leaving us with approximately 27.7 million of available borrowings under the credit facility as of November 30, 2004.

我們有 7500 萬美元的循環信貸額度，其中我們藉了 4600 萬美元，還有大約 130 萬張信用證未付清，截至 2004 年 11 月 30 日，我們在信貸額度下還有大約 2770 萬美元的可用借款。

Yesterday we made a $10 million scheduled principal payment of debt that had a fixed interest rate of 7.01 percent.

昨天，我們按計劃償還了 1000 萬美元的債務本金，固定利率為 7.01%。

The next scheduled principal payment is due in January 2006.

下一次預定的本金支付將於 2006 年 1 月到期。

Accounts receivable increased 58.2 million year-over-year with a sales increase of 40.3 million for the quarter.

應收賬款同比增加5820萬，本季度銷售額增加4030萬。

Accounts receivable turnover increased to 72 days at November 30, 2004 compared to 69 days at November 30, 2003.

2004 年 11 月 30 日的應收賬款周轉天數從 2003 年 11 月 30 日的 69 天增加到 72 天。

Inventories at November 30, 2004 increased 25.6 million from November 30, 2003.

2004 年 11 月 30 日的存貨比 2003 年 11 月 30 日增加了 2560 萬美元。

Inventory levels at November 30, 2004 are up 22.5 percent over the prior year, with a quarterly sales increase of 24.4 percent.

2004 年 11 月 30 日的存貨水平比上年增長 22.5%，季度銷售額增長 24.4%。

Shareholders equity increased 68.5 million to 407.3 million at November 30, 2004 compared to November 30, 2003.

與 2003 年 11 月 30 日相比，2004 年 11 月 30 日的股東權益增加了 6850 萬至 4.073 億。

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

我現在將其轉交給 Chris Carameros 以徵求一些補充意見。

Good morning.

早上好。

This is Chris Carameros.

我是克里斯·卡拉梅羅斯。

I would like to make some comments on some various tax issues we have around the world.

我想就我們在世界各地遇到的一些不同的稅收問題發表一些評論。

In 1994 Helen of Troy was reincorporated as a Bermuda-based Company.

1994 年，Helen of Troy 重新註冊為百慕大公司。

This is a very important strategic step to establish Helen of Troy as a true international Company with sales offices around the globe.

這是將 Helen of Troy 打造成一家在全球設有銷售辦事處的真正的國際公司的非常重要的戰略步驟。

Today Helen of Troy has sales and operations in (indiscernible), the UK, France and Germany.

今天，Helen of Troy 在英國、法國和德國（音頻不清晰）擁有銷售和業務。

Helen of Troy also operates in over 10 Latin American companies countries and also in the Caribbean.

Helen of Troy 還在 10 多個拉丁美洲公司國家和加勒比地區開展業務。

This reincorporation inversion also allowed Helen of Troy to minimize its overall worldwide tax expense.

這種重組倒置還使特洛伊的海倫能夠最大限度地減少其全球總體稅收支出。

Over the last several years Congress has considered legislation that would affect companies which underwent this type or reincorporation, or inversion.

在過去的幾年裡，國會考慮了會影響經歷過這種類型或重組或倒置的公司的立法。

I am pleased to report that October 22, 2004 the President signed the American Job Creation Act, the act contains certain anti-inversion provisions that affect companies who invert or reincorporate after March 5, 2003.

我很高興地報告，總統於 2004 年 10 月 22 日簽署了美國創造就業法案，該法案包含某些反反轉條款，這些條款影響 2003 年 3 月 5 日之後反轉或重組的公司。

Since our inversion occurred in 1994 we're effectively grandfathered under this legislation.

自從我們的倒置發生在 1994 年以來，根據這項立法，我們實際上已經受到了保護。

We believe this issue is now behind us, and currently did not perceive future legislative threat to our Bermuda parent structure.

我們相信這個問題現在已經過去了，目前還沒有意識到未來對我們百慕大母公司結構的立法威脅。

Further, one of our companies does business as an IBC, or international business company, in Barbados.

此外，我們的一家公司在巴巴多斯作為 IBC 或國際商業公司開展業務。

Barbados and the United States recently agreed to some changes to the existing treaty between the two countries.

巴巴多斯和美國最近同意對兩國現有條約進行一些修改。

Overall we do not expect that the Company's tax rate will be adversely affected in any material respect as a result of this tax change -- of this treaty change.

總的來說，我們預計公司的稅率不會因稅收變化——條約變化而在任何重大方面受到不利影響。

I would now like to comment on our Hong Kong tax status.

我現在想談談我們在香港的稅務狀況。

We previously had certain business operations in Hong Kong which gave rise to tax disputes.

我們之前在香港有若干業務營運，引起稅務糾紛。

Due to the various changes in our business by our suppliers and customers that do business in China, we no longer do this business operations in Hong Kong.

由於在中國開展業務的供應商和客戶對我們的業務進行了各種更改，因此我們不再在香港開展此項業務。

Consequently we believe that this potential tax exposure to Hong Kong has been eliminated on an ongoing forward basis.

因此，我們認為這種對香港的潛在稅收風險已在持續的遠期基礎上消除。

We're defending the prior year's Hong Kong tax assessments.

我們捍衛前一年的香港稅收評估。

And we continue to believe that resolution of this dispute will not have a material adverse effect on the Company.

我們仍然相信，該爭議的解決不會對公司產生重大不利影響。

I would now like to comment on our U.S. tax status.

我現在想評論我們的美國稅收狀況。

As we have reported in the past the IRS has audited our 2000 and 2002 tax returns.

正如我們過去報導的那樣，美國國稅局審計了我們 2000 年和 2002 年的納稅申報表。

The IRS proposed adjustments to our taxable income which we do not agree to.

美國國稅局建議對我們的應稅收入進行調整，我們不同意。

All years prior to 2000 have been audited and the issues raised have been resolved and all taxes paid.

2000 年之前的所有年度均已審計，提出的問題已得到解決，所有稅款均已繳納。

In fact, in the last audit by the IRS we actually received a refund of taxes paid.

事實上，在美國國稅局的上次審計中，我們實際上收到了已繳稅款的退款。

Although we do not expect a refund of taxes paid to the 2000 through 2002 audits, we continue to believe that the resolution of our issues will not have a material effect on our financial position.

儘管我們預計不會退還 2000 年至 2002 年審計期間支付的稅款，但我們仍然相信我們問題的解決不會對我們的財務狀況產生重大影響。

The last item I would like to mention is the homeland investment provisions.

我要提的最後一項是國土投資條款。

We're considering the possibility of repatriating free inversion -- that means before 1994 foreign earnings to the U.S. under the temporary repatriation exemption contained in the American Job Creation Act.

我們正在考慮將自由倒置匯回國內的可能性——這意味著在 1994 年之前，根據《美國就業創造法》中包含的臨時匯回豁免，將外國收入匯回美國。

But we wish to review the expected IRS guidelines and the new rules before deciding to do this.

但我們希望在決定這樣做之前審查預期的 IRS 指南和新規則。

This is beneficial to the Company due to lower tax rate of approximately 5 percent on those pre 1994 earnings versus the normal 35 percent federal corporate tax rate.

這對公司有利，因為 1994 年之前的收益的稅率低於正常的 35% 的聯邦公司稅率，約為 5%。

We viewed the above legislation and changes as a positive evolution, and that Helen of Troy is well positioned to continue its international growth, while minimizing our tax liabilities.

我們認為上述立法和變化是一個積極的演變，特洛伊海倫有能力繼續其國際增長，同時最大限度地減少我們的納稅義務。

I would like to now turn it over to Jerry Rubin.

我現在想把它交給 Jerry Rubin。

Operator, we are now available for questions.

接線員，我們現在可以提問。

(OPERATOR INSTRUCTIONS).

（操作員說明）。

Mike Carlotti.

邁克·卡洛蒂。

Good quarter.

好季度。

Two quick balance sheet questions -- or balance sheet and cash-flow statement.

兩個快速的資產負債表問題——或資產負債表和現金流量表。

What was the long-term debt?

什麼是長期債務？

You said what was on the revolver, but what is the long-term debt balance?

你說左輪手槍上是什麼，但長期債務餘額是多少？

The long-term debt is -- we have a portion of it at $225 million.

長期債務是——我們有一部分是 2.25 億美元。

That's 5, 7 and 10-year debts.

那是 5 年、7 年和 10 年的債務。

And we have another $45 million debt that we have scheduled principal payments over the next 5 to 8 years.

我們還有另外 4500 萬美元的債務，我們計劃在未來 5 到 8 年內償還本金。

So it is 270 long-term and then 47 short-term.

所以它是長期的 270，然後是短期的 47。

Correct.

正確的。

Okay.

好的。

There is also $10 million of another short-term that was paid yesterday.

昨天還支付了另外 1000 萬美元的短期款項。

Okay.

好的。

And on the cash-flow statement -- cash flow from operations and CapEx for the quarter?

在現金流量表上——本季度來自運營和資本支出的現金流量？

All that information will be in our 10-Q that we're going to be filing on Monday.

所有這些信息都將包含在我們將於週一提交的 10-Q 中。

Al Deafana (ph).

阿爾迪法納 (ph)。

Very nice quarter, gentlemen.

非常好的季度，先生們。

I wonder if you could just provide here a little granularity with regards to the Personal Care business in terms of brands and organic growth in the quarter, and specifically, Sea Breeze, Vitalis, Brut and just talk about which were sort of stellar performers in the quarter and which were maybe a little more flat?

我想知道您是否可以在這裡就個人護理業務在本季度的品牌和有機增長方面提供一些細節，特別是 Sea Breeze、Vitalis、Brut，並談談哪些是表現出色的四分之一，哪個可能更平坦？

This is Chris Carameros.

我是克里斯·卡拉梅羅斯。

I will comment on that.

我會對此發表評論。

As far as this -- in our Idelle Labs Division it is Brut by far is the bigger brand.

就此而言——在我們的 Idelle Labs 部門，Brut 是迄今為止更大的品牌。

As you know we bought that when Unilever took that over.

如您所知，我們是在聯合利華接手時購買的。

Our focus has been to establish that brand and keep it on the shelf, which we have been successful in doing.

我們的重點是建立該品牌並將其保留在貨架上，我們已經成功地做到了這一點。

The good thing about Brut, and along with it being a great brand the U.S., we had it for the Western Hemisphere as you may recall.

Brut 的好處在於，它是美國的一個偉大品牌，您可能還記得，我們在西半球擁有它。

It also had a nice presence in Mexico and Latin America.

它在墨西哥和拉丁美洲也有很好的影響力。

We have been able to establish that in Mexico and expand on some distribution in Brazil and other places.

我們已經能夠在墨西哥建立這一點，並擴大在巴西和其他地方的一些分銷。

And we look at taking Brut somewhat like you take a look at what P&G with Old Spice, we kind of want to reinvent that brand, and not necessarily leave our customers behind, but also do some other potential line extensions on Brut.

我們看待 Brut 有點像寶潔和 Old Spice，我們有點想重塑這個品牌，不一定要讓我們的客戶落後，但也會在 Brut 上做一些其他潛在的產品線擴展。

Sea Breeze we're excited about.

我們很興奮的海風。

We're repositioning Sea Breeze and taking some of those SKUs and delivering I think -- I believe in January or the 1st of February some new SKU sets to the retail, and repositioning some of the brands we have at Sea Breeze.

我們正在重新定位 Sea Breeze 並採用其中一些 SKU 並交付我認為 - 我相信在 1 月或 2 月 1 日將一些新的 SKU 設置到零售店，並重新定位我們在 Sea Breeze 擁有的一些品牌。

And we're quite pleased with the way Idelle is performing in the U.S. and internationally.

我們對 Idelle 在美國和國際上的表現非常滿意。

Okay, Chris, just to follow-up on that, on the liquids business I know in the last quarter you attributed higher media and advertising (indiscernible) costs and largely that was behind that liquids business.

好吧，克里斯，只是跟進一下，我知道上個季度的液體業務你歸因於較高的媒體和廣告（音頻不清晰）成本，這在很大程度上是液體業務的背後。

Does that continue in the quarter and what is the outlook there going forward as well?

這種情況會在本季度繼續嗎？未來的前景如何？

Yes, we continue to reinvest in the business and we spend in media and our customer promotions, and it is reflected in our earnings and it is part of our overall strategy to reinvigorate some of these brands that have kind been lost and left behind.

是的，我們繼續對業務進行再投資，並在媒體和客戶促銷方面進行投資，這反映在我們的收入中，這是我們整體戰略的一部分，旨在重振這些已經丟失和落後的品牌。

So as part of that process, like all of our businesses we have, we have to reinvent the products and go through and do some new line extensions on those.

因此，作為該過程的一部分，就像我們擁有的所有業務一樣，我們必須重新發明產品並在這些產品上進行一些新的產品線擴展。

But also promote those at the customer level, and with advertising we continue to do so.

但也要在客戶層面推廣這些產品，並且通過廣告我們會繼續這樣做。

Thank you, Chris, and nice quarter again.

謝謝你，克里斯，又是一個不錯的季度。

Doug Lane.

道格萊恩。

The first question on the segment, you gave the sales numbers, do you have the segment profit numbers available?

關於細分市場的第一個問題，你給出了銷售數字，你有可用的細分市場利潤數字嗎？

They will be in the Q1 Monday.

他們將在周一發布第一季度。

We're not giving them out yet today.

我們今天還沒有分發它們。

We're finishing our Q up.

我們正在完成我們的 Q。

Okay.

好的。

You mentioned -- just moving on here -- you mentioned Straight To The Maxx, which was, if I remember right, a pretty important new product introduction (indiscernible) because of the idea of launching infomercials and migrating it to retail.

你提到了——只是繼續到這裡——你提到了 Straight To The Maxx，如果我沒記錯的話，這是一個非常重要的新產品介紹（音頻不清晰），因為推出電視廣告並將其遷移到零售的想法。

Jerry, can you just talk a little bit more about what you did for Straight To The Maxx?

傑里，你能多談談你為 Straight To The Maxx 所做的事情嗎？

Obviously you had some success in the prior fiscal year, and what you have done with that on (technical difficulty)?

顯然你在上一財年取得了一些成功，你在（技術難度）上做了什麼？

As you recall, it was on infomercial strong last year.

您還記得，去年它在電視購物節目中表現強勁。

And we do have some retail distribution, but we decided not to continue spending the money on the infomercial and spend the money on other products, just as Chris mentioned, on Brut and Sea Breeze and other brands.

我們確實有一些零售分銷，但我們決定不再繼續將錢花在電視廣告上，而是將錢花在其他產品上，就像克里斯提到的，在 Brut 和 Sea Breeze 以及其他品牌上。

Plus we have a national program going on TV with our Revlon products and our Vidal Sassoon products, so we thought it would be -- it is better to spend money where the potential is and it was in other categories.

此外，我們有一個全國性的節目在電視上播放我們的露華濃產品和我們的維達爾沙宣產品，所以我們認為它會是 - 最好把錢花在有潛力的地方，它在其他類別。

So just to wind that down, with the sale of Tactica and the reallocation of these funds to your more traditional business, are we going to -- we probably won't see as much activity in the infomercial lot going forward?

因此，隨著 Tactica 的出售以及將這些資金重新分配給您更傳統的業務，我們是否會——我們可能不會在未來的電視購物中看到那麼多的活動？

This is Chris, Doug.

這是克里斯，道格。

You know we're not going to emphasize the infomercial.

你知道我們不會強調電視廣告。

We may take a product here and there that has a good potential for that and want to launch that.

我們可能會在這里和那裡採用具有良好潛力的產品，並希望推出它。

But really we do it as a process to get it in a position in retail, but it is not going to be our main emphasis, no.

但實際上，我們這樣做是為了讓它在零售業中佔據一席之地，但這並不是我們的主要重點，不是。

Okay.

好的。

Jumping around a little bit.

一點點跳來跳去。

Do you have a number -- I know you have a pretty decent international business, any idea how much foreign currency helped your numbers this quarter?

你有一個數字——我知道你有一個相當不錯的國際業務，你知道本季度外幣對你的數字有多大幫助嗎？

It helped us somewhat, and Tom may want to comment on that.

它對我們有所幫助，Tom 可能想對此發表評論。

But again as I kind of explained in the past we've hedged our cost of goods sold at a point in time so it -- basically we have not, although you've seen a very sharp wise in the last couple months, it does help the sales piece.

但正如我在過去解釋過的那樣，我們已經對沖了我們在某個時間點銷售的商品成本，所以它 - 基本上我們沒有，儘管你在過去幾個月看到了一個非常敏銳的智慧，它確實幫助銷售片。

But the overall bottom line has not changed much because of the fact that we have hedged our cost of goods sold piece.

但總體底線並沒有太大變化，因為我們已經對沖了銷貨成本。

And then finally on the 7 cents of the onetime costs that you talked about, these will not be in next year's quarter at all, right?

最後，關於您談到的一次性成本的 7 美分，這些根本不會在明年的季度出現，對嗎？

So if I'm kind of modeling out thinking just going after the November of '05 quarter your real base is the 97 cents plus the 7 cents on an ongoing basis?

因此，如果我正在考慮在 05 年 11 月季度之後進行建模，那麼您的真正基礎是 97 美分加上持續的 7 美分？

Is that a good way to look at it?

這是看待它的好方法嗎？

That's probably a good way to look at it, but you know there's always something that seems to pop up one way or the other, so you know how that goes.

這可能是一種很好的看待它的方式，但你知道總有一些東西似乎以某種方式突然出現，所以你知道這是怎麼回事。

But again, you're absolutely right.

但同樣，你是絕對正確的。

And then in sort of circling back on the other way, I assume that you knew about this 7 cents hit when gave your outlook back in -- when you reported the second quarter?

然後以另一種方式回過頭來，我假設你在給出你的展望時知道這 7 美分 - 當你報告第二季度時？

You know we had some feelings about some of the issues that had to at hand.

你知道我們對一些必須手頭的問題有一些感受。

But again we did not have complete clarity.

但我們又一次沒有完全清楚。

As we told -- as Tom mentioned to you before, Tactica was undergoing some tough times and those kind of things, and we anticipated some issues.

正如我們所說 - 正如湯姆之前向您提到的那樣，Tactica 正在經歷一些艱難時期和類似的事情，我們預料到了一些問題。

But they did go Chapter 11 during the quarter, so we went ahead and provided for that, which was an appropriate thing to do.

但他們確實在本季度進入了第 11 章，所以我們繼續並為此做好準備，這是一件合適的事情。

Richard Firey (ph).

理查德·弗雷 (ph)。

It looks as though the OXO acquisition, some of these other things have worked out well.

看起來 OXO 的收購，其中一些其他事情進展順利。

I'm wondering if there is a good pipeline of potential acquisitions to sort of buttress and support the solid organic growth you have to keep the Company growing the way it has been?

我想知道是否有良好的潛在收購渠道來支撐和支持穩固的有機增長，您必須保持公司的發展方式？

There actually is a lot of acquisitions.

實際上有很多收購。

You know everybody always asks me what is our next acquisition.

你知道每個人總是問我我們的下一次收購是什麼。

We're constantly looking at acquisitions.

我們一直在關注收購。

There are probably 5 or 6 that are at the top of our list.

可能有 5 或 6 個位於我們列表的頂部。

Will they happen, when will they happen?

它們會發生嗎，它們什麼時候會發生？

I don't know but we are pursuing them.

我不知道，但我們正在追捕他們。

And people do bring us potential deals almost literally every day.

人們幾乎每天都給我們帶來潛在的交易。

So it is something that we do look and that hopefully we'll have something to report as time goes on.

所以這是我們確實在看的東西，希望隨著時間的推移我們會有一些東西要報告。

Right.

正確的。

Are they reasonably priced or are they too expensive right now?

它們的價格合理還是現在太貴了？

Actually I have not seen any that are unreasonably priced.

其實我還沒有看到任何價格不合理的。

It is just sometimes the seller has to decide on when they want to sell it, because some companies have a problem of selling their company and not having anything to replace it.

只是有時賣方必須決定何時出售它，因為有些公司在出售他們的公司時遇到問題，但沒有任何東西可以替代它。

So sometimes it is just timing rather than the price.

所以有時它只是時機而不是價格。

(OPERATOR INSTRUCTIONS).

（操作員說明）。

Brian Natoka (ph).

布萊恩·納託卡 (ph)。

I just (indiscernible) you weren't going to comment on the segment reporting for the quarter, but I just was wondering if you could comment on your growth, your projections for the rest of the year, where the growth will be coming from in the relative categories?

我只是（音頻不清晰）您不打算對本季度的分部報告發表評論，但我只是想知道您是否可以評論您的增長，您對今年剩餘時間的預測，增長將來自哪裡相對類別？

Actually, the growth will come in the same categories that I mentioned that helped grow our last quarter.

實際上，增長將與我提到的幫助我們上個季度增長的類別相同。

Basically it is almost all the divisions, certainly the liquid products, the grooming, skin and hair care carry a lot of promise.

基本上幾乎所有部門都有，當然液體產品、美容、皮膚和頭髮護理都有很多承諾。

International is going very nicely.

國際化進展順利。

Personal Care products, OXO is growing, so it is basically across the line.

Personal Care產品，OXO在成長，所以基本跨線。

Of this is Tom Benson.

其中包括湯姆·本森。

A lot of the growth will be from OXO year-over-year because the prior year we did not have OXO in the fourth fiscal quarter.

很多增長將來自 OXO 同比增長，因為前一年我們在第四財季沒有 OXO。

So that will be a lot of the growth.

所以這將是一個很大的增長。

So we are expecting continued growth as we've had in both our core business and through the -- our acquisitions.

因此，我們預計我們在核心業務和收購方面的持續增長。

Once we buy them they do -- we hope they do continue to grow themselves.

一旦我們購買它們，它們就會——我們希望它們能繼續自我成長。

What would be the longer-term growth rate for OXO, and what are you seeing this quarter?

OXO 的長期增長率是多少？您在本季度看到了什麼？

This is Chris.

這是克里斯。

On OXO we're very pleased the way it has been performing.

我們對 OXO 的表現非常滿意。

September was a record month for them.

九月對他們來說是創紀錄的一個月。

If you take a look at them on a calendar year, even prior to what we have -- when we acquired them they were having a record year.

如果你在一個日曆年看一下它們，甚至在我們擁有之前——當我們收購它們時，它們的年份是創紀錄的。

We continue to be optimistic that they will continue to do that range.

我們繼續樂觀地認為他們將繼續做這個範圍。

We expect them to be at least in the -- I would say the 13 to 15 percent range in growth, and perhaps they can be in 20.

我們預計他們至少會在——我會說 13% 到 15% 的增長率範圍內，也許他們可以在 20% 內。

It depends on how the year goes and the product selections have, but we're very optimistic.

這取決於今年的情況和產品選擇，但我們非常樂觀。

It is a great company, great people.

這是一家很棒的公司，很棒的人。

And we think it is a great combination for us and it is a great brand.

我們認為這對我們來說是一個很好的組合，也是一個很棒的品牌。

This 13 to 15 percent growth would be in which period going forward or --?

這 13% 到 15% 的增長將發生在哪個時期，或者——？

Going forward I guess.

我猜是向前看。

When I take a look at it I look at it annualizing.

當我看它時，我會看它年化。

It is all -- as Tom just mentioned to you, it is all positive growth for us.

這就是一切 - 正如湯姆剛剛向您提到的那樣，這對我們來說都是積極的增長。

But on a year to year over what they have previously been doing at 13 to 15 percent growth.

但與他們之前所做的相比，年增長率為 13% 到 15%。

You are saying for this year or longer term?

你是說今年還是更長期？

You asked me for this year that's what I said.

你問我今年我就這麼說了。

Okay, I'm sorry.

好吧，對不起。

So longer term they are going to keep that kind of (indiscernible).

所以從長遠來看，他們將保持那種（音頻不清晰）。

You take a look at their history they have been actually exceeding that in the past.

你看看他們的歷史，他們實際上已經超過了過去。

So we're optimistic they can keep it up.

所以我們樂觀地認為他們可以保持下去。

I'm sorry, just I didn't have the numbers on that.

對不起，我沒有那方面的數字。

So what kind of revenues would you expect for them to have for the full year this year?

那麼你預計他們今年全年會有什麼樣的收入呢？

We previously disclosed and I guess in September we thought their sales were going to be in the 95 to $100 million range on annualized basis, and those are net sales.

我們之前披露過，我猜在 9 月份我們認為他們的年化銷售額將在 95 到 1 億美元之間，這些是淨銷售額。

We expect it to be in that range.

我們希望它在那個範圍內。

(OPERATOR INSTRUCTIONS).

（操作員說明）。

Jack Selsman (ph).

傑克·塞爾斯曼 (ph)。

Just a quick question on Accounts Receivable.

只是一個關於應收賬款的快速問題。

It was up around 44 percent year to year.

同比增長約 44%。

Can you tell us why it was up so much?

你能告訴我們為什麼漲這麼多嗎？

And are you changing any of your standard terms?

您是否正在更改任何標準條款？

This is Tom Benson.

這是湯姆·本森。

We're not changing any of our standard terms.

我們不會更改任何標準條款。

This year we probably had more shipments towards the end of the quarter than in the prior year for the holiday season.

今年，我們在本季度末的假期出貨量可能比前一年多。

Also, our international business has been growing.

此外，我們的國際業務一直在增長。

And that business has some longer terms than our -- I will call it our domestic business here.

而且該業務的期限比我們的 - 我在這裡稱之為我們的國內業務。

So there has been no fundamental change in terms or anything.

因此，在條款或任何方面都沒有發生根本性的變化。

But some of it is mix and some of it is timing of the sales.

但其中有些是混合的，有些是銷售時間。

Is that going to fall back to a better rate in the first quarter or is there going to be some lumpiness in the first half?

這會在第一季度回落到更好的水平，還是會在上半年出現一些波動？

No, our receivables and our inventory both kind -- they are higher.

不，我們的應收賬款和存貨都比較高。

The inventory is higher going into the third quarter and it gets reduced through the third quarter and the fourth quarter.

進入第三季度庫存較高，並且在第三季度和第四季度有所減少。

The receivables are at their peak at the end of the third quarter and they reduce in the fourth quarter.

應收賬款在三季度末達到頂峰，四季度有所下降。

So I expect both in dollar terms and day terms they will be lower at the end of the year.

因此，我預計無論是按美元計算還是按天計算，它們在年底都會降低。

Our final question comes from Mimi Sokolowski.

我們的最後一個問題來自 Mimi Sokolowski。

A few housekeeping type of questions first.

首先是一些內務管理類型的問題。

The tax rate for the fourth quarter of the F '05, what should we assume, and what about for F '06?

F'05第四季度的稅率，我們應該假設什麼，F'06呢？

This is Chris.

這是克里斯。

I would again assume 16 to 18 percent.

我會再次假設 16% 到 18%。

Okay.

好的。

And the share count, unless my model is erroneous it looks like it dropped, the diluted share count from the August quarter to the November quarter.

還有股票數量，除非我的模型有誤，否則它看起來像是下降了，從 8 月季度到 11 月季度的稀釋後股票數量。

Do I have that right, Tom?

湯姆，我有這個權利嗎？

Yes, you do.

是的你是。

And to what could we attribute that?

我們可以將其歸因於什麼？

(indiscernible) of price of the stock.

（音頻不清晰）股票價格。

It went from 32.907 to 32.198, primarily because of the dilution from the increase in the stock price.

它從 32.907 升至 32.198，主要是因為股價上漲導致稀釋。

Okay.

好的。

Say that again?

再說一次？

It went from 32.9 to 32.2, correct?

它從 32.9 變成了 32.2，對嗎？

So it dropped pretty dramatically.

所以它下降得很厲害。

Did you say the increase or the decrease of the stock price?

你說的是股價上漲還是下跌？

The decrease in the stock price, Mimi, is what happens.

股價下跌，Mimi，就是這樣。

As you know when you do your earnings per share dilution it just depends on the price stock for that quarter.

如您所知，當您稀釋每股收益時，它僅取決於該季度的股票價格。

So it depends on where your price is for that quarter.

所以這取決於你那個季度的價格。

But actually on the fourth quarter we're forecasting I think it was what --?

但實際上我們預測的第四季度是什麼——？

32.7.

32.7。

32.7 on our fourth quarter estimates.

32.7 根據我們第四季度的估計。

It depends on where the stock price is.

這取決於股票價格在哪裡。

Right.

正確的。

Okay, but that's all it was.

好吧，但僅此而已。

I just wanted to make sure.

我只是想確定一下。

That's all it was, just math.

僅此而已，只是數學。

And Chris, a couple for you.

克里斯，給你一對。

Expansion plans for OXO?

OXO 的擴張計劃？

And also I would like to know if the Revlon name has helped out brushes, combs and accessories at all.

我還想知道露華濃這個名字是否對刷子、梳子和配件有任何幫助。

I know that it was kind of weak.

我知道它有點虛弱。

You know the BCA area really we have had sales increases except for one private-label customer, so we're getting that I guess turned around so to speak.

你知道 BCA 區域我們確實有銷售增長，除了一個自有品牌客戶，所以我猜可以這麼說。

We're optimistic about that.

我們對此持樂觀態度。

Secondly, Revlon will be a positive force.

其次，露華濃將是一股積極的力量。

And again we just introduced that line.

我們又一次介紹了那條線。

It had nice placement with it along with product.

它與產品一起放置得很好。

Because I I always say the brand gets you the date and the product makes the marriage.

因為我總是說品牌讓你約會，產品成就婚姻。

So we're introducing some great products behind the Revlon name in the BCA area and we are very optimistic with it.

因此，我們在 BCA 地區推出了一些以 Revlon 為名的優秀產品，我們對此非常樂觀。

And the second one on OXO expansion plans there.

第二個是關於 OXO 擴張計劃的。

I know they had, I guess, a flat year and the last year at the time of acquired -- acquisition.

我知道他們有，我猜，在收購時的最後一年是平坦的一年 - 收購。

If you take a look at where we were, and you say flat year they were up and not quite as much.

如果你看一下我們的位置，你會說平年他們上漲了，但沒有那麼多。

But if you take a look at the 12 months they are having a very nice increase.

但如果你看一下這 12 個月，它們的增長非常好。

And again the last 6 months that they have been with us and last quarter I would say was a record for them.

在過去的 6 個月裡，他們和我們在一起，我想說的是上個季度，這對他們來說是一個記錄。

And if you take a look at the placement and their variety of customers, what we talked about in the past going to maybe a different distribution piece or just different products, we're optimistic we can take that 95 to $100 million and grow it by 10 or $50 million on top of that.

如果你看一下展示位置和他們的客戶種類，我們過去談到的可能是不同的分銷渠道或不同的產品，我們樂觀地認為我們可以將這 95 到 1 億美元增加除此之外還有 10 或 5000 萬美元。

And possibly aside from what OXO was doing on its own, Helen of Troy could enhance distribution and maybe --?

可能除了 OXO 自己正在做的事情之外，特洛伊的海倫可以加強分銷，也許——？

Sure.

當然。

We can enhance distribution, but also I spent 10 days in China with Alex Lee (ph) and we are taking a look at absorbing some of those sourcing capabilities that we have as we go on in helping out in different categories.

我們可以加強分銷，而且我和 Alex Lee (ph) 在中國呆了 10 天，我們正在考慮吸收我們在不同類別中繼續提供幫助時所擁有的一些採購能力。

So we think it will be -- it is a great acquisition and a great name.

所以我們認為這將是——這是一次偉大的收購，也是一個偉大的名字。

There are no further questions at this time.

目前沒有其他問題。

Gentlemen, I would like to turn the call back over to you.

先生們，我想把電話轉回給你們。

Thank you everybody for listening into our third quarter conference call.

感謝大家收聽我們的第三季度電話會議。

And I look forward to speaking with all of you with our year-end results.

我期待著與大家討論我們的年終結果。

Thank you again.

再次感謝你。

And that does conclude today's teleconference.

今天的電話會議到此結束。

We thank you for your participation and you may now disconnect.

我們感謝您的參與，您現在可以斷開連接。