Helen of Troy Ltd (HELE) 2005 Q4 法說會逐字稿

Good morning and welcome ladies and gentlemen to the Helen of Troy fourth quarter and year-end earnings conference call for fiscal 2005. At this time, I would like to inform you that all participants are in a listen-only mode. At the request of the company, we will open the conference up for questions and answers after the presentation and today's call is being recorded.

早上好，歡迎女士們先生們參加海倫特洛伊第四季度和 2005 財年年終收益電話會議。此時，我想通知您，所有參與者都處於只聽模式。應公司要求，我們將在演講結束後開放會議進行問答，今天的電話會議正在錄音中。

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. I will now turn the conference over to Mr. Spear. Please go ahead.

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 和高級副總裁兼首席信息官 Robert Spear。我現在將會議轉交給斯皮爾先生。請繼續。

Thank you. Good morning everyone and welcome to Helen of Troy's fourth quarter and year-end earnings conference call for fiscal 2005. The agenda for this morning's conference call will be as follows. We will have a brief forward-looking statement review followed by Mr. Rubin who will discuss our fourth 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 and finally, we will open up the floor for questions and answers for those of you with any further questions. First I will review the Safe Harbor statement.

謝謝。大家早上好，歡迎來到 Helen of Troy 的 2005 財年第四季度和年終收益電話會議。今天上午的電話會議議程如下。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的收益發布和海倫特洛伊的相關運營結果，隨後湯姆將對我們本季度的損益表和資產負債表進行財務審查Benson，我們的首席財務官，最後，我們將為你們中有任何其他問題的人開放提問和回答。首先，我將回顧安全港聲明。

This conference call may contain certain forward-looking statements that are based on management's current expectations with respect to future events of financial performance. A number of risks or uncertainties could cause actual results to differ materially from those historical or anticipated results. Generally the words anticipates, believes, expects and other similar words identify forward-looking statements. The Company cautions listeners not to place undue reliance on forward-looking statements. Forward-looking statements are subject to risks that could cause such statements to differ materially from actual results.

本次電話會議可能包含某些前瞻性陳述，這些陳述基於管理層對未來財務業績事件的當前預期。許多風險或不確定性可能導致實際結果與那些歷史或預期結果存在重大差異。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。公司提醒聽眾不要過分依賴前瞻性陳述。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 which are described in the Company's Form 10-K filed with the Securities and Exchange Commission for the fiscal year ended February 28, 2005. 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 to our web site at www.hotus.com. The release can be accessed by selecting the investor relations tab on our homepage and then the news tab. I will now turn the call over to Mr. Gerald Rubin, Chairman, CEO and President of Helen of Troy.

可能導致實際結果與公司向美國證券交易委員會提交的截至 2005 年 2 月 28 日的財政年度的 10-K 表格中描述的預期結果不同的因素。在我將電話會議轉交給我們的董事長 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到我們的網站 www.hotus.com 上。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。我現在將把電話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。

Good morning everybody and welcome to our fourth quarter and year-end conference call. Helen of Troy Limited today reported record sales and earnings for the fourth quarter and fiscal year ending February 28, 2005. Fourth quarter sales increased 13% to 127,617,000 from 113 million in the same period of the prior year. Net earnings for the fourth quarter were $12 million, or $0.37 per diluted share versus 7.5 million or $0.23 per diluted share for the earlier quarter, an increase in net earnings of 59%. Full year net sales increased 22% to $581,549,000 (ph) from 475 million in the prior year.

大家早上好，歡迎來到我們的第四季度和年終電話會議。Helen of Troy Limited 今天報告了截至 2005 年 2 月 28 日的第四季度和財政年度創紀錄的銷售額和收益。第四季度銷售額從去年同期的 1.13 億增長 13% 至 127,617,000。第四季度淨收益為 1200 萬美元，或每股攤薄收益 0.37 美元，而上一季度為 750 萬美元，或每股攤薄收益 0.23 美元，淨收益增長 59%。全年淨銷售額從去年的 4.75 億美元增長 22% 至 581,549,000 美元。

Net earnings for the year was 76,450,000 or $2.35 per diluted share compared with $60,522,000 or $1.94 per diluted share in the prior year, an increase in net earnings for the year of 26%.

本年度淨收益為 76,450,000 美元或每股攤薄收益 2.35 美元，上年為 60,522,000 美元或每股攤薄收益 1.94 美元，同比增長 26%。

We have just completed another record sales and earnings fourth quarter and fiscal year and we currently anticipate another record year in fiscal 2006. The corporate initiatives for Helen of Troy in fiscal 2006 are as follows -- OXO International, growth of our existing products in new categories and the completion of the OXO integration into Helen of Troy's operation; build upon Helen of Troy's Idelle Labs product categories of grooming, skin and hair care brands; build upon our European and Latin American appliance business; pursue strategic acquisitions in Personal Care and Houseware categories and leverage investment and capacity and infrastructure through available synergies.

我們剛剛在第四季度和財政年度完成了另一個創紀錄的銷售和收益，我們目前預計 2006 財政年度將再創新高。Helen of Troy 在 2006 財年的企業計劃如下：OXO International、我們現有產品在新類別中的增長以及 OXO 與 Helen of Troy 運營的整合；以 Helen of Troy 的 Idelle Labs 美容、護膚和護髮品牌產品類別為基礎；以我們的歐洲和拉丁美洲家電業務為基礎；在個人護理和家庭用品類別中進行戰略收購，並通過可用的協同效應來利用投資、產能和基礎設施。

As was previously announced, Helen of Troy is building a 1.2 million square foot distribution center in Southaven, Mississippi which will expand our eastern United States distribution capacity to accommodate the distribution needs of our Company's recently acquired OXO International business. The state-of-the-art warehouse and distribution center will increase the Company's presence in Southaven, Mississippi to 1.2 million square feet from 619,000 square feet. This new distribution center will replace our facility and will also provide for projected increased sales and for anticipated strategic acquisitions.

正如之前宣布的那樣，Helen of Troy 正在密西西比州 Southaven 建設一個 120 萬平方英尺的配送中心，這將擴大我們在美國東部的配送能力，以滿足我們公司最近收購的 OXO International 業務的配送需求。最先進的倉庫和配送中心將使公司在密西西比州南海文的佔地面積從 619,000 平方英尺增加到 120 萬平方英尺。這個新的配送中心將取代我們的設施，還將提供預計增加的銷售額和預期的戰略收購。

Sales for the full fiscal year 2006 are expected to be in a range of 615 million to 640 million, an increase of 6 to 10%. Full fiscal year diluted earnings per share are expected to be in the range of $2.50 to $2.60, an increase of 6 to 11% over the prior year's diluted earnings of $2.35.

2006 年整個財政年度的銷售額預計在 6.15 億至 6.4 億之間，增長 6% 至 10%。整個財政年度攤薄後每股收益預計在 2.50 美元至 2.60 美元之間，比上一年攤薄後每股收益 2.35 美元增長 6% 至 11%。

Helen of Troy had a good year in spite of a soft retail environment. Operating earnings were 17.5%. There is nobody in our peer group making anywhere as (ph) near 17.5%. This is the first year in Helen of Troy to make over $100 million operating profit. It was $102 million versus 86 million the year before, an 18% increase, a new milestone for Helen of Troy.

儘管零售環境疲軟，但特洛伊的海倫 (Helen of Troy) 還是度過了美好的一年。營業收入為 17.5%。在我們的同齡人群體中，沒有人的 (ph) 接近 17.5%。這是海倫特洛伊的第一年營業利潤超過 1 億美元。這是 1.02 億美元，而前一年為 8600 萬美元，增長了 18%，這是海倫的新里程碑。

Our operating income for fiscal 2005 was four times what it was in fiscal 2001, just four years ago, and our stockholder equity in the last four years has doubled since fiscal 2001. I would like to thank all of the employees of Helen of Troy for their hard work in making our last year a record in sales and earnings. I would now like to turn this conference call over to Tom Benson, our CFO, for financial highlights.

我們 2005 財年的營業收入是四年前的 2001 財年的四倍，而過去四年我們的股東權益自 2001 財年以來翻了一番。我要感謝 Helen of Troy 的所有員工，感謝他們的辛勤工作，使我們去年的銷售額和收入創下新紀錄。我現在想將此電話會議轉交給我們的首席財務官湯姆·本森 (Tom Benson)，以了解財務重點。

Thank you, Gerry, and good morning everyone. First I will talk about the fourth quarter results and then I will make comments on the fiscal year and financial position. We had a 13% sales increase in the fourth quarter, but as previously reported, we are disappointed in our Personal Care segment sales in January and February. Net sales for the fourth quarter 2005 were 127.6 million versus 112.9 million in the fourth quarter 2004. This represents an increase of 14.7 million or a 13% increase.

謝謝你，格里，大家早上好。首先我會談談第四季度的業績，然後我會評論財政年度和財務狀況。我們在第四季度的銷售額增長了 13%，但正如之前報導的那樣，我們對 1 月和 2 月的個人護理部門銷售額感到失望。2005 年第四季度的淨銷售額為 1.276 億美元，而 2004 年第四季度為 1.129 億美元。這意味著增加了 1470 萬或 13%。

Our net earnings from continuing operations decreased 26%. Net earnings from continuing operations were $12 million in the fourth quarter 2005 versus $16.3 million in the fourth quarter 2004. This is a decrease of 4.3 million, a 26% decrease.

我們來自持續經營業務的淨收益下降了 26%。2005 年第四季度來自持續經營業務的淨收益為 1200 萬美元，而 2004 年第四季度為 1630 萬美元。這減少了 430 萬，減少了 26%。

Let me address the key question on everyone has -- why did sales increase 13% and net earnings from continuing operations decreased 26%. There are four key items, each of which will be discussed in more detail during my presentation. First, gross profit percentage increased to 46% for the fourth quarter 2005 compared to 45.4% in the fourth quarter 2004. SG&A expenses increased to 34.2% of net sales in the fourth quarter 2005 compared to 27.5% of net sales in the fourth quarter 2004. Interest expense was $2.1 million higher in the fourth quarter 2005 compared to the fourth quarter 2004 due to the additional debt levels primarily resulting from the OXO acquisition.

讓我來回答每個人都有的關鍵問題——為什麼銷售額增長了 13%，而來自持續經營的淨收益下降了 26%。有四個關鍵項目，在我的演講中將對每個項目進行更詳細的討論。首先，毛利率從 2004 年第四季度的 45.4% 上升到 2005 年第四季度的 46%。SG&A 費用在 2005 年第四季度占淨銷售額的 34.2%，而 2004 年第四季度占淨銷售額的 27.5%。與 2004 年第四季度相比，2005 年第四季度的利息支出增加了 210 萬美元，這主要是由於收購 OXO 導致的額外債務水平。

Income tax expense was a $402,000 benefit for the fourth quarter 2005 compared to 2.8 million in expense in the fourth quarter 2004. We had a benefit because we decreased our tax accruals, just over $2 million, due to the favorable settlement reached with the Internal Revenue Service for fiscal years 2000 to 2002.

2005 年第四季度的所得稅費用為 402,000 美元，而 2004 年第四季度為 280 萬美元。由於與國稅局就 2000 至 2002 財政年度達成的有利和解，我們減少了超過 200 萬美元的應計稅款，從而使我們受益匪淺。

Net earnings (technical difficulty) operations grew by 59%. The net earnings were $12 million in the fourth quarter 2005 versus 7.5 million in the fourth quarter of 2004. This is an increase of $4.4 million, 59%. Diluted earnings per share from continuing operations decreased 26% to $0.37 compared to $0.50 in the fourth quarter of 2004. Diluted earnings per share after discontinued operations increased 61% to $0.37 compared to $0.23 in the fourth quarter of 2004.

淨收益（技術難度）業務增長了 59%。2005 年第四季度的淨收益為 1200 萬美元，而 2004 年第四季度為 750 萬美元。這增加了 440 萬美元，增幅為 59%。與 2004 年第四季度的 0.50 美元相比，來自持續經營業務的每股攤薄收益下降了 26% 至 0.37 美元。與 2004 年第四季度的 0.23 美元相比，終止經營後的每股攤薄收益增加了 61%，達到 0.37 美元。

The Company's net sales in the fourth quarter were up 14.7 million, 13% as mentioned earlier. By segment, we have two segments. The first segment is the Personal Care segment. Their sales were 100,479,000 in the fourth quarter 2005 versus 112.9 million in the fourth quarter 2004. This is a decrease of $12.4 million, 11%. Our Housewares segment, which is the OXO business, had sales of 27.1 million in the fourth quarter 2005 and we had no sales in the prior year quarter because we acquired OXO in June of 2004.

如前所述，公司第四季度的淨銷售額增長了 1470 萬美元，增幅為 13%。按細分市場，我們有兩個細分市場。第一部分是個人護理部分。他們在 2005 年第四季度的銷售額為 100,479,000 輛，而 2004 年第四季度為 1.129 億輛。這減少了 1240 萬美元，下降了 11%。我們的家庭用品部門，即 OXO 業務，在 2005 年第四季度的銷售額為 2710 萬美元，而我們在去年同期沒有銷售額，因為我們在 2004 年 6 月收購了 OXO。

In total, again sales were 127.6 million versus 12.9 million, 14.7% million, increase 13%. Strong sales in October and November resulted in less retail reorders in the quarter. Gross profit for the fourth quarter was $58.7 million, 46% compared to 51.3 million, 45.4% in the fourth quarter of 2004. Gross profit margins are up due to the mix of sales to more profitable newly introduced products with enhanced features in the Personal Care appliances and the benefit of the addition of the OXO Housewares segment that has a higher gross profit.

總的來說，銷售額為 1.276 億對 1290 萬，增長 14.7%，增長 13%。10 月和 11 月的強勁銷售導致本季度零售再訂單減少。第四季度的毛利潤為 5870 萬美元，與 2004 年第四季度的 5130 萬美元和 45.4% 相比增長了 46%。毛利率有所上升，原因是銷售利潤更高的新推出的產品，這些產品具有增強的個人護理電器功能，以及增加毛利更高的 OXO 家庭用品部門的好處。

Benefit of the strengthening of foreign currencies against the dollar, mostly the British pound and the euro, also helped gross margins by about $550,000 in the quarter.

受益於外幣兌美元（主要是英鎊和歐元）走強，本季度的毛利率也提高了約 550,000 美元。

SG&A expenses. For the fourth quarter, SG&A expenses increased as a percentage of sales. For the fourth quarter of fiscal 2005, SG&A was 43.7 million, which is 34.2% of net sales. That compares to 31 million or 27.5% of net sales in the prior year. This is an increase of $12.7 million or a 6.7 percentage point increase.

SG&A 費用。第四季度，SG&A 費用佔銷售額的百分比有所增加。2005 財年第四季度，SG&A 為 4370 萬美元，占淨銷售額的 34.2%。相比之下，去年為 3100 萬，占淨銷售額的 27.5%。這增加了 1270 萬美元或 6.7 個百分點。

Our personnel costs have increase due to recruiting additional top-quality personnel to manage our growing business, acquisitions -- our acquisition integrations, new products and brand revitalizations. We should be able to leverage these costs as the business continues to grow both internally and through strategic acquisitions. We incurred higher consulting in internal and external auditing costs associated with initial compliance with Sarbanes-Oxley Section 404. We expect to lower ongoing costs for Section 404 requirements and these costs to be spread throughout the year. In fiscal 2005, most of these costs were incurred in the fourth quarter.

我們的人員成本增加了，因為招聘了更多的高素質人員來管理我們不斷增長的業務、收購——我們的收購整合、新產品和品牌振興。隨著業務在內部和通過戰略收購不斷增長，我們應該能夠利用這些成本。我們在與初步遵守薩班斯-奧克斯利法案 404 相關的內部和外部審計成本方面產生了更高的諮詢。我們希望降低 404 條款要求的持續成本，並將這些成本分攤到全年。在 2005 財年，這些成本中的大部分發生在第四季度。

We had higher depreciation and amortization costs in the fourth quarter of 2005 resulting from the OXO acquisition and placing into service in September of 2004 our new Oracle system. We also incurred higher consulting fees during the fourth quarter of 2005 associated with our new Oracle system. The consulting costs are decreasing as we gain more experience on the system.

由於收購了 OXO 並於 2004 年 9 月投入使用我們的新 Oracle 系統，我們在 2005 年第四季度的折舊和攤銷成本較高。2005 年第四季度，我們還因新的 Oracle 系統產生了更高的諮詢費用。隨著我們在系統上獲得更多經驗，諮詢成本正在降低。

SG&A has increased as a result of the OXO acquisition. During the fourth quarter of 2005, we had a $1.9 million foreign exchange loss versus a $400,000 gain in the fourth quarter of 2004. We entered into cash flow hedges and the British pound and the euro to reduce the foreign currency exposures in our business.

由於收購 OXO，SG&A 有所增加。2005 年第四季度，我們有 190 萬美元的匯兌損失，而 2004 年第四季度則有 400,000 美元的收益。我們進行了現金流量對沖以及英鎊和歐元，以減少我們業務中的外幣風險。

In summary, our SG&A increase of 6.7 percentage points and 12.7 million is attributable to -- personnel costs, 1.5 million; Sarbanes-Oxley 404, 700,000; depreciation and amortization, 900,000; consulting fees, 1.5 million. The SG&A associated with the OXO, the new business segment, 4.9 million. The net change in our foreign exchange impact is a $2.3 million hit in the fourth quarter of fiscal 2005, and then we had some other cost changes of about $900,000. That totals to the $12.7 million increase in the SG&A.

總而言之，我們的 SG&A 增加了 6.7 個百分點和 1270 萬，原因是——人員成本，150 萬；薩班斯-奧克斯利法案 404, 700,000；折舊和攤銷，900,000；諮詢費，150萬。與新業務部門 OXO 相關的 SG&A 為 490 萬。2005 財年第四季度，我們外匯影響的淨變化為 230 萬美元，然後我們還有大約 900,000 美元的其他一些成本變化。SG&A 總計增加了 1270 萬美元。

Operating income for the fourth quarter of 2005 was $15 million, 11.8%, versus 20.3 million in the fourth quarter of 2004. This is a decrease of 5.3 million, or a 6.2 percentage point decrease. The operating income decreased as a result of higher SG&A expenses as discussed above. Interest expense in the fourth quarter of 2005 was 3.1 million, it's 2.5% of net sales compared to 1.1 million in the fourth quarter of 2004 which was 0.9% of net sales. The increase in interest expense is due to the additional debt resulting from acquisitions during the year.

2005 年第四季度營業收入為 1500 萬美元，增幅為 11.8%，而 2004 年第四季度為 2030 萬美元。這減少了 530 萬，或減少了 6.2 個百分點。如上所述，由於較高的 SG&A 費用，營業收入有所下降。2005 年第四季度的利息支出為 310 萬美元，占淨銷售額的 2.5%，而 2004 年第四季度為 110 萬美元，占淨銷售額的 0.9%。利息支出的增加是由於年內收購產生的額外債務。

Our income tax expense in the fourth quarter, the effective income tax rate was a 3.5% tax benefit in quarter 4 of 2005 compared to a 14.7 tax expense in quarter 4, 2004. During the fourth quarter 2005, we decreased tax reserves just over $2 million as a result of settling the IRS tax audit for fiscal years 2000 through 2002. Without the tax reserve decrease, our effective tax rate would have been 14.2% in the fourth quarter of 2005.

我們第四季度的所得稅費用，2005 年第四季度的有效所得稅率為 3.5%，而 2004 年第四季度為 14.7%。2005 年第四季度，由於解決了美國國稅局 2000 年至 2002 財年的稅務審計，我們減少了超過 200 萬美元的稅收儲備。如果沒有減少稅收儲備，我們 2005 年第四季度的實際稅率將為 14.2%。

I will make a few brief comments about fiscal 2005 results compared to fiscal 2004. We are pleased with our 22% fiscal year sales growth and net income from continuing operations. The OXO acquisition continues to perform very well and has met all of our expectations. Net sales for fiscal 2005 were 581.6 million compared to 474.9 million in fiscal 2004. This represents an increase of 106.7 million, 22.5% increase. By segments, our Personal Care sales for fiscal 2005 were 501.4 million compared to 474.9 million in fiscal 2004. This represents an increase of 26.5 million, a 5.6% increase in Personal Care.

與 2004 財年相比，我將對 2005 財年的結果做一些簡短的評論。我們對我們 22% 的財政年度銷售額增長和來自持續經營業務的淨收入感到滿意。OXO 的收購繼續表現良好，達到了我們的所有預期。2005 財年的淨銷售額為 5.816 億美元，而 2004 財年為 4.749 億美元。這意味著增加了 1.067 億，增幅為 22.5%。按部門劃分，我們 2005 財年的個人護理銷售額為 5.014 億，而 2004 財年為 4.749 億。這代表增加了 2650 萬，個人護理增加了 5.6%。

The OXO Housewares segment provided $80 million of sales for the nine months that we owned them in fiscal 2005. Overall, we had a 22.5% sales increase. Gross profit percent increased to 47.2% in fiscal 2005 compared to 45.7% in fiscal 2004. Operating income increased 16.2 million, an 18.9% increase over fiscal 2004. Income from continuing operations increased 7.1%. In fiscal 2005, we had 76.7 million of income from continuing operations compared to 71.6 million in fiscal 2004. This is an increase of 5.1 million, a 7.1% increase.

OXO 家庭用品部門在 2005 財年擁有的九個月中提供了 8000 萬美元的銷售額。總體而言，我們的銷售額增長了 22.5%。與 2004 財年的 45.7% 相比，2005 財年的毛利潤百分比增至 47.2%。營業收入增加了 1620 萬美元，比 2004 財年增加了 18.9%。來自持續經營業務的收入增長了 7.1%。2005 財年，我們的持續經營收入為 7670 萬美元，而 2004 財年為 7160 萬美元。這增加了 510 萬，增幅為 7.1%。

Diluted earnings per share from continuing operations increased 3% to $2.36 per diluted share. Diluted earnings per share after discontinued operations increased 21% to $2.35 per diluted share. Our financial position continues to remain strong. During fiscal 2005, we generated 45 million of cash from operating activities after investing over 70 million in accounts receivable and inventory to support our business growth and acquisitions and purchasing over 25 million of tax reserve certificates. We closed the year with 22 million in cash and no borrowings on our 75 million revolving line of credit.

來自持續經營業務的每股攤薄收益增長 3% 至每股攤薄收益 2.36 美元。終止經營後每股攤薄收益增長 21% 至每股攤薄收益 2.35 美元。我們的財務狀況繼續保持強勁。在 2005 財年，我們在應收賬款和存貨上投資了超過 7000 萬美元以支持我們的業務增長，並收購和購買了超過 2500 萬美元的儲稅券，從而從經營活動中獲得了 4500 萬美元的現金。我們以 2200 萬現金結束了這一年，並且我們的 7500 萬循環信貸額度沒有借款。

We purchased OXO for 273 million and spent 12 million on the purchase of the Skin Milk and TimeBlock brands. Our debt outstanding increased 215 million year-end over year-end, our shareholders equity increased 70 million to 421 million. I will now turn it over to Gerry for some additional comments.

我們2.73億收購了OXO，又花了1200萬收購了Skin Milk和TimeBlock品牌。未償債務較上年末增加2.15億元，股東權益增加0.7億元至4.21億元。我現在將其轉交給 Gerry 以徵求一些補充意見。

I would like to open the floor for anybody that has any questions.

我想請任何有問題的人發言。

(Operator Instructions). Sean Daly (ph), Daly (ph) Holdings.

（操作員說明）。Sean Daly (ph), Daly (ph) Holdings。

You're talking about some great results here and some great metrics that you use, but the stock is at a 52-week low at half the PE ratio of other stocks in the group and down 3.5 points as we speak. And I'm wondering at what point the Board and Gerry decides that to maximize shareholder value might be a sale of the Company, returning some cash to shareholders or Gerry taking a compensation that's stock performance-based.

你在這裡談論一些很好的結果和你使用的一些很好的指標，但該股處於 52 週低點，市盈率是該集團其他股票的一半，在我們說話時下跌了 3.5 個百分點。我想知道董事會和格里在什麼時候決定最大化股東價值可能是出售公司，向股東返還一些現金，或者格里接受基於股票表現的補償。

The Board has always considered buybacks and I'm sure that based on the price, they will consider it again. As you know, we have purchased over the years millions of shares. Currently, we have authorization to buy up to 3 million shares and I think we have already bought about 1.5 million shares. So that's certainly -- there is some availability there to purchase shares.

董事會一直在考慮回購，我相信根據價格，他們會再次考慮。如您所知，多年來我們購買了數百萬股股票。目前，我們有權購買最多 300 萬股，我認為我們已經購買了大約 150 萬股。所以那是肯定的——那裡有一些購買股票的機會。

As far as the stock price, and I wish I could control that, as you mentioned, we are selling and half the PE of other people in our peer group, so I assume that makes it a great buy. I guess if we had a different name, we would probably be selling for twice the price. So I guess that's (multiple speakers) for everybody.

至於股價，我希望我能控制它，正如你提到的，我們正在出售我們同行組中其他人一半的市盈率，所以我認為這是一個很好的買入。我想如果我們有一個不同的名字，我們可能會以兩倍的價格出售。所以我想這對每個人來說都是（多位發言人）。

One of the comments that people bring up is your compensation package as a detriment to the performance of the stock.

人們提出的其中一項評論是你的薪酬方案損害了股票的表現。

Okay, you had mentioned about the stock performance, you know, being benefited by the stock performance. Currently, we do not have any stock options available. As you probably all know, I haven't taken any stock options for almost two years because there's not available because the stockholders the last two years have voted down any options for employees. So that's where we stand right now. And as far as my compensation package, it's all related to earnings and was not only approved by the Board of Directors but was voted on by the shareholders of the Company. So in order to change it from a cash to a stock performance, there has to be options and at the present time, there are no options and as I mentioned, I haven't gotten any in two years.

好的，你提到了股票表現，你知道，從股票表現中受益。目前，我們沒有任何可用的股票期權。正如你們可能都知道的那樣，我已經將近兩年沒有購買任何股票期權，因為沒有可用的股票期權，因為過去兩年股東投票否決了員工的任何期權。這就是我們現在的立場。至於我的薪酬待遇，都是與收益相關的，不僅是董事會通過的，也是公司股東投票通過的。因此，為了將其從現金表現轉變為股票表現，必須有選擇權，而目前，沒有選擇權，正如我提到的，我已經兩年沒有得到任何選擇權。

Okay, and do you think the Board will be more aggressive with the stock repurchase with the stock at this depressed level?

好吧，你認為董事會會在股票處於如此低迷的水平時更積極地回購股票嗎？

Very possible. We will have to see when we meet next.

很有可能。我們將不得不看到我們下次見面的時間。

Alright, thank you very much.

好的，非常感謝。

Doug Lane, Avondale Partners.

埃文代爾合夥公司的道格·萊恩 (Doug Lane)。

A couple of questions here, just kicking around. Can you -- do you happen to know how much SkinMilk and TimeBlock accounted for in sales in fiscal '05?

這裡有幾個問題，只是踢來踢去。您能否——您是否碰巧知道 SkinMilk 和 TimeBlock 在 05 財年的銷售額中所佔的比例？

I don't have a number off the top of my head, but when our public reporting comes out on Monday, our 10-K, we do disclose core sales and non-core sales, so it would be in there. It may not be those specific ones, but it will talk about how much new acquisitions brought. And it's easy to back out the OXO one because it's a separate segment.

我腦子裡沒有數字，但是當我們的公開報告在周一發佈時，我們的 10-K，我們確實披露了核心銷售額和非核心銷售額，所以它會在那裡。可能不是那些具體的，但是會講新收購帶來了多少。而且很容易退出 OXO ，因為它是一個單獨的部分。

(indiscernible) so what I'm left with is essentially SkinMilk and TimeBlock?

（音頻不清晰）所以我剩下的基本上是 SkinMilk 和 TimeBlock？

Correct.

正確的。

And what kind of an annual sales number have you budgeted for those brands in '06?

06 年這些品牌的年銷售額預算是多少？

About 8 to $9 million.

大約 8 到 900 萬美元。

Okay, thank you. Moving on, can you comment Tom on the AR's here, the accounts receivables are up 50% on a 13% increase in sales?

好的謝謝。繼續，你能評論湯姆在這裡的 AR，應收賬款增長了 50%，銷售額增長了 13%？

Yes. Our accounts receivable, our days outstanding have increased a little bit year-over-year. Part of it Doug is our business is growing, we're having greater growth in our international business and the international business, that has longer terms than our domestic business. So that is one of the reasons.

是的。我們的應收賬款，我們的未償還天數同比有所增加。道格的部分原因是我們的業務在增長，我們的國際業務和國際業務的增長速度比我們的國內業務更長。所以這是原因之一。

Also, we did get a little bit behind on our collection efforts and clearing some of our deductions at the end of the year as we were getting more familiar with our new system and we have made very good progress on that over the last few months, so I see them improving.

此外，隨著我們對新系統越來越熟悉，我們在年底的收款工作和清算部分扣除方面確實有點落後，過去幾個月我們在這方面取得了很好的進展，所以我看到他們在進步。

Also in the third quarter, at the end of the third quarter, we have reached sales, especially later in the third quarter in November. So some of those were still outstanding at year end. Also I believe between the third quarter and the fourth quarter, the days outstanding went down some. It went from 72 to 70.

同樣在第三季度，在第三季度末，我們達到了銷售額，尤其是在 11 月的第三季度末。所以其中一些在年底仍然很出色。我也相信在第三季度和第四季度之間，未完成的天數有所下降。它從 72 增加到 70。

Yes, but they're still up 20 days from last year. There's not that big of a he spread between international and domestic, is there?

是的，但他們仍然比去年多了 20 天。他在國際和國內之間的傳播沒有那麼大，是嗎？

I just explained some of it was the international and some of it we got a little behind on our collection efforts.

我只是解釋了其中一些是國際性的，其中一些是我們在收集工作上落後了一些。

Okay. And staying with the systems, is OXO on the Oracle system now?

好的。繼續使用系統，OXO 現在是在 Oracle 系統上嗎？

As part of what Gerry was saying in there, OXO was not in the system and we will not put that on the system until probably February of next year. And that's part of the reasons we analyze this in detail for the last three or four months, actually the last six months. We were going to move it to El Paso and we decided to expand our Mississippi distribution for a variety of reasons. One and most importantly, it's better location for freight and one of the things we've seen over the last 12 months is the freight costs have kind of risen in particular because of all of the higher fuel costs.

作為 Gerry 在那裡所說的一部分，OXO 不在系統中，我們可能要到明年 2 月才會將其放入系統中。這就是我們對過去三四個月，實際上是過去六個月進行詳細分析的部分原因。我們打算把它搬到埃爾帕索，出於各種原因我們決定擴大我們在密西西比州的分佈。一個也是最重要的一點是，它是更好的貨運地點，我們在過去 12 個月中看到的一件事是貨運成本有所上升，尤其是因為所有燃料成本都較高。

One of the things we're looking forward to is having that operation in Mississippi, which is right next to Memphis. Secondly, we're going to move the Idelle SKUs, which are in El Paso, to Mississippi also and we should have a nice 2 or 3% reduction there. One thing you should note is we were incurring a transition fee with World Kitchen over the next 12 months. That transition fee is about 8% of sales for OXO, which we're forecasting at about $111 million for next year. In that transition fee, we think we have a substantial savings not this year but next year when we actually put it into our overhead base and systems base.

我們期待的一件事是在密西西比州開展這項業務，它就在孟菲斯旁邊。其次，我們將把位於埃爾帕索的 Idelle SKU 也轉移到密西西比州，我們應該在那裡減少 2% 或 3%。您應該注意的一件事是，我們在接下來的 12 個月內向 World Kitchen 支付了一筆過渡費。該過渡費約為 OXO 銷售額的 8%，我們預計明年的銷售額約為 1.11 億美元。在那筆過渡費中，我們認為我們不是在今年而是在明年將其實際投入到我們的管理費用基礎和系統基礎中時會節省大量資金。

Got it. That's very helpful. When you mentioned increased personnel costs, what division was that in mostly?

知道了。這很有幫助。當你提到增加的人員成本時，主要是在哪個部門？

If you take a look at what we're going to be doing as far as looking forward to 2006 is we're looking at hiring more people in the OXO division and trying to staff up for a variety of different initiatives that we have. And secondly, what you have in general is a process that we need to be able to bring OXO and some other potential acquisitions into our overhead base and we have to hire people in doing that before incurring the sales. So what you're seeing is an increase in overhead, anticipating OXO moving over and also anticipating having the capability to be able to do something.

如果您看一下我們在 2006 年之前將要做的事情，那就是我們正在考慮在 OXO 部門僱用更多的人，並努力為我們擁有的各種不同的計劃配備人員。其次，你所擁有的一般是一個過程，我們需要能夠將 OXO 和其他一些潛在的收購納入我們的間接基礎，我們必須在進行銷售之前僱用人員來做這件事。所以你看到的是開銷的增加，預計 OXO 會轉移，也預計有能力做某事。

One of the main thrusts, and I've said this a couple of times, is we would have never come in compliance with Sarbanes 404 without our new system. And when we did that system, it was saying that we have to be able to adopt that, out it on a worldwide basis and we will start getting the benefits of that system over the next six to 12 months. It takes you awhile to get going, it takes you awhile to learn it, but we think we can take some operational opportunity and hopefully reduce or SG&A not necessarily in the next six months but in the following six months down by at least 1% by operating better and having better information and be able to execute better within our existing infrastructure.

主要推動力之一，我已經說過幾次了，如果沒有我們的新系統，我們將永遠不會遵守 Sarbanes 404。當我們建立這個系統時，它說我們必須能夠在全球範圍內採用它，我們將在未來 6 到 12 個月內開始從該系統中受益。這需要你一段時間才能開始，你需要一段時間來學習它，但我們認為我們可以抓住一些運營機會，並希望在未來六個月內減少或 SG&A，但在接下來的六個月內至少減少 1%更好地運營和擁有更好的信息，並能夠在我們現有的基礎設施中更好地執行。

Part of this whole process is you have to adopt a Sarbanes 404 and it has to be documented as you well know and everything else, and we're fully expecting to release our compliance of 404. And I cannot tell you the amount of time that was spent by management and other people, but it's not in addition to some of the costs that Tom did (indiscernible) comply. And as you may well know, as we came in compliance within Sarbanes 404 in the last fourth quarter this last year on top of trying to put an Oracle system in together. So a lot of our time and attention has been focused on that. And over the next -- we will not have that particular I guess burden upon our backs to focus in on, we can focus in more on some more of the business issues from my perspective.

整個過程的一部分是您必須採用 Sarbanes 404，並且眾所周知，它必須記錄在案以及其他所有內容，我們完全期待發布我們的 404 合規性。我無法告訴你管理層和其他人花費了多少時間，但這並不是 Tom 確實（音頻不清晰）遵守的一些成本的補充。正如您可能知道的那樣，去年第四季度我們在 Sarbanes 404 內合規，除了試圖將 Oracle 系統整合在一起。所以我們的很多時間和注意力都集中在這上面。在接下來的時間裡——我想我們不會有特別的負擔去關注，從我的角度來看，我們可以更多地關注更多的業務問題。

Yes. No, Chris, I understand the Sarb-Ox story is a familiar story to me. Lastly on the OXO SG&A at 4.9 million, Tom where is that versus expectations?

是的。不，克里斯，我知道 Sarb-Ox 的故事對我來說很熟悉。最後，關於 490 萬的 OXO SG&A，湯姆，這與預期相比在哪裡？

OXO is right in line with all of our expectations, from the top of sales down to the bottom contribution. So we're very, very pleased with that acquisition.

OXO 符合我們所有的預期，從銷售額的最高點到最低的貢獻。所以我們對這次收購非常非常滿意。

Okay, thank you.

好的謝謝。

Keith Ritchie (ph), Delphi Management.

基思里奇 (ph)，德爾福管理層。

I wondered if you could talk a little bit about the inventory. It looks like the inventory was up a little bit and I wondered if you could -- I'm thinking here about the comment you made that sales were a little slower in Q4 because of ordering in Q3 and I wondered if you could talk about how much of the inventory increase is maybe acquisition related and how much was due to that sales effect?

我想知道你是否可以談談庫存。看起來庫存增加了一點，我想知道你是否可以——我在這裡想的是你發表的評論，即由於第三季度的訂單，第四季度的銷售速度有點慢，我想知道你是否可以談談如何庫存增加的大部分可能與收購有關，有多少是由於銷售效應？

The inventory increased about 30%. Our sales increased 22%, but we did not own OXO for the whole year. Had we owned OXO for the whole year, our increase would have been about 30%, which is in-line with what our inventory increase is. So--.

存貨增加約30%。我們的銷售額增長了 22%，但我們全年都沒有持有 OXO。如果我們全年都擁有 OXO，我們的增幅將約為 30%，這與我們的庫存增幅一致。所以 - 。

So essentially it's all because of the acquisition?

所以本質上都是因為收購？

It's all because of the acquisition and increase and the sales growth, but basically because of the acquisition.

都是因為收購而增加，銷售額增長，但基本上是因為收購。

Okay, thanks a lot.

好的，非常感謝。

Rommel Dionisio, Wedbush Morgan.

隆美爾迪奧尼西奧，韋德布什摩根。

Tom, I think in your prepared comments, you talked about brand revitalization efforts when discussing the SG&A part. But I wasn't sure where that really breaks down. In the line items you talked about on the SG&A, you didn't mention sort of increased advertising or anything like that. I wonder if you could just address that point in terms of those brand revitalization efforts with regards to Idelle Labs (multiple speakers) products that you're launching?

湯姆，我認為在您準備好的評論中，您在討論 SG&A 部分時談到了品牌振興工作。但我不確定真正崩潰的地方。在你談到的關於 SG&A 的項目中，你沒有提到增加廣告或類似的事情。我想知道您是否可以就您推出的 Idelle Labs（多揚聲器）產品的品牌振興工作來解決這一點？

I can speak to two things in particular. One is to Brut. If you've been open up (ph) some magazines lately, you will see a revitalization of the Brut brand name. We're trying to take Brut and kind of make it more relevant to the existing customer base out there. More importantly also (indiscernible) and you'll see in our 10-Q with the NHRA drag racing and really tied into a sports program with our advertising. But Brut is going to be -- we're actually taking that and launching some new SKUs. You will see in the stores some shaving SKUs that were pretty close into the SKUs they used to have in the past, getting some expansion there. And also importantly is we're taking Brut and launching actually a relaunch in Mexico which we're very optimistic with because in Mexico, you may not realize but Brut was actually three different scents in the APDO (ph) area, emphasizing more in the antiperspirant area which they had had (ph) in the past. They were very optimistic about that Brut launch, which just happened I guess last week. And it actually comes in four different scents in the APO (ph) area and is going to do very well there. And we're also going to take Brut and expand that back into Brazil. I don't know if you've been watching the Brazilian economy lately, but they're having a very nice recovery and we're able to take Brut brand and relaunch Brut back into Brazil. It has been there in a very limited way. It's a very strong brand name there and we're also optimistic that our Revlon brand within the appliance piece is going to do very well in Brazil also.

我可以特別談談兩件事。一種是布魯特。如果您最近打開 (ph) 一些雜誌，您會看到 Brut 品牌名稱的複興。我們正在嘗試採用 Brut 並使其與現有客戶群更加相關。更重要的是（音頻不清晰），你會在我們的 10-Q 中看到 NHRA 飆車，並真正與我們的廣告聯繫在一起的體育節目。但 Brut 將會——我們實際上正在接受它並推出一些新的 SKU。您會在商店中看到一些剃須刀 SKU，這些 SKU 與他們過去擁有的 SKU 非常接近，並在那裡進行了一些擴展。同樣重要的是，我們正在採用 Brut 並在墨西哥重新推出我們對此非常樂觀，因為在墨西哥，您可能沒有意識到，但 Brut 實際上是 APDO (ph) 區域中的三種不同氣味，更強調他們過去使用過的止汗區域 (ph)。他們對 Brut 的發布非常樂觀，我猜這是上周剛剛發生的。它實際上在 APO (ph) 區域有四種不同的氣味，並且在那裡會非常好。我們還將採用 Brut 並將其擴展回巴西。我不知道你最近是否一直在關注巴西經濟，但他們的複蘇非常好，我們能夠採用 Brut 品牌並將 Brut 重新推出巴西。它以非常有限的方式存在。這是一個非常強大的品牌名稱，我們也樂觀地認為，我們家電產品中的露華濃品牌在巴西也將表現出色。

So the initiative that Jerry mentioned to you is taking that Brut brand not only in the U.S., but also taking it in the Western Hemisphere where we have it both into Latin America which we define as the Latin American countries, mostly in Brazil and also in Mexico and launching that.

因此，Jerry 向您提到的舉措是，不僅在美國推廣 Brut 品牌，而且在西半球將其推廣到拉丁美洲，我們將其定義為拉丁美洲國家，主要在巴西和墨西哥並啟動它。

The second major relaunch we have is in Sea Breeze. We took Sea Breeze, which have really had one or two SKUs at retail, it's going into four different SKUs in retail. We redid some of the packaging, did some of the improvements, some of the formulation and we think Sea Breeze is going to be a great brand and be able to make it more relevant to the younger crowd. And there has also been national advertising in that also. So you're seeing some pretty good advertising in Brut and Sea Breeze and those are our two biggest brands and pretty much they're all retail and mass today.

我們的第二次重大重新發布是在海風中。我們採用了 Sea Breeze，它在零售中確實有一個或兩個 SKU，它將進入四個不同的零售 SKU。我們重新設計了一些包裝，做了一些改進，做了一些配方，我們認為 Sea Breeze 將成為一個偉大的品牌，並能夠使其更適合年輕人群。那裡也有全國性的廣告。所以你在 Brut 和 Sea Breeze 中看到了一些非常好的廣告，這是我們最大的兩個品牌，今天它們幾乎都是零售和大眾品牌。

So we're optimistic that we're getting placement in Sea Breeze. We had one or two SKUs before, we have four SKUs in the shelf in the Sea Breeze area. But those are the two big initiatives with advertising campaigns behind them in the next fiscal year.

因此，我們對在 Sea Breeze 中獲得安置感到樂觀。我們之前有一個或兩個 SKU，我們在海風區的貨架上有四個 SKU。但這是下一財年的兩項重大舉措，背後還有廣告活動。

Is Sea Breeze on the shelf, Chris?

海風在貨架上嗎，克里斯？

Absolutely.

絕對地。

Thanks very much.

非常感謝。

(Operator Instructions) Steve Friedman (ph), Wachovia.

（操作員說明）Steve Friedman (ph)，Wachovia。

Good morning, Gerry and all. I don't know if you know or not, but maybe the first 15 or 20 minutes of the conference call I was unable to get on because there was a wrong number that was given on the conference call. Were you aware of that and --?

早上好，格里和大家。我不知道你是否知道，但也許電話會議的前 15 或 20 分鐘我無法接通，因為電話會議上提供的號碼錯誤。你知道嗎——？

We were not aware of that, Steve.

我們不知道這一點，史蒂夫。

Okay. Well, the number was given, so I did miss the first 15 or 20 minutes of the call. So I guess some of my questions may and may not have been answered, but let me ask this. On February 22, you announced your revised guidance on the fourth quarter and on the fiscal year we're in now, fiscal 2006. And you revised the sales to 120 million. You came in with 127 million, if I'm not correct. And your sales for the fiscal year we're in now, you had left at that time at 645 million to 660 million, a revision downwards on the earnings per share to 250 and 260 and the sales to 617. Can you or have you expanded on that or given the reasons? If you have, as I said, I missed the early parts of the calls. Is this mostly in the first quarter continue this year where you noted the slowdown? Obviously, Wal-Mart has reported sluggish sales today and I was curious if you could tell where the brunt of the amount that you reduced is coming from?

好的。好吧，號碼已經給了，所以我確實錯過了通話的前 15 或 20 分鐘。所以我想我的一些問題可能沒有得到回答，但讓我問這個。2 月 22 日，您宣布了對第四季度和我們現在所在的財政年度（即 2006 財政年度）的修訂指導。並且您將銷售額修改為 1.2 億。如果我沒記錯的話，你的收入是 1.27 億。我們現在所在財政年度的銷售額，當時為 6.45 億至 6.6 億，每股收益下調至 250 和 260，銷售額下調至 617。您可以或已經對此進行了擴展或給出了原因嗎？如果你有，正如我所說，我錯過了電話的早期部分。這主要是在今年第一季度繼續，你注意到經濟放緩嗎？顯然，沃爾瑪今天報告銷售低迷，我很好奇你是否能說出你減少的金額的首當其衝來自哪裡？

Thank you, Steve. The sales that we are projecting for next year are 615 million to 640 million, not 617 million as you mentioned. So we do have the spread there. In a way --.

謝謝你，史蒂夫。我們預計明年的銷售額是 6.15 億至 6.4 億，而不是你提到的 6.17 億。所以我們確實有傳播。在某種方式 - 。

No, I mentioned 615 as the low point. But yes, you did have that range.

不，我提到 615 是最低點。但是，是的，你確實有那個範圍。

But as you know as you mentioned, we have projected 120 million. We ended up with almost 128 million. I guess we're just being a little conservative. We believe that the sales of the Personal Care products we're forecasting to be pretty much flat in the first half, but we are forecasting a stronger second half. If we do get the pickup in the first half, then we would certainly want to increase our sales expectations, but that is kind of the range that we see right now based on what we see out there.

但正如您所提到的，我們預計有 1.2 億。我們最終得到了將近 1.28 億。我想我們只是有點保守。我們認為，我們預測上半年個人護理產品的銷售額基本持平，但我們預測下半年會更加強勁。如果我們確實在上半年獲得提貨，那麼我們當然希望提高我們的銷售預期，但這是我們現在根據我們在那裡看到的情況看到的範圍。

Well then as a follow-up to that, if your conservative estimate's at 250 to 260 for the year and your fiscal year just completed was 236, am I correct?

那麼作為後續行動，如果您保守估計該年度為 250 到 260，而您剛剛完成的財政年度為 236，我是否正確？

Yes, those correct.

是的，那些是正確的。

Well then just based on that, just looking at the rationale of the marketplace, it makes no sense where we're being valued at less than 10 times, 9.8 times actual earnings and about 8.5 times to 9 times forward earnings.

那麼基於此，看看市場的基本原理，我們的估值低於 10 倍，實際收益的 9.8 倍和預期收益的 8.5 至 9 倍是沒有意義的。

Well you know, I agree. You missed one of the callers who called in and said that people in our peer group were selling for almost twice as much. So I wish I could do something about the price (indiscernible).

你知道，我同意。你錯過了一位來電者，他打來電話說我們同齡人的售價幾乎是我們的兩倍。所以我希望我能對價格做點什麼（音頻不清晰）。

No, I --.

不，我——

We also settled the IRS issues. There always seems to be issues out there that maybe some people what to have stock go up or down. But I think that's a significant improvement in our overall division and we have that behind us on a very -- it used to be a $13 million deficiency and that's what all I heard about and we settled for a lot less and reversed some reserves and that's behind us. So I think that's a significant plus for us.

我們還解決了美國國稅局的問題。似乎總是存在一些問題，也許有些人會讓股票上漲或下跌。但我認為這對我們的整體部門來說是一個顯著的改善，我們在過去有 1300 萬美元的缺口，這就是我所聽到的，我們以少得多的價格安頓下來並撤銷了一些儲備金，這就是我們後面。所以我認為這對我們來說是一個重要的優勢。

I saw on the press release that was settled. Was that something, are you able to reveal what that settlement was? I know you reduced the reserves.

我在新聞稿上看到已經解決了。那是什麼東西，你能透露那個定居點是什麼嗎？我知道你減少了準備金。

Well we'll have it Monday in the 10-K and I think you'll -- it actually took it down from -- correct me if I'm wrong Tom -- from the 13 potential deficiency down to a $3 million deficiency.

好吧，我們將在周一的 10-K 中得到它，我想你會——它實際上把它從——如果我錯了湯姆糾正我——從 13 個潛在的缺陷減少到 300 萬美元的缺陷。

Correct.

正確的。

Which we already had paid in for and we already had accrued over-accrued for.

我們已經為此付出了代價，並且已經積累了超額積累。

Do you know how much that affected the quarter's earnings potentially?

您知道這對本季度收益的潛在影響有多大嗎？

Tom would.

湯姆會的。

It was -- the tax benefit, that reversal we made, was just over $2 million. So if you divide it by 32.5, it's about $0.06.

這是——稅收優惠，我們所做的逆轉，剛剛超過 200 萬美元。因此，如果將其除以 32.5，則約為 0.06 美元。

Alright. So once again as I said, we look at a tremendous opportunity in my opinion looking at the Company's stock over the years always as nothing goes in a straight line, but at 8.5 times projected earnings, and that's you would say from a conservative basis?

好吧。因此，正如我所說，我們再次看到了一個巨大的機會，在我看來，多年來一直看著公司的股票，因為沒有什麼是直線發展的，但預計收益是 8.5 倍，你會說這是保守的嗎？

We would like to think so. I just got a note that -- from the phone company that said that there was so many people calling in that there was a call overload which made the phone company patch everybody else to another number.

我們願意這樣想。我剛從電話公司那裡收到一張紙條，說有太多人打電話進來，導致電話超載，這使得電話公司將其他人都換到另一個號碼。

They did. They gave another -- a straight 800 number instead of the 888 number that you had given.

他們做到了。他們給了另一個——一個直接的 800 號碼，而不是你給的 888 號碼。

We just got a note, it sounded like it was just a call overload. Must have been a lot of people trying to call in.

我們剛收到一張紙條，聽起來好像只是通話過載。一定有很多人試圖打電話進來。

Had the right number, just they couldn't handle it all for some reason.

有正確的數字，只是他們出於某種原因無法處理這一切。

Well, I was able to finally get on at about 17 minutes into the call, if you started at 10:00.

好吧，如果你在 10:00 開始，我終於能夠在通話後大約 17 分鍾繼續通話。

The calls are all archived, so you can certainly listen to it that way.

通話都已存檔，因此您當然可以那樣收聽。

Thank you.

謝謝。

(Operator Instructions) Sean Daly (ph), Daly Holdings.

（操作員說明）Sean Daly (ph)，Daly Holdings。

Just a follow-up on my comment and the gentleman prior to mine. Has the Board considered forming a special committee to look at ways to maximize shareholder value? Maybe it's not the best interest of shareholders for the Company to be a public company, given the consistently suppressed valuation?

只是對我的評論和我之前的那位先生的跟進。董事會是否考慮過成立一個特別委員會來研究實現股東價值最大化的方法？考慮到估值一直受到壓制，公司成為一家上市公司或許不是股東的最佳利益？

I'm a director, this is Chris Carameros, and we always look at ways to maximize shareholder value. Whether the market values your stock on one day at a particular price, we've also had a higher amount during the time. I think we have a unique balance sheet and a unique operating ability to bring value to the shareholders in the long-term. And to look it as shareholder value at one point in time is a little bit shortsighted in my (multiple speakers).

我是一名董事，我是 Chris Carameros，我們一直在尋找最大化股東價值的方法。無論市場在某一天以特定價格對您的股票進行估值，我們在此期間也有更高的數量。我認為我們擁有獨特的資產負債表和獨特的運營能力，可以為股東帶來長期價值。在我（多位發言者）看來，在某個時間點將其視為股東價值有點短視。

I'm not looking at it today, but I'm looking at it -- year-to-date, the stock's down 30%.

我今天不是在看它，而是在看它——年初至今，該股下跌了 30%。

I don't disagree. We had it as high as 37 during the year. But I think as people will understand, one of the things that always I've heard that had caused people some uncertainty were tax issues out there. As I just got through mentioning, the U.S. tax issue has just gotten resolved. People need to digest and understand that. I think they will see that the (multiple speakers).

我不同意。我們在這一年裡有高達 37 個。但我認為人們會理解，我經常聽到的導致人們不確定的事情之一就是稅收問題。正如我剛剛提到的，美國的稅收問題剛剛得到解決。人們需要消化和理解這一點。我認為他們會看到（多個揚聲器）。

I don't think that's that big an issue because you don't have a very significant short interest and I don't hear a real short story on the Company. I hear more of a lack of interest and a kind of continual tweaking down of numbers. But it seems that there's lots and lots of room to do something for the shareholders.

我認為這不是什麼大問題，因為你沒有非常重要的空頭利益，而且我沒有聽到關於公司的真實空頭故事。我聽到更多的是缺乏興趣和一種不斷調整數字。但似乎有很多空間可以為股東做點什麼。

I know everybody is concerned about the price of stock, but there are companies out there that are in similar businesses that have projected to make $2.20, $2.30 for the year and sell for $48 to $50. And if you will call me, I will give you names of companies that (multiple speakers) who have half the operating profit we have.

我知道每個人都關心股票價格，但有些公司從事類似業務，預計年收入為 2.20 美元、2.30 美元，售價為 48 美元至 50 美元。如果你打電話給我，我會告訴你（多位發言者）擁有我們一半營業利潤的公司的名字。

That's my point.

這就是我的觀點。

Our cash flow this year will probably be somewhere around $100 million or more. Now I know we're building the new warehouse, but we're paying that out of cash because we don't have to.

我們今年的現金流量可能在 1 億美元左右或更多。現在我知道我們正在建造新倉庫，但我們用現金支付，因為我們不必這樣做。

That's exactly my point and then perhaps maybe one of those companies with a highly valued common stock would be willing to acquire your company if it was for sale and then we would have the generous multiples that these other companies have as opposed to the depressed one that we currently have.

這正是我的觀點，然後也許那些擁有高價值普通股的公司之一願意收購你的公司，如果它是為了出售，那麼我們將擁有這些其他公司所擁有的慷慨倍數，而不是那些沮喪的公司我們目前有。

I don't think there's any way that the Company is up for sale. I think that it's up to the shareholders to see the value and value Helen of Troy just as they value other stocks. If they think that Helen of Troy is only worth 8.5 times earnings, well I guess that's what it is. We just maybe have to do a better marketing job to tell our story because we're a Company of wonderful brands, we sell worldwide, we're going to do well over $600 million this year. We are looking at acquisitions. We're not building this 1.2 million square foot warehouse because we just want to fill it up with merchandise that we don't need. As you know, we're going from 600,000 to 1.2, so you can assume that business is going to get better or we don't need the warehouse. We're going to put OXO there and of course we're looking at acquisitions all of the time.

我認為公司不可能出售。我認為股東們應該像看重其他股票一樣看清特洛伊海倫的價值和價值。如果他們認為《特洛伊的海倫》的市盈率僅為 8.5 倍，那麼我猜就是這樣。我們可能需要做更好的營銷工作來講述我們的故事，因為我們是一家擁有優秀品牌的公司，我們在全球銷售，我們今年的銷售額將超過 6 億美元。我們正在考慮收購。我們建造這個 120 萬平方英尺的倉庫並不是因為我們只是想用我們不需要的商品來裝滿它。如您所知，我們將從 600,000 增加到 1.2，因此您可以假設業務會好轉或者我們不需要倉庫。我們打算把 OXO 放在那裡，當然我們一直在考慮收購。

And I would encourage you to get out and tell this story. You have some very bright analysts that follow the company but you only have, according to Bloomberg, four of them at this point and none of the major firms.

我會鼓勵你走出去講述這個故事。你有一些非常聰明的分析師關注這家公司，但據彭博社報導，目前只有四位，而且沒有一家是大公司。

Anything that you could do to help us out to get a major firm, we would appreciate it. Anything you can do on your side.

如果您能幫助我們獲得一家大公司，我們將不勝感激。你可以在你身邊做任何事情。

My phone number with the call on your caller system, and I would be glad to talk to about it off-line.

我的電話號碼與您的來電系統上的呼叫有關，我很樂意離線談論它。

I appreciate it, thank you.

我很感激，謝謝。

Mimi Sokolowski, Sidoti & Co.

Mimi Sokolowski, Sidoti & Co.

Hi, I also missed part of the call. Did you happen to disclose what the contribution from OXO was in the quarter?

嗨，我也錯過了部分電話。您是否碰巧透露了 OXO 在本季度的貢獻？

Yes. I think if you would listen in from the beginning, but certainly Tom could give you that number.

是的。我想如果你從一開始就听，但湯姆當然可以給你那個號碼。

This is Tom Benson. What we did is we discussed the sales, we did not discuss any contribution or operating income. When the K comes out next Monday, we have the segment reporting that's in that and you will be able to see information on OXO. For the year, OXO had 80,143,000 in sales and it had operating income of just over $25 million, and that was for nine months.

這是湯姆·本森。我們所做的是討論銷售額，我們沒有討論任何貢獻或營業收入。下週一 K 出來時，我們有其中的細分報告，您將能夠看到有關 OXO 的信息。當年，OXO 的銷售額為 80,143,000，營業收入剛剛超過 2,500 萬美元，而且是九個月的時間。

Alright. I can figure that out then. Thank you very much.

好吧。那我可以弄清楚。非常感謝。

Gentleman, it appears there are no further questions. I will now turn the conference back to Gerald Rubin for closing comments.

先生，看來沒有其他問題了。我現在將會議轉回 Gerald Rubin 進行閉幕評論。

Thank you all for participating. I'm sorry if there was some confusion by the phone company, but since everything is archived I'm sure that you all can go back and listen from the beginning. Thank you very much for your participation and we look forward to discussing our first quarter with you on our first next conference call. Thank you.

謝謝大家的參與。如果電話公司造成了一些混亂，我很抱歉，但由於所有內容都已存檔，我相信你們都可以返回並從頭開始收聽。非常感謝您的參與，我們期待在下一次電話會議上與您討論我們的第一季度。謝謝。

Ladies and gentlemen, if you wish to access the replay for this call, you may do so by dialing 888-203-1112 with a replay passcode of 391-9742. This concludes our conference call for today. Thank you all for participating and have a nice day. All parties may now disconnect.

女士們，先生們，如果您想收聽此次通話的重播，可以撥打 888-203-1112，重播密碼為 391-9742。我們今天的電話會議到此結束。感謝大家的參與，祝你有美好的一天。所有各方現在都可以斷開連接。