UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
(X) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE
ACT OF 1934
For the quarterly period ended March 31, 1999
- --------------------------------------------------------------------------------
(_) TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from ____________________ to _____________________
For Quarter Ended March 31, 1999 Commission File Number 0-23702
--------------- ------------
STEVEN MADDEN, LTD.
- --------------------------------------------------------------------------------
(Exact name of Registrant as specified in its charter)
NEW YORK 13-3588231
(State or other jurisdiction of (I.R.S. Employer Identification No.)
incorporation or organization)
52-16 Barnett Avenue, Long Island City, New York 11104
- --------------------------------------------------------------------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (718) 446-1800
- --------------------------------------------------------------------------------
Indicate by check mark whether the Registrant (1) has filed all reports required
to be filed by Section 13 of 15 (d) of the Securities and Exchange Act of 1934
during the preceding 12 months and (2) has been subject to such filing
requirements for the past 90 days.
Yes [X] No [ ]
Class Outstanding as of May 06, 1999
Common Stock 10,947,093
1
STEVEN MADDEN, LTD.
FORM 10-Q
QUARTERLY REPORT
MARCH 31, 1999
TABLE OF CONTENTS
PART I- FINANCIAL INFORMATION
ITEM 1. Condensed Consolidated Financial Statements:
Consolidated Balance Sheets ..................................... 3
Consolidated Statements of Operations ........................... 4
Consolidated Statement of Cash Flows ............................ 5
Notes to condensed consolidated
financial statements .......................................... 6
ITEM 2. Management's discussion and analysis
of financial condition and results of operations .............. 7
2
STEVEN MADDEN, LTD. AND SUBSIDIARIES
SEE NOTES TO FINANCIAL STATEMENTS
CONSOLIDATED BALANCE SHEETS
MARCH 31, DECEMBER 31,
1999 1998
------------ ------------
(UNAUDITED)
ASSETS
Current assets:
Cash and cash equivalents $ 13,556,000 $ 14,642,000
Investments 499,000
Accounts receivable - net of allowances of $499,000 and $462,000 854,000 924,000
Due from factor - net of allowances of $391,000 and $351,000 14,171,000 9,357,000
Inventories 7,043,000 7,971,000
Prepaid advertising 710,000 896,000
Prepaid expenses and other current assets 2,674,000 2,091,000
Deferred taxes 534,000 534,000
------------ ------------
Total current assets 39,542,000 36,914,000
Property and equipment, net 9,679,000 8,991,000
Deferred taxes 293,000 293,000
Deposits and other 251,000 247,000
Cost in excess of fair value of net assets acquired - net of accumulated
amortization of $332,000 and $297,000 2,448,000 2,483,000
------------ ------------
$ 52,213,000 $ 48,928,000
============ ============
LIABILITIES
Current liabilities:
Current portion of lease payable $ 136,000 $ 106,000
Accounts payable and accrued expenses 4,665,000 2,950,000
Accrued bonuses 220,000 231,000
------------ ------------
Total current liabilities 5,021,000 3,287,000
Deferred rent 476,000 385,000
Lease payable, less current portion 272,000 296,000
------------ ------------
5,769,000 3,968,000
------------ ------------
Contingencies (Note D)
STOCKHOLDERS' EQUITY
Common stock - $.0001 par value, 60,000,000 shares authorized, 10,944,843
and 10,940,643 issued and outstanding 1,000 1,000
Additional paid-in capital 36,625,000 36,601,000
Retained earnings 12,667,000 11,256,000
Unearned compensation (1,565,000) (1,661,000)
Treasury stock at cost - 276,104 and 270,204 shares (1,284,000) (1,237,000)
------------ ------------
46,444,000 44,960,000
------------ ------------
$ 52,213,000 $ 48,928,000
============ ============
3
SEE NOTES TO FINANCIAL STATEMENTS.
STEVEN MADDEN, LTD. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
THREE MONTHS ENDED
MARCH 31,
----------------------------
1999 1998
------------ ------------
Net sales $ 26,731,000 $ 16,511,000
Cost of sales 15,789,000 9,485,000
------------ ------------
Gross profit 10,942,000 7,026,000
Commission and licensing fee income 691,000 764,000
Operating expenses (9,353,000) (6,451,000)
------------ ------------
Income from operations 2,280,000 1,339,000
Interest income (expense), net 174,000 (26,000)
------------ ------------
INCOME BEFORE PROVISION FOR INCOME TAXES 2,454,000 1,313,000
Provision for income taxes 1,043,000 540,000
------------ ------------
NET INCOME $ 1,411,000 $ 773,000
============ ============
BASIC INCOME PER SHARE $ .13 $ .09
===== =====
DILUTED INCOME PER SHARE $ .12 $ .08
===== =====
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING - BASIC INCOME PER SHARE 10,671,838 8,411,770
Effect of potential common shares from exercise of options and warrants 1,174,941 1,772,241
------------ ------------
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING - DILUTED INCOME PER SHARE 11,846,779 10,184,011
============ ============
4
SEE NOTES TO FINANCIAL STATEMENTS
STEVEN MADDEN, LTD. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
THREE MONTHS ENDED
MARCH 31,
----------------------------
1999 1998
------------ ------------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 1,411,000 $ 773,000
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation and amortization 396,000 297,000
Deferred compensation 96,000 37,000
Provision for doubtful accounts and chargebacks 77,000 56,000
Deferred rent expense 91,000 71,000
Changes in:
Accounts receivable 33,000 (763,000)
Due from factor (4,854,000) (1,104,000)
Inventories 928,000 (1,028,000)
Prepaid expenses and other assets (401,000) 982,000
Accounts payable and accrued expenses 1,715,000 (71,000)
Accrued bonuses (11,000) (412,000)
------------ ------------
Net cash used in operating activities (519,000) (1,162,000)
------------ ------------
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment (1,017,000) (826,000)
Maturity of investment securities 499,000 504,000
------------ ------------
Net cash used in investing activities (518,000) (322,000)
------------ ------------
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from options, units and warrants exercised - net 24,000 1,217,000
Purchase of treasury stock (47,000)
Payment of lease obligations (26,000) (12,000)
------------ ------------
Net cash provided by (used in) financing activities (49,000) 1,205,000
------------ ------------
NET DECREASE IN CASH AND CASH EQUIVALENTS (1,086,000) (279,000)
Cash and cash equivalents - beginning of period 14,642,000 3,887,000
------------ ------------
CASH AND CASH EQUIVALENTS - END OF PERIOD $ 13,556,000 $ 3,608,000
============ ============
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES:
Acquisition of leased assets $ 32,000
5
STEVEN MADDEN, LTD. AND SUBSIDIARIES
NOTES TO FINANCIAL STATEMENTS
MARCH 31, 1999
NOTE A - BASIS OF REPORTING
The accompanying unaudited financial statements have been prepared in accordance
with generally accepted accounting principles for interim financial information
and with the instructions to Form 10-Q. Accordingly, they do not include all of
the information and footnotes required by generally accepted accounting
principles for complete financial statements. In the opinion of management, such
statements include all adjustments (consisting only of normal recurring items)
which are considered necessary for a fair presentation of the financial position
of Steven Madden, Ltd. and subsidiaries (the "Company") as of March 31, 1999,
and the results of their operations and cash flows for the three-month period
then ended. The results of operations for the three-month period ended March 31,
1999 are not necessarily indicative of the operating results for the full year.
It is suggested that these financial statements be read in conjunction with the
financial statements and related disclosures for the year ended December 31,
1998 included in the Annual Report of Steven Madden, Ltd. on Form 10-K.
NOTE B - INVENTORIES
Inventories, which consist of finished goods, are stated at the lower of cost
(first-in, first-out method) or market.
NOTE C - NET INCOME PER SHARE OF COMMON STOCK
Basic income per share is based on the weighted average number of common shares
outstanding during the year. Diluted income per share reflects the potential
dilution assuming common shares were issued upon the exercise of outstanding
options and warrants and the proceeds thereof were used to purchase outstanding
common shares.
NOTE D - PENDING LITIGATION
On or about March 13, 1998, the Company and Stav Efrat were sued by Ooga
Associated Corp. ("Ooga"), a design and construction firm previously engaged by
the Company to design and construct certain of the Company's retail shoe stores.
In this action, which is pending in the Supreme Court of New York, County of New
York, Ooga principally alleges that (i) the Company breached an oral contract
pursuant to which it engaged Ooga to exclusively design and build the Company's
retail shoe stores, (ii) the Company induced Mr. Efrat, an officer and director
of Ooga, to breach his fiduciary duties to Ooga by improperly employing his
services, and (iii) the Company misappropriated Ooga's trade secrets by
impermissibly using store designs and concepts owned by Ooga. In its lawsuit,
Ooga seeks damages consisting of amounts based on its prospective earnings under
the alleged oral contract with the Company, its lost earnings on certain
projects it claims to have abandoned or forgone in reliance on the alleged oral
contract with the Company, and on the value of the designs and concepts
allegedly misappropriated by the Company and also seeks an injunction
prohibiting the Company from using Ooga's designs or other proprietary
information, from employing any Ooga employees or interfering the Ooga's
contractual relationships with its customers. On October 22, 1998, the Court
orally dismisses Ooga's breach of contract claims and on January 7, 1999, the
Court suspended the action based on the failure of Ooga to be present for a
mandatory court conference. The action is subject to being revived upon
application by Ooga within a one year period. The Company believes that Ooga's
claims are completely without merit, and intends to vigorously contest its
lawsuit.
6
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
OPERATIONS.
- --------------------------------------------------------------------------------
The following discussion of the Company's financial condition and results of
operations should be read in conjunction with the Financial Statements and Notes
thereto appearing elsewhere in this document.
Statements in this "Management's Discussion and Analysis of Financial Condition
and Results of Operations" and elsewhere in this document as well as statements
made in press releases and oral statements that may be made by the Company or by
officers, directors or employees of the Company acting on the Company's behalf
that are not statements of historical or current fact constitute "forward
looking statements" within the meaning of the Private Securities Litigation
Reform Act of 1995. Such forward-looking statements involve known and unknown
risks, uncertainties and other unknown factors that could cause the actual
results of the Company to be materially different from the historical results or
from any future results expressed or implied by such forward-looking statements.
In addition to statements which explicitly describe such risks and
uncertainties, readers are urged to consider statements labeled with the terms
"believes", "belief", "expects", "intends", "anticipates" or "plans" to be
uncertain forward-looking statements. The forward looking statements contained
herein are also subject generally to other risks and uncertainties that are
described from time to time in the Company's reports and registration statements
filed with the Securities and Exchange Commission.
The following table sets forth information on operations for the periods
indicated:
PERCENTAGE OF NET REVENUES
THREE MONTHS ENDED
MARCH 31
--------
CONSOLIDATED: 1999 1998
- ------------ ---- ----
Net Sales $26,731,000 100% $16,511,000 100%
Cost of Sales 15,789,000 59 9,485,000 57
Other Operating Income 691,000 3 764,000 5
Operating Expenses 9,353,000 35 6,451,000 39
Income from Operations 2,280,000 9 1,339,000 8
Interest Income (Expense) Net 174,000 1 (26,000) 0
Income Before Income Taxes 2,454,000 9 1,313,000 8
Net Income 1,411,000 5 773,000 5
7
PERCENTAGE OF NET REVENUES
THREE MONTHS ENDED
MARCH 31
--------
By Segment 1999 1998
---- ----
WHOLESALE DIVISIONS:
- -------------------
STEVEN MADDEN, LTD.
Net Sales $12,256,000 100% $10,299,000 100%
Cost of Sales 7,706,000 63 6,175,000 60
Other Operating Income 141,000 1 81,000 1
Operating Expenses 3,855,000 31 3,586,000 35
Income from Operations 836,000 7 619,000 6
DIVA ACQUISITION CORP.
Net Sales $1,455,000 100% $1,929,000 100%
Cost of Sales 1,010,000 69 1,425,000 74
Operating Expenses 268,000 18 365,000 19
Income (Loss) from Operations 177,000 12 139,000 7
L.E.I. FOOTWEAR:
Net Sales $5,378,000 100% -- --
Cost of sales 3,710,000 69 -- --
Operating Expenses 977,000 18 -- --
Income from Operations 691,000 13 -- --
STEVEN MADDEN RETAIL INC.:
- -------------------------
Net Sales $7,642,000 100% $4,283,000 100%
Cost of Sales 3,363,000 44 1,885,000 44
Operating Expenses 3,818,000 50 2,183,000 51
Income from Operations 461,000 6 215,000 5
ADESSO MADDEN INC.:
- ------------------
(FIRST COST)
Other Operating Income $550,000 100% $683,000 100%
Operating Expenses 435,000 79 317,000 46
Income from Operations 115,000 21 366,000 54
8
RESULTS OF OPERATIONS
THREE MONTHS ENDED MARCH 31, 1999 VS. THREE MONTHS ENDED MARCH 31, 1998
CONSOLIDATED:
Sales for the three month period ended March 31, 1999 were $26,731,000 or 62%
higher than the $16,511,000 recorded in the comparable period of 1998. The
increase in sales is due to several factors including additional wholesale
accounts, increased reorders, EDI size replenishment, increased retail sales due
to the opening of twelve additional stores and three outlet stores during 1998
and three additional retail stores and one additional outlet store in the first
quarter of 1999. Also, the Company's new l.e.i. Wholesale Division ("l.e.i.
Wholesale") was launched in the third quarter of 1998 shipping to department
stores throughout the country. l.e.i. Wholesale generated revenue of $5,378,000
for the three month period ended March 31, 1999. As a result of additional
distribution, management feels that "Steve Madden" as a brand name has increased
in popularity nationwide. In turn, increased sales have enabled the Company to
expand its advertising and in store concept efforts, all of which have
contributed to the continuing increase in sales.
Gross profit as a percentage of sales decreased from 43% in 1998 to 41% in 1999
due to rapid growth of Company's l.e.i. product line, which generally has lower
selling prices per pair and lower gross margin. Also, the decrease was due to
the changing product mix in Madden Wholesale in 1999 compared to 1998.
Additionally, higher margin sneakers sales dropped in 1999.
Selling, general and administrative (SG&A) expenses increased by 45% to
$9,353,000 in 1999 from $6,451,000 in 1998. The increase in SG&A is due
primarily to a 47% increase in payroll, bonuses and related expenses from
$2,475,000 in 1998 to $3,628,000 in 1999. Additionally, selling, designing and
licensing costs increased expenses by 80% from $769,000 in 1998 to $1,387,000 in
1999. This is due in part to an increase in sales in the current period and to
the Company's increased focus on selling, designing, and licensing activities.
The increase in the number of retail outlets and expanded office facilities
resulted in an increase in occupancy, telephone, utilities, computer,
printing/supplies and depreciation expenses by 46% from $1,533,000 in 1998 to
$2,242,000 in 1999.
Income from operations for 1999 was $2,280,000 which represents an increase of
$941,000 or 70% over the income from operations of $1,339,000 in 1998. Net
income increased by 83% to $1,411,000 in 1999 from $773,000 in 1998.
WHOLESALE DIVISIONS:
Sales from the Steve Madden Wholesale Division ("Madden Wholesale"), accounted
for $12,256,000 or 46% and $10,299,000 or 62% of total sales in the three month
period ended March 31, 1999 and 1998, respectively. Gross profit as a percentage
9
of sales decreased from 40% in 1998 to 37% in 1999 due to the changing product
mix in Madden Wholesale in 1999 compared to 1998. Additionally, higher margin
sneakers sales dropped in 1999. Operating expenses increased by 8%, from
$3,586,000 in 1998 to $3,855,000 in 1999. This increase is due to an increase in
payroll and payroll related expenses principally due to the hiring of additional
management personnel and an increase in occupancy expenses due to additional
warehouse space needed for expanding EDI size replenishment inventory. Madden
Wholesale income from operations was $836,000 in 1999 compared to income from
operations of $619,000 in 1998.
Sales from the Diva Acquisition Corp. Wholesale Division ("Diva Wholesale")
which markets the "David Aaron" brand name in footwear accounted for $1,455,000
or 5%, and $1,929,000 or 12%, of total sales in the three month period ended
March 31, 1999 and 1998, respectively. Gross profit as a percentage of sales
increased from 26% in 1998 to 31% in 1999 due to the purchase of a higher
percentage of shoes from overseas suppliers, resulted in a lower cost per pair
in 1999 compared to 1998. Operating expenses decreased by 27% from $365,000 in
1998 to $268,000 in 1999 due to decreases in management payroll, selling and
designing expenses. Income from operations from Diva was $177,000 in 1999
compared to income from operations of $139,000 in 1998.
The Company's new l.e.i. Wholesale Division ("l.e.i. Wholesale") commenced
shipping to department stores throughout the country in third quarter of 1998.
l.e.i. Wholesale generated revenue of $5,378,000 for the three month period
ended March 31, 1999. l.e.i has been well received and has added to its
distribution during the first quarter. l.e.i. is sold primarily in department
stores, including Macy's - east and west, Burdines, Rich's, Hecht's, Filene's,
Foley's, Dayton Hudson, Belk and Penney's. l.e.i is also being well received in
specialty store chains such as Wet Seal and Journey's. l.e.i now sells in over
2000 doors in the United States.
RETAIL DIVISION:
Sales from the Retail Division accounted for $7,642,000 or 29% and $4,283,000 or
26% of total revenues in 1999 and 1998, respectively. The increase in Retail
Division sales is primarily due to the Company's opening of twelve additional
stores and three outlet stores during 1998 and three additional retail stores
and one additional outlet store during first quarter of 1999 all of which
generated aggregate sales of $3,046,000. Same store sales for the three month
period ended March 31, 1999 increased by 10% over the same period of 1998. This
increase in same store sales was driven by the demand for sandals with a wedge
bottom and Maryjane styles of dress shoes. Also, during the first quarter of
1999, the Company completed it's stevenmadden.com internet site fulfillment
center and expanded the number of workstations at the Long Island City offices
dedicated to internet sales. The actual number of hits on the Company's site
(7.1 million), unique users (110,000) and the conversion rate (3.2%) during the
first quarter all exceeded the Company's projections. In the first quarter of
1999, the internet site generated sales equal to 73% of last years total sales.
As the Company offers additional styles through its stevenmadden.com site,
business on the site continues to grow.
10
Gross profit as a percentage of sales remains the same in the Retail Division.
Selling, general and administrative expenses for the Retail Division increased
to $3,818,000 in 1999 from $2,183,000 in 1998. This increase is due to increases
in payroll and related expenses, occupancy, printing, computer and depreciation
expenses as a result of opening twelve additional stores and three outlet stores
during 1998 and three additional retail stores and one additional retail outlet
store in the firs quarter of 1999. Income from operations from the retail
division was $461,000 in 1999 compared to income from operations of $215,000 in
1998.
ADESSO-MADDEN DIVISION:
Adesso-Madden, Inc., a wholly owned subsidiary of the Company, generated
commission revenues of $550,000 for the three month period ended March 31, 1999
which represents a decrease over the commission revenues of $683,000 in 1998 due
to a shift by JC Penneys from ordering goods through Adesso Madden to ordering
goods from l.e.i. Wolesale. However, the first cost division continues to expand
its business by introducing additional styles in Kmart, Mel Disco and Target -
as well as, style of new brand Jordache. During the first quarter of 1999, the
Company received orders from Walmart for eight styles of the Jordache footwear
collection of women's and girls. The Company expects the first shipments of
Jordache shoes to be made in June of 1999. Operating expenses increased by 37%
from $317,000 in 1998 to $435,000 in 1999 due to increases in occupancy,
computer and payroll and payroll related expenses. Income from operations from
Adesso-Madden was $115,000 in 1999 compared to income from operations of
$366,000 in 1998.
LIQUIDITY AND CAPITAL RESOURCES
The Company had working capital of $34,521,000 at March 31, 1999 which
represents an increase of $16,375,000 in working capital from March 31,1998.
The Company's customers purchasing shoes consist principally of department
stores and specialty stores, including shoe boutiques. Presently, the Company
sells approximately sixty percent (60%) of its products to department stores,
including Federated Department Stores (Bloomingdales, Bon Marche, Burdines,
Macy's and Rich's), May Department Stores (Famous Barr, Filene's, Foley's,
Hecht's, Kaufmann's, Meier & Frank and Robinsons May), Dillard's, Dayton-Hudson
and Nordstorm, approximately forty percent (40%) to specialty stores, including
Journey's, Wet Seal and The Buckle and catalog retailers, including Victoria's
Secret and Fingerhut. Federated Department Stores and Nordstorm's presently
account for approximately twenty percent (20%) and seventeen percent (17%) of
the Company's sales, respectively.
OPERATING ACTIVITIES
During the three month period ended March 31, 1999, cash used by operating
activities was $519,000. Uses of cash arose principally from an increase in
accounts receivable factored of $4,854,000 and an increase in prepaid expenses
11
and other assets. Cash was provided principally by an increase in accounts
payable and accrued expenses of $1,715,000 and a decrease in inventories of
$928,000.
The Company has lease agreements for office, warehouse, and retail space,
expiring at various times through 2010. Future obligations under these lease
agreements total approximately $33,000,000.
The Company has employment agreements with various officers currently providing
for aggregate annual salaries of approximately $1,550,000, subject to annual
bonuses and annual increases as may be determined by the Company's Board of
Directors. In addition, as part of the employment agreements, the Company is
committed to pay incentive bonuses based on income before interest, depreciation
and taxes to the certain officers.
The Company continues to increase its supply of products from foreign
manufacturers, the majority of which are located in Brazil and Mexico. Although
the Company has not entered into long-term manufacturing contracts with any of
these foreign companies, the Company believes that a sufficient number of
alternative sources exist outside of the United States for the manufacture of
its products if current suppliers need to be replaced. In addition, because the
Company deals with U.S. currency for all transactions and intends to continue to
do so, the Company believes there should be no foreign exchange considerations.
INVESTING ACTIVITIES
During the three month period ended March 31, 1999, the Company used cash of
$1,017,000 to acquire computer equipment and make leasehold improvements on new
retail stores, warehouse space and office space.
FINANCING ACTIVITIES
During the three month period ended March 31, 1999, the Company received $24,000
from the exercise of options.
LICENSE AGREEMENTS
As of January 1, 1999 an affiliate of the Jordache organization, is the
Company's jeanswear and sportswear licensee. The previous license agreement with
Winer Industries was mutually ended. The Company's license income increased by
75% from $81,000 in the first quarter of 1998 to $142,000 in the first quarter
of 1999. By March 31, 1999, the Company had eight license partners covering ten
product categories. The Company is exploring additional licensing opportunities.
As of January 1, 1999, the Company entered into a license agreement with the
Jordache organization that will enable the Company to use the Jordache brand
12
name in the mass channels of distribution, such as Walmart. The Company believes
that this strategy will continue to support the growth of its Adesso Madden
subsidiary shipping in June 1999.
YEAR 2000
The Company recognizes that a challenging problem exists in that many computer
systems worldwide do not have the capability of recognizing the year 2000 or the
years thereafter. No easy technological "quick fix" has yet been developed for
this problem. The Company is expending approximately $200,000 to assure that its
computer systems are reprogrammed in time to effectively deal with transactions
in the year 2000 and beyond. This "year 2000 Computer Problem" creates risk for
the Company from unforeseen problems in its own computer systems and from third
parties with whom the Company deals. Such failures of the Company and/or third
parties' computer systems could have a material adverse effect on the Company
and its business in the future.
INFLATION
The Company does not believe that inflation has had a material adverse effect on
sales or income during the past several years. Increases in supplies or other
operating costs could adversely affect the Company's operations; however, the
Company believes it could increase prices to offset increases in costs of goods
sold or other operating costs.
13
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report on Form 10-Q to be signed on its behalf
by the undersigned thereunto duly authorized.
STEVEN MADDEN, LTD.
/s/ ARVIND DHARIA
----------------------------
Arvind Dharia
Chief Financial Officer
DATE: May 10, 1999
5
0000913241
STEVEN MADDEN, LTD.
1
USD
3-MOS
DEC-31-1999
JAN-01-1999
MAR-31-1999
1
13,556,000
0
1,353,000
499,000
7,043,000
39,542,000
12,282,000
2,603,000
52,213,000
5,021,000
0
0
0
1,000
46,443,000
52,213,000
26,731,000
27,422,000
15,789,000
9,353,000
0
0
0
2,454,000
1,043,000
1,411,000
0
0
0
1,411,000
0.130
0.120
