Item 2.02. Results of Operations and Financial Condition
On October 28, 2009, Hanesbrands Inc. ("Hanesbrands") issued a press release
announcing its financial results for the third quarter ended October 3, 2009. A
copy of the press release is attached as Exhibit 99.1 to this Current Report on
Form 8-K. Exhibit 99.1 is being "furnished" and shall not be deemed "filed" for
purposes of Section 18 of the Securities Exchange Act of 1934 (the "Exchange
Act"), nor shall Exhibit 99.1 be deemed incorporated by reference in any filing
under the Securities Act of 1933 (the "Securities Act") or the Exchange Act,
except as shall be expressly set forth by specific reference in such filing.
Exhibit 99.1 contains disclosures about earnings per diluted share excluding
actions; operating profit excluding actions; selling, general and administrative
expenses excluding actions; gross profit excluding actions; net income excluding
actions; the margins on sales of these measures; and EBITDA, all of which are
considered non-GAAP performance measures. Hanesbrands has chosen to provide
these performance measures to investors to enable them to perform additional
analyses of past, present and future operating performance and as a supplemental
means of evaluating Hanesbrands' operations. The non-GAAP information should not
be considered a substitute for financial information presented in accordance
with GAAP, and may be different from non-GAAP or other pro forma measures used
by other companies.
Item 2.05. Costs Associated with Exit or Disposal Activities
On October 27, 2009, Hanesbrands approved an action in furtherance of its
efforts to execute its consolidation and globalization cost-reduction strategy.
Hanesbrands has approved the closing of a manufacturing facility in the United
States, which will result in the termination of approximately 240 employees.
Operations at the facility are expected to cease by the fourth quarter of 2010.
As a result of this action, Hanesbrands expects to recognize gross restructuring
and related charges totaling approximately $8 million before income taxes. These
charges, approximately two-thirds of which are noncash charges, primarily relate
to accelerated depreciation costs and severance costs. Most of the charges will
be recognized in the fourth quarter ending January 2, 2010.
Item 7.01. Regulation FD Disclosure
On October 28, 2009, Hanesbrands Inc. ("Hanesbrands") issued a press release
announcing its expectations for sales growth from net shelf-space gains with
major retail accounts. A copy of the press release is attached as Exhibit 99.2
to this Current Report on Form 8-K.
Exhibit 99.1 and Exhibit 99.2 to this Current Report on Form 8-K include
forward-looking financial information that is expected to be discussed on the
previously announced conference call with investors and analysts to be held by
us at 5:00 p.m., Eastern time, today (October 28, 2009). The call may be
accessed on the home page of the Hanesbrands corporate Web site,
www.hanesbrands.com. Replays of the call will be available in the investors
section of the Hanesbrands corporate Web site and via telephone. The telephone
playback will be available from approximately 7:00 p.m., Eastern time, on
October 28, 2009, until midnight, Eastern time, on November 4, 2009. The replay
will be available by calling toll-free (800) 642-1687, or by toll call at
(706) 645-9291. The replay pass code is 33254168.
Exhibit 99.1 and Exhibit 99.2 are being "furnished" and shall not be deemed
"filed" for purposes of Section 18 of the Exchange Act, nor shall it be deemed
incorporated by reference in any filing under the Securities Act or the Exchange
Act, except as shall be expressly set forth by specific reference in such
filing.
Item 9.01. Financial Statements and Exhibits
(c) Exhibits
Exhibit 99.1 Press release dated October 28, 2009 entitled "Hanesbrands Inc.
Reports Third-Quarter Results"
Exhibit 99.2 Press release dated October 28, 2009 entitled "Hanesbrands Inc.
Announces 5 Percent Sales Growth Expected In 2010 From Net
Shelf-Space Gains With Major Retail Accounts"
|
Table of Contents