Shares in Tarrant Apparel Group gained nearly 20 percent after the company announced strong fourth quarter earnings.
Tarrant reported fourth quarter net income of $1.7 million (6 cents per share), a sharp turnaround from a net loss of $1.5 million (-5 cents per share) from the same period a year earlier.
Revenues for the Los Angeles-based private label design and sourcing company jumped 16 percent to $57.4 million thanks to higher sales in both the private brands and private label businesses, the company said in a statement.
For the year, the company posted a loss of $22.2 million (-73 cents per share) compared to net income of $993,000 (3 cents) for 2005.
Shares in Tarrant were up 30 cents, or 19 percent, to $1.85 in afternoon trading Monday on the Nasdaq.
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