Sydney - Wednesday - September 13: (RWE Aust Business News)...

Sydney - Wednesday - September 13: (RWE Aust Business News) -
Globe International Ltd (ASX:GLB) reported a net profit of $500,000 for
the year to June 30 2006 compared with $3.6m profit in the prior year.
Revenue was $197.3m against $204.5m previously.
EBITDA of $6.2m compared with $10.2m.
Chief executive Matt Hill said the result was affected by the
poor first quarter in North America, however since that time the business
had performed strongly.
"The Globe brand internationally continues to show strong
momentum with consistent growth in footwear units sold in Australia,
Europe and North America," he said.
"The Australia and New Zealand streetwear business continues to
deliver good profitability.
"A notable achievement of the company's performance over the last
year has been the significant turnaround in net operating cash flow from
a negative $7.4m in FY05 to a positive $2.8m for the year ended 30 June
2006."
In Australia and New Zealand, total revenue remained steady at
$110.7m with an EBITDA of $4.5m.
In North America revenue was $64.3m and EBITDA $1.2m.
European revenue was $22.3m and EBITDA at $500,000.
Whilst the European footwear market has been generally flat,
Globe has experienced strong sell through, with unit volumes increasing.