Cherokee Global Brands, which owns Hi-Tec Sports and is changing its name to Apex Global Brands after the annual meeting in June, reported a 12 percent increase in licensing revenues from Hi-Tec for the fourth quarter ended Feb. 2. However, the company's total revenues fell by 11 percent to $6.1 million for the period because of the expiration or non-renewal of certain licensing agreements. Thanks to lower operating costs, Cherokee's net loss declined to $595,000 from $45.6 million in the year-earlier period. For the full financial year, Hi-Tec contributed a 20 percent higher income from licenses of $11.6 million, but the group's total revenues fell by 17 percent to $24.4 million and its net loss declined to $12.3 million from $55.9 million. The company is projecting higher revenues of between $26.0 million and $28.5 million for the current financial year, generating adjusted Ebitda of $11.0 million to $12.5 million.

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