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Ashworth plans to improve opts & cut operating costs
12
Mar '08
Ashworth Inc, a leading designer of on-course golf apparel and golf-inspired lifestyle sportswear, announced unaudited financial results for its first quarter ended January 31, 2008.

Summary of First Quarter Results:
Consolidated net revenue for the first quarter ended January 31, 2008 decreased 9.8% to $34.5 million as compared to $38.3 million for the first quarter of 2007. The Company reported a consolidated first quarter net loss of $7.4 million, or $0.50 per diluted share, compared to a net loss of $2.4 million, or $0.17 per diluted share, for the same quarter of the prior year.

Net revenue for the domestic segment (including Gekko Brands, LLC) decreased 5.8% to $30.1 million from $32.0 million for the same period of the prior year. Net revenue from the international segment (including Ashworth, U.K., Ltd.) decreased 30.1% to $4.4 million from $6.3 million for the same period of the prior year.

In the first quarter of fiscal 2008, the Company's consolidated gross margin decreased 460 basis points to 36.2% as compared to 40.8% in the first quarter of fiscal 2007. The decrease in consolidated gross margin was driven by the deleveraging effects of the decrease in revenue and an increase in product costs not offset by price increases.

In addition, as a result of a labor stoppage at a key headwear vendor, the Company incurred additional costs to divert the production of its NASCAR products to alternate manufacturing facilities and expedite manufacturing and transportation.

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