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Net revenues dip at Head N.V
Nov '08
Head N.V., a leading global manufacturer and marketer of sports equipment, announced the following results today.

3rd Quarter:
Net revenues were up 0.3% to €93.1 million. Operating profit decreased by €4.0 million to a profit of €4.8 million. Excluding the impact of the non cash share-based compensation, operating profit would have decreased by €2.6 million to a profit of €4.5 million. The net profit for the period was €1.2 million compared to a €4.1 million profit in Q3 2007.

Net revenues were down 0.4% to €211.0 million. Operating loss improved by €0.1m to a loss of €5.3 million. Excluding the impact of the non cash share-based compensation, the operating loss would have deteriorated by €4.7 million from a loss of €5.1 million in 2007 to €9.7 million in 2008. The net loss for the period was €8.5 million compared to a net loss of €11.9 million in the comparable 2007 period.

Johan Eliasch, Chairman and CEO, commented:
“The markets in which we operate are very challenging, for the first six months of the year the tennis racquet market shrunk by nearly 8% in Europe and the ball market by over 12%. We see continuing pressure in the diving market and orders are starting to slow down as anticipated and communicated last quarter.

Even given the tough economic conditions and the further strengthening of the Euro compared to the comparable 2007 period, we achieved a sales growth in the quarter mainly as a result of a strong performance by the Winter Sports division. This growth, however, did not translate into improved profitability for the group due proportionately higher growths in raw material and energy prices and a weakening product mix particularly in our racquet sports division.

The market challenges we are facing can only be addressed by ensuring that restructuring continues to be a core focus of the group and it will be essential to continue to undertake these projects in order to return the group to profitability.

Our outlook for the year remains unchanged, and we continue to anticipate that we will record an operating loss for 2008. We are taking every step to adapt to the tougher trading conditions and to mitigate the pressures on the company's resources. In the face of the global financial crisis and the weakening of the global economy such steps will be vital“.

Head NV is a leading global manufacturer and marketer of premium sports equipment. It is technology driven company, the motto being “Superior Performance Through Superior Technology”.

The company traces its roots back to 1950 when Howard Head, the inventor of the first metal ski, founded the company. The Tyrolia bindings and Mares diving brands were added in the 1970's and more recently the Penn balls and Dacor diving brands were acquired during the 1990's.

Head N.V.

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