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HEAD NV net revenues fall 3.4% to €61.6 mn

09 Aug '07

2 min read

Head N.V. announced the following results for the three months ended 30 June 2007 compared to the three months ended 30 June 2006:

Net revenues were down 3.4% to €61.6 million - Operating loss increased by €1.8 million to €5.3 million, from €3.5 million in Q2 2006. The net loss for the period was €6.5 million compared to a €4.7 million loss in Q2 2006.

For the six months ended 30 June 2007 compared to the six months ended 30 June 2006: Net revenues were down 9.6% to €119.0 million - Operating loss increased €6.9 million to €14.2 million from €7.3 million in the comparable 2006 period. The net loss for the period was €16.0 million compared to a net loss of €9.9 million in the comparable 2006 period.

Johan Eliasch, Chairman and CEO, commented: “Q2 2007 results for Head have been mixed. In terms of revenues, the Winter Sports division performed better than Q2 06, however, this is mainly due to earlier pre-season orders compared with the prior year."

"The adverse impact of the poor snow conditions during the recent 06/07 season is still of concern, and we continue to estimate that, for the market as a whole, pre-season orders for alpine ski equipment are down 25-30%. Gross margin for the division continues to be adversely affected."

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