Under Armour reports Q1 net revenues of $87.7m

26 Apr '06

3 min read

Apparel retailer Under Armour Inc has announced financial results for the first quarter ended March 31st 2006.

Highlights:

-- Company posted $14.2 million in operating income for the quarter versus $4.9 million in Q1'05

-- First quarter net income increased to $8.7 million versus $2.5 million in Q1'05

-- Diluted EPS reached $0.18 for the period versus $0.05 in Q1'05

Net revenues, which consist of net sales and license revenue, increased 50.7 percent in the first quarter to $87.7 million compared to net revenues of $58.2 million in the first quarter of 2005. First quarter net sales, which consist of Under Armour products sold globally other than through licensees, increased 50.3 percent to $85.3 million from $56.8 million in the same period of 2005.

Licensing revenue increased 65.8 percent to $2.4 million from $1.4 million last year reflecting continued strong results from existing licensing partnerships and the shift to licensees of certain products formerly in the Accessories category.

First quarter net income increased to $8.7 million compared to $2.5 million in the same period of 2005. Diluted earnings per share was $0.18, on weighted average common shares outstanding of 49.5 million compared to $0.05 per share on weighted average common shares outstanding of 37.9 million in the first quarter of the prior year.

"These results reflect the rapidly accelerating strength of the Under Armour brand," statedKevin A. Plank, Chairman, CEO, and President of Under Armour, Inc. "The significant increase in profitability highlights our focus on driving bottom line results through operational excellence as our revenues continue to grow rapidly."

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