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Ashworth reports record revenues up 18% for Q1
27 May '05
7 min read
randall l. herrel, sr., chairman and chief executive officer, stated, "we are pleased to have maintained the forward momentum in our revenues despite sluggish 'on course' sales due to the weather. net revenues are up in all our distribution channels other than 'on-course' golf, where weather had the largest impact. the fact that we could still grow revenues 18% year over year highlights the considerable benefits of our multi-brand, multi-channel business model, which is becoming increasingly diversified across product, channel and geography."
mr. herrel continued, "our cross channel sales initiatives are showing early signs of success. in our first three months of effort, cross channel bookings of ashworth apparel into collegiate and event channels are over $1 million."
excluding the 2004 gain on sale of fixed assets, the company's net income for the second quarter fiscal 2005 increased 2% to $4.8 million compared to the pro-forma net income of $4.7 million in the same quarter of the prior year, even with the decline in net revenues from its golf distribution channel.
other factors affecting the company's net income were higher than anticipated expenses from its new u.s. embroidery and distribution center, which have pushed back the expected cost savings from that facility, and the impact of recent clarifications on lease accounting requirements for newly opened and planned openings of outlet stores, offset in part by cost-cutting initiatthe expected cost savings from that facility, and the impact of recent clarifications on lease accounting requirements for newly opened and planned openings of outlet stores, offset in part by cost-cutting initiatives on discretionary expenses instituted by the company during the quarter.
mr. herrel continued, "our cross channel sales initiatives are showing early signs of success. in our first three months of effort, cross channel bookings of ashworth apparel into collegiate and event channels are over $1 million."
excluding the 2004 gain on sale of fixed assets, the company's net income for the second quarter fiscal 2005 increased 2% to $4.8 million compared to the pro-forma net income of $4.7 million in the same quarter of the prior year, even with the decline in net revenues from its golf distribution channel.
other factors affecting the company's net income were higher than anticipated expenses from its new u.s. embroidery and distribution center, which have pushed back the expected cost savings from that facility, and the impact of recent clarifications on lease accounting requirements for newly opened and planned openings of outlet stores, offset in part by cost-cutting initiatthe expected cost savings from that facility, and the impact of recent clarifications on lease accounting requirements for newly opened and planned openings of outlet stores, offset in part by cost-cutting initiatives on discretionary expenses instituted by the company during the quarter.
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