Golf sportswear designer Ashworth Inc has announced financial results for its second quarter ended April 30th 2006.
Sales for the second quarter ended April 30th 2006 increased 2.1 percent to $66.0 million as compared to $64.7 million for the second quarter of 2005.
The company reported lower consolidated second quarter net income of $4.7 million compared to net income of $4.8 million for the same quarter of the last year due to one-time charges associated with legal and consulting expenses despite higher revenues.
The net revenue for the domestic segment increased 1.9 percent to $52.8 million from $51.9 million for the same period of the prior year. Net revenue from the international segment increased 3.0 percent to $13.2 million from $12.8 million for the same period of the prior year.
In the second quarter of fiscal 2006, the company's gross margin was 45.3 percent, which remains in line with historical levels for the second consecutive quarter, as compared to 43.4 percent in the second quarter of 2005. This gross margin improvement was driven primarily by an increase in sales of full margin products and improved direct labor efficiencies at the company's domestic EDC.
"We are pleased with the significantly improved operational and financial results across our organization," stated Randall Herrel, Sr., Chairman and CEO.
"We took these actions to support our multi-brand, multi-channel business, generate acceptable returns in all of our channels, and enhance value for our stockholders. We remain committed to continuing to take the necessary steps to drive growth, improve returns in our channels, and build upon this positive momentum," he added.
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