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Ashworth declares financial results for Q3 & first nine months '06

12 Sep '06

3 min read

Ashworth Inc, a leading designer of golf-inspired lifestyle sportswear, announced financial results for its third quarter and first nine months ended July 31, 2006.

Summary of Third Quarter and First Nine Months Results:
Consolidated net revenue for the third quarter ended July 31, 2006 increased 9.3 percent to $52.8 million as compared to $48.3 million for the third quarter of 2005.

The Company reported consolidated third quarter net income of $0.7 million, or $0.05 per diluted share, compared to a net loss of $(3.4) million, or $(0.24) per diluted share, for the same quarter of the prior year.

Net revenue for the domestic segment increased 7.0 percent to $42.8 million for the third quarter of fiscal 2006 from $40.0 million for the same period of the prior year. Net revenue from the international segment increased 20.8 percent to $10.0 million for the third quarter of fiscal 2006 from $8.3 million for the same period of the prior year.

Included in the current results are special expenses related to the 2006 proxy contest, strategic alternatives process, implementation of FAS 123R and SOX 404, totaling approximately $0.4 million for the third quarter and $2.0 million for the first nine months that were not incurred in the same periods of the prior year.

Included in the selling, general and administrative ("SG&A") expenses for the third quarter of fiscal 2006 are pre-tax charges of approximately $0.4 million, consisting primarily of consulting and legal expenses associated with the now-resolved issues relating to the Company's 2006 Annual Meeting of Stockholders, the exploration of strategic alternatives and FAS 123R stock option expenses not incurred in the same period last year.

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