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Ashworth reports record revenues up 18% for Q1

27
May '05
leading designer of golf-inspired lifestyle sportswear ashworth inc announced financial results for the second quarter ended april 30, 2005.during the quarter, the company experienced growth in revenues from its international golf channel, retail distribution channel, corporate distribution channel, its gekko brands headwear lines and its company-owned outlet stores.

- company grows in five of its six channels
- weather impacts company's core domestic golf distribution channel
- early success in cross channel selling from gekko acquisition

consolidated net revenue for the quarter ended april 30, 2005 rose 18% to $64.7 million compared to $54.7 million in the same quarter last year. revenues from the company's acquisition of gekko's brands provided 14% of the overall increase while net revenues from the company's ashworth and callaway golf apparel brands were collectively up 4% over the previous year.

net income for the second quarter was $4.8 million or $0.34 per diluted share compared to $5.7 million or $0.41 per diluted share for the same quarter last year. in february 2004, the company sold its existing distribution center facility located in carlsbad, california and recorded an after tax-gain on disposal of fixed assets of $1.0 million. without the gain on sale of fixed assets, the company would have reported consolidated net income of $4.7 million or $0.34 per diluted share for its second quarter fiscal 2004.

the company believes that excluding the effect of the gain on sale of fixed assets in the second quarter of fiscal 2004 provides useful information to investors in analyzing the impact the non-operational transaction had relative to the company's performance in fiscal 2005 as compared to fiscal 2004; and, the adjusted consolidated net income measure more closely reflects consolidated net income based on the company's operations.


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