Premium footwear marketer LaCrosse outdoor sales stronger in Q2

02 Aug '05

4 min read

A leading branded work and outdoor footwear provider LaCrosse Footwear Inc reported results for the second quarter ended June 25, 2005.

For the second quarter of 2005, the Company reported consolidated net sales of $19.8 million, up 6% from $18.6 million in the second quarter of 2004. Sales in the second quarter of 2004 included $0.5 million from General Services Administration (GSA) delivery orders for uniform boots (not part of an on-going contract) and $1.5 million from the discontinued PVC boot line (PVC).

For the first half of 2005, consolidated net sales were $38.6 million, compared to $42.3 million in the same period of 2004. Sales for the first half of 2004 included $4.7 million from GSA delivery orders and $3.2 million from PVC.

Consolidated net income was $0.4 million or $.07 income per common share in the second quarter of 2005, an increase from a net loss of $0.2 million or $.04 loss per common share in the second quarter of 2004. For the first half of 2005, consolidated net income was $0.7 million, or $.12 income per common share, compared to $0.9 million or $.14 income per common share in the same period of 2004.

The results in the second quarter and first half of 2005 include an income tax expense of $0.2 million and $0.4 million, respectively, as compared to zero income tax expense in the same periods of 2004 due to the use of federal net operating loss carryforwards, which were fully utilized during 2004. Results in the first half of 2004 also reflect the dollar volume of gross profit related to the GSA delivery orders and an expense reduction due to a one-time cash payment of $0.9 million from a former vendor.

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