Branded products revenues drive Ashworth's Q3 sales

02 Sep '05

5 min read

Consolidated net revenue for the quarter ended July 31, 2005 rose 12.8 percent to $48.3 million compared to $42.8 million in the same quarter last year. Net revenue for the domestic segment increased 11.4 percent to $40.0 million for the third quarter of fiscal 2005 from $35.9 million for the same period of fiscal 2004. Net revenue from the international segment increased 19.4 percent to $8.3 million for the third quarter of fiscal 2005 from $6.9 million for the same period of fiscal 2004.

Net loss for the third quarter was $3.4 million or $0.24 per basic share compared to net income of $0.5 million or $0.04 per diluted share for the same quarter last year. During the third quarter of fiscal 2004, the Company incurred a $3.0 million pre-tax charge related to the settlement of a 1999 securities class action lawsuit.

Excluding this charge, the Company would have reported consolidated net income and earnings per diluted share of $2.3 million and $0.17, respectively, in the third quarter of fiscal 2004. The Company believes that excluding the effect of the charge related to the litigation settlement provides useful information to investors in analyzing the Company's operations in fiscal 2005 as compared to fiscal 2004.

For the nine-month period ended July 31, 2005, consolidated net revenue increased 19.7 percent to $149.5 million compared to $124.8 million for the same period in fiscal 2004. Net revenue for the domestic segment increased 20.0 percent to $123.5 million for the first nine months of fiscal 2005 from $103.4 million for the same period of fiscal 2004.

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