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Sport-Haley Inc declares Q4 2005 fiscal year results

17
Sep '05
Fashionable apparel maker Sport-Haley Inc announced results of operations for the fourth quarter of its 2005 fiscal year. The Company reported net income of $587,000 for the fourth quarter of its fiscal year ended June 30, 2005, or $0.23 per share, as compared with a loss of ($1,659,000), or ($0.55) per share, in the fourth quarter of the previous fiscal year.

For the quarter ended June 30, 2005, net sales increased by 10 percent, or $656,000, to $7,016,000 from $6,360,000 in the same period in the prior fiscal year. Gross profit increased by 56 percent, or $899,000, to $2,492,000 from $1,593,000, while other operating costs decreased approximately 12 percent, or $264,000, from $2,237,000 in the comparable prior year period to $1,973,000. Income (loss) from operations reflected an improvement of $1,163,000, or 181 percent, from a loss from operations in the prior fiscal year's fourth quarter of ($644,000) to income from operations in the fourth quarter of fiscal 2005 of $519,000.

Commenting on the results of operations, Donald W. Jewell, Interim Chief Executive Officer, stated, "They're very pleased with the results of fourth quarter. Income from operations for the quarter is certainly reflective of the dedication management team has to return this company to profitability. They've believed for a long time that Sport Haley and Ben Hogan collections represent some of the best golf apparel available, but it's been a long time since we last generated income from operations. They've worked diligently in the last several months, making difficult decisions along the way, to ensure the long-term financial health of the Company."


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