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LaCrosse continues to maintain strong gross margins
25 Apr '08
4 min read
LaCrosse's total operating expenses were $9.0 million or 36.3% of net sales in the first quarter of 2008, compared to $8.8 million or 37.1% of net sales in the first quarter of 2007. The Company continued to grow sales faster than operating expenses, while increasing its investments in its sales and product development activities.
During the quarter, LaCrosse paid a special cash dividend of one dollar ($1.00) per share of common stock and a first quarter cash dividend of twelve and one-half cents ($0.125) per share of common stock, totaling approximately $7.0 million. As a result, LaCrosse ended the first quarter of 2008 with cash and cash equivalents of $10.3 million, compared to $15.6 million at the end of the same period in 2007.
LaCrosse's inventory at the end of the first quarter of 2008 increased 20% from the same period in 2007. This increase primarily reflects some carryover from hunting boots not shipped during the third quarter of 2007 due to unfavorable weather conditions during that period. Consistent with the Company's historical seasonality, the Company has reduced its inventory level by $4.0 million since the end of the third quarter of 2007.
“We are pleased with our execution and overall results for the first quarter, despite the challenging retail environment,” said Joseph P. Schneider, president and CEO of LaCrosse Footwear Inc. The growth in our work business was driven largely by our recent wins with the United States Marine Corps and the U.S. Army.
These wins reflect our sustained and focused efforts to build a stronger sales team and deepen our customer relationships in the government channel, which is part of our long-term strategic initiative to diversify our sales channels. In addition to our success in various branches of the military, we continued to further penetrate niche work market segments that are less impacted by retail spending, where our products are seen as critical tools for the job.
“At the same time, we have continued to improve our profitability, leverage our operating expenses, generate steady cash flow from operations and pay dividends, while continuing to introduce exciting new products and invest in growing our business. LaCrosse is well positioned to continue to capture market share and capitalize on opportunities for sustainable and profitable growth.”
During the quarter, LaCrosse paid a special cash dividend of one dollar ($1.00) per share of common stock and a first quarter cash dividend of twelve and one-half cents ($0.125) per share of common stock, totaling approximately $7.0 million. As a result, LaCrosse ended the first quarter of 2008 with cash and cash equivalents of $10.3 million, compared to $15.6 million at the end of the same period in 2007.
LaCrosse's inventory at the end of the first quarter of 2008 increased 20% from the same period in 2007. This increase primarily reflects some carryover from hunting boots not shipped during the third quarter of 2007 due to unfavorable weather conditions during that period. Consistent with the Company's historical seasonality, the Company has reduced its inventory level by $4.0 million since the end of the third quarter of 2007.
“We are pleased with our execution and overall results for the first quarter, despite the challenging retail environment,” said Joseph P. Schneider, president and CEO of LaCrosse Footwear Inc. The growth in our work business was driven largely by our recent wins with the United States Marine Corps and the U.S. Army.
These wins reflect our sustained and focused efforts to build a stronger sales team and deepen our customer relationships in the government channel, which is part of our long-term strategic initiative to diversify our sales channels. In addition to our success in various branches of the military, we continued to further penetrate niche work market segments that are less impacted by retail spending, where our products are seen as critical tools for the job.
“At the same time, we have continued to improve our profitability, leverage our operating expenses, generate steady cash flow from operations and pay dividends, while continuing to introduce exciting new products and invest in growing our business. LaCrosse is well positioned to continue to capture market share and capitalize on opportunities for sustainable and profitable growth.”
LaCrosse Footwear Inc
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