Sport-Haley, Inc. reported net sales of fashion apparel decreased 18% in the third quarter ended Sept. 30, to $2.84 million from $3.41 million. Net sales of Sport Haley dropped 7% to $1.46 million. Net sales of Ben Hogan were down 26% to $1,26 million.
The remainder of its fashion apparel net sales was comprised of embroidery and shipping revenues.
Net sales of Top-Flite branded apparel for the three months ended September 30, were $120,000. The company discontinued marketing apparel bearing the Top-Flite label in November 2007, and in March 2008 its license agreement with Callaway was amended to remove the Top-Flite brand, effective January 1, 2008.
As a percentage of net sales, gross profit of its fashion apparel was 27% and 33% for the three months ended September 30, 2008 and 2007, as corrected, respectively. As a percentage of net sales, gross profit of its branded apparel was 0% and 21% for the three months ended September 30, 2008 and 2007, respectively.
Net loss for the three months ended September 30, 2008, was $1.04 million, or 46 cents a share, compared with the net loss of $669,000, or 29 cents, a year ago.
SPORT-HALEY, INC.
Unaudited Financial Information
(in thousands except per share data)
Three Months Ended
September 30,
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2008 2007
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As
Corrected
Statements of Income Data:
Net sales $ 2,824,000 $ 3,528,000
Gross profit 770,000 1,141,000
Total other operating costs 1,775,000 1,851,000
Loss from operations (1,005,000) (710,000)
Net loss (1,040,000) (669,000)
Basic loss per common share ($0.46) ($0.29)
Basic average weighted shares outstanding 2,284,000 2,284,000