Sport-Haley, Inc. saw net sales for the fiscal second quarter ended December 31, 2006, of $4.2 million, decreasing 5% from $4.4 million for the same period last year.
The comparative differences were attributable to increases in sales of SPORT HALEY fashion apparel combined with greater comparative decreases in sales of Ben Hogan fashion apparel between the respective periods. Net sales of SPORT HALEY fashion apparel collections were $1.9 million, increaseing 30% from $1.4 million during last year's quarter. Net sales of Ben Hogan totaled $2.2 milion in the quarter, down 23% from last year's $2.8 million.
As a percentage of net sales, gross profit was flat at 37% for the quarter.
The company saw net income slip to a loss of $221,000 for the quarter from a profit of $99,000 for the same period last year. The company posted loss of 8 cents per diluted share after a gain of 3 cents per share last year.
SPORT-HALEY, INC.
Consolidated Unaudited Financial Information
(In thousands, except per share data)
Three Months Ended Six Months Ended
December 31, December 31,
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2006 2005 2006 2005
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Statements of Income Data:
Net sales $ 4,190 $ 4,429 $ 8,863 $ 8,440
Gross profit 1,555 1,637 3,057 2,942
Total other operating costs 1,843 1,613 3,774 3,500
Income (loss) from operations (288) 24 (717) (558)
Other income (expense), net 84 77 162 130
Net income (loss) (221) 99 (618) (429)
Diluted earnings (loss)
per common share ($0.08) $0.03 ($0.22) ($0.16)
Diluted average weighted
shares outstanding 2,770,000 2,968,000 2,770,000 2,728,000
