Sport-Haley, Inc., the golf apparel supplier, reported sales declined 2% in its third quarter ended September 30, to $3.4 millio from $3.5 million. The net loss for the latest quarter was $627,000, compared with the net loss of $397,000 a year ago.
The decrease in sales of fashion apparel was primarily comprised of an increase in sales of SPORT HALEY women's apparel combined with a decrease in sales of Ben Hogan men's apparel.
Net sales of Top-Flite branded apparel were $120,000, down 90% from $1.19 million a year ago. The latest quarter's results reflets initial shipments to a retailer for a test of Top-Flite apparel in 50 of its stores. Net sales of branded apparel for the three months ended September 30, 2006, were comprised of sales to Wal-Mart of $1,000,000 and sales of $185,000 to other markets.
As a percentage of net sales, gross profit of our fashion apparel was 34% and 34% for the three months ended September 30, 2007 and 2006, respectively. As a percentage of net sales, gross profit of our branded apparel was 21% and 25% for the three months ended September 30, 2007 and 2006, respectively.
SPORT-HALEY, INC.
Unaudited Financial Information
(in thousands except per share data)
Three Months Ended
September 30,
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2007 2006
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Statements of Income Data:
Net sales $ 3,528,000 $ 4,673,000
Gross profit 1,183,000 1,502,000
Total other operating costs 1,851,000 1,931,000
Loss from operations (668,000) (429,000)
Net loss (627,000) (397,000)
Basic loss per common share ($0.27) ($0.14)
Basic average weighted shares outstanding 2,284,000 2,770,000
