Sport-Haley, Inc., manufacturer of men’s and women’s fashion and golf apparel, reported net income of $10,000 for the fourth quarter of its fiscal year ended June 30, 2008, or 0 cents per share, as compared with net loss of $515,000, or 23 cents per share, in the fourth quarter of the previous fiscal year.
For the quarter ended June 30, 2008, net sales decreased by 7%, or $330,000, to $4.427 million from $4.757 million in the same period in the prior fiscal year. Gross profit decreased by 1%, or $10,000, to $1.706 million from $1.716 million.
The comparative decrease in net sales for our fourth quarter relate to correspondingly higher net sales of Sport-Haley women’s apparel that were more than offset by correspondingly lower sales of Ben Hogan men’s apparel.
SPORT-HALEY, INC.
Unaudited Financial Information
Three Months Ended Fiscal Year Ended
June 30, June 30,
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2008 2007 2008 2007
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Statements of Income
Data
Net sales $ 4,427,000 $ 4,757,000 $ 17,117,000 $ 18,893,000
Gross profit 1,706,000 1,716,000 6,354,000 6,549,000
Total other operating
costs 1,661,000 2,357,000 7,380,000 8,274,000
Income (loss) from
operations 45,000 (641,000) (1,026,000) (1,725,000)
Net income (loss) 10,000 (515,000) (794,000) $ (1,440,000)
Basic earnings (loss)
per common share $ 0.00 $ (0.23) $ (0.35) $ (0.56)
Basic average
weighted shares
outstanding 2,284,000 2,284,000 2,284,000 2,580,000
