True Temper Sports rode increased sales numbers to better margins and income for Q3. The company reported a 12.1% increase in net sales, rising to $24.7 million from $22.0 million.
Much of the sales growth was attributed to new product, with company president & CEO, Scott Hennessey pointing to the “strength of new premium lightweight steel shaft sales”.
This, coupled with strong performances and market expansion efforts in the hockey shaft and bicycle component categories, helped the company post a 53% increase in net income for the third quarter, up to $2.3 million from $1.5 million in the third quarter of 2002. Adjusted EBITDA for the third quarter increased 24.6% to $8.0 million from $6.4 million in Q3 2002.
Gross margins for Q3 were reported as 43.7%, up 420 bps from 39.5% last year.
“Despite the challenging worldwide economy over the last couple years, we are pleased to report our fifth consecutive quarter of improved sales and operating performance,” Hennessy said in a press release.
