Aldila, Inc. net sales fell 34.7% to $13.8 million for the first quarter from $16.7 million in the year-ago period. The drop was attributed to the continued decline in first quarter golf industry sales. The company also reported a net loss of $48,000, or one penny per share, compared to a net income of $458,000, or nine cents per share, in Q1 2008.
The company reduced its SG&A expenses by 30% in the first quarter of 2009 as compared to the first quarter in 2008. The company used $2.9 million cash from operations to pay down its credit facility by $2.9 million in the first quarter of 2009.
Aldilas total golf sales declined 13% compared to the first quarter 2008. Branded and co-branded shaft sales increased to 48% of total golf sales, up from 32% in the comparable quarter of last year.
