Brass Eagle Inc. expects to report net sales for the first quarter of $13.4 million versus $20.1 million for the same period last year. The Company expects to report diluted earnings per share loss of $0.03 for the first quarter compared to diluted earnings per share of $0.14 for the first quarter of fiscal 2002. The Company will report actual results on May 6, 2003.
Brass Eagle now expects fiscal year 2003 sales to range from $98 million to $105 million. The Company also expects fiscal 2003 diluted earnings per share to range from $1.10 to $1.20.
Lynn Scott, Brass Eagle President and CEO stated, “The soft retail environment prompting reductions in major retailers inventories and wartime uncertainties caused lower than expected first quarter sales results. We remain cautious about the retail environment over the course of the year; although it appears retail inventories have been sufficiently decreased through the first few months. We continue to believe the basic business of Brass Eagle is sound.”
Mr. Scott concluded, “We remain the leader in a growing market with strong demographic trends at our back. We will continue to focus on growing our core business while simultaneously looking to diversify into complementary markets.”