Collegiate Pacific reported that sales for the fiscal third quarter ended March 31 grew 142% to $27.0 million, compared to $11.1 million in the year-ago period. Most of the gain came from the acquisitions made since fiscal Q3 last year. Gross margin declined 200 basis points to 35.1% of sales. Net income declined 12.0% to $787,661, or 8 cents per diluted share, versus $894,695, or 11 cents per diluted share, in fiscal Q3 last year. The net income decline was due primarily to higher interest expense on convertible debt associated with current and future acquisitions, which was calculated at about 5 cents impact to the bottom line.
Sales backlog at quarter-end were up 18% to $9.5 million.
