LaCrosse Footwear Inc. reported consolidated net sales of $29.7 million for the fourth quarter of 2005, up 3.8% from $28.7 million in the fourth quarter of 2004. Sales in 2004 included General Services Administration (GSA) delivery orders for uniform boots, which was not part of an ongoing contract, and the former PVC boot line (PVC). Excluding sales of $2.2 million from GSA delivery orders and $0.3 million from PVC in the fourth quarter of 2004, consolidated net sales grew 14% year-over-year in the same period of 2005.
Sales to the outdoor market were $14.2 million for the fourth quarter, up 9.2% from $13.0 million for the same period of 2004. The growth in outdoor sales primarily reflects the company's successful introduction of innovative products and continued penetration into the hunting boot market.
The company has continued to improve its gross margins, which were 36.6% of consolidated net sales in the fourth quarter of 2005, up 50 basis points from 36.1% in the same period of 2004. The margin improvement was primarily due to the company's departing from lower-margin products, like the PVC boot line, along with an increase in sales of higher-margin products.
Net income was $2.0 million or 33 cents per common share in the fourth quarter of 2005, compared to $2.2 million or 37 cents per common share in the same period of 2004.
For the full year 2005, net sales were $99.4 million, compared to $105.5 million in 2004. Excluding sales of $9.8 million from GSA delivery orders and $5.1 million from PVC in the full year 2004, consolidated net sales grew 10% during 2005. Sales to the outdoor market were $48.9 million for the full year of 2005, up 9% from $44.8 million last year.
For the full year 2005, gross margins were 36.6%, up from 33.8% in 2004. Net income was $5.2 million or 85 cents per common share, compared to $7.0 million or $1.15 per common share in 2004.
