LaCrosse Footwear posted a 19.4% jump in first quarter 2004 sales, recording $23.7 million in revenue for the period, compared to $19.9 million for the first quarter of 2003. Sales of Lacrosse brands increased to the retail channel in the quarter and Danner sales increased due to a “large” order from the U.S. military and new recreation products. Safety and Industrial sales of LaCrosse brand products decreased in the quarter
The company posted net income of $1.1 million, or 18 cents per share, for the first quarter, compared to a net loss of $600,000, or an 11 cents loss per share, in Q1 last year. Gross margins were 30.5% in the first quarter, up 40 basis points from 30.1% in Q1 2003.
Inventories were down 11.4% from $23.8 million last year to $21.1 million this year. Accounts receivable increased 18.7% to $14.6 million.
Joseph P. Schneider, president and CEO of LaCrosse Footwear attributed much of this improvement to the companys transition to outsourced production.
“In recent years, we successfully managed our strategic transition to a product development, marketing and sourcing company, with a major consolidation of operations and cost reductions,” he said.
