Sport-Haley, Inc., manufacturer of men’s and women’s fashion and golf apparel, reported net income of $10,000 for the fourth quarter of its fiscal year ended June 30, 2008, or 0 cents per share, as compared with net loss of $515,000, or 23 cents per share, in the fourth quarter of the previous fiscal year.

For the quarter ended June 30, 2008, net sales decreased by 7%, or $330,000, to $4.427 million from $4.757 million in the same period in the prior fiscal year. Gross profit decreased by 1%, or $10,000, to $1.706 million from $1.716 million.


The comparative decrease in net sales for our fourth quarter relate to correspondingly higher net sales of Sport-Haley women’s apparel that were more than offset by correspondingly lower sales of Ben Hogan men’s apparel.


Net sales of women’s apparel were $2.225 million for the quarter ended June 30, 2008, an increase of $337,000, or 18%, from net sales of $1.888 million for the same period in the prior fiscal year.

 

Net sales of men’s apparel were $2.044 million for the quarter ended June 30, 2008, a decrease of $639,000, or 24%, from net sales of $2.683 for the same period in the prior fiscal year. The remainder of the net sales for the comparative periods were comprised of embroidery and shipping revenues.

 

 

 

 

 

 
SPORT-HALEY, INC.
                    Unaudited Financial Information


                        Three Months Ended          Fiscal Year Ended
                             June 30,                    June 30,
                    ————————–  ————————–
                        2008          2007          2008          2007
                    ————  ————  ————  ————
Statements of Income
Data

Net sales           $  4,427,000  $  4,757,000  $ 17,117,000  $ 18,893,000

Gross profit           1,706,000     1,716,000     6,354,000     6,549,000

Total other operating
costs                 1,661,000     2,357,000     7,380,000     8,274,000

Income (loss) from
operations               45,000      (641,000)   (1,026,000)   (1,725,000)

Net income (loss)         10,000      (515,000)     (794,000) $ (1,440,000)

Basic earnings (loss)
per common share   $       0.00  $      (0.23) $      (0.35) $      (0.56)

Basic average
weighted shares
outstanding           2,284,000     2,284,000     2,284,000     2,580,000