Sport-Haley Inc. reported net sales of fashion apparel for the three months ended March 31, 2009, were $2.92 million, a decrease of $1.9 million, or 40.0%, from net fashion apparel sales of $4.8 million for the comparable three-month period in the prior fiscal year.


Net loss for the three months ended March 31, 2009, was $1.0 million, a difference of $8.9 million, or 806.0%, as compared with the net loss of $1.1 million for the three months ended March 31, 2008, as corrected.


Basic and diluted losses per share were 43 cents and 5 cents for the three-month periods ended March 31, 2009 and 2008, as corrected, respectively.

 

Net sales of fashion apparel for the nine months ended March 31, 2009, were $8.9 million, a decrease of $3.6 million or 29.0%, from net fashion apparel sales of $12.5 million for the comparable nine-month period in the prior fiscal year.

 

Net loss for the nine months ended March 31, 2009, was $2.2 million, a difference of $1.4 million, or 172.0, as compared with the net loss of $802,000 for the nine months ended March 31, 2008, as corrected.

 

Basic and diluted losses per share were 95 cents and 35 cents for the nine-month periods ended March 31, 2009 and 2008, as corrected, respectively.

 

All securities options were anti-dilutive and therefore excluded from the per share calculations with respect to periods in which net losses were incurred.

 

 
SPORT-HALEY, INC.
              Consolidated Unaudited Financial Information
                  (In thousands, except per share data)


                                       Three Months Ended     Nine Months Ended
                                                    March 31,             March 31,
                                        ———————  ———————
                                                  2009        2008        2009       2008
                                              ———  ———-  ———  ———-
                                                          As                        As
                                                 Corrected              Corrected
Statements of Income Data:

Net sales                             $2,852   $4,751   $8,901   $12,690

Gross profit                            473       1,776      2,777       4,650

Total other operating costs     1,469       2,080      4,497       5,719

Loss from operations               (996)       (304)    (2,220)      (1,069)

Other income (expense), net      (1)          196       43            276

Net loss                                (997)       (110)    (2,179)       (802)

Diluted loss
 per common share                ($0.43)     ($0.05)   ($0.95)     ($0.35)

Diluted weighted average
 shares outstanding          2,284,000   2,284,000  2,284,000  2,284,000