Sport-Haley, Inc. reported net sales of fashion apparel for the three months ended Dec. 31 were $3.2 million, a decrease of $1.2 million, or 26%, from net fashion apparel sales of $4.4 million for the comparable three-month period in the prior fiscal year.
As a percentage of net sales, gross profit of fashion apparel was 32% for the three months ended Dec. 31, 2008, and was 41% for the three months ended Dec. 31, 2007, as corrected.
As a percentage of net sales, gross profit of branded apparel was 0% for the three months ended Dec.31, 2008, and was (77%) for the three months ended Dec. 31, 2007, as corrected.
Net loss for the three months ended Dec. 31, 2008, was $142,000, a difference of $119,000, or 517%, as compared with the net loss of $23,000 for the three months ended Dec. 31, 2007, as corrected.
Net loss for the six months ended Dec. 31, 2008, was $1.2 million, a difference of $490,000, or 71%, as compared with the net loss of $692,000 for the six months ended Dec. 31, 2007, as corrected.
Basic and diluted losses per share were 6 cents and 1 penny for the three-month periods ended Dec. 31, 2008 and 2007, as corrected, respectively.
Gross profit of fashion apparel was 32% for the six months ended Dec. 31, 2008 and 38% for six months ended Dec. 31, 2007, as corrected.
As a percentage of net sales, gross profit of branded apparel was 0% for the six months ended Dec.31, 2008 and 3% for the six months ended Dec. 31, 2007.
Net loss for the six months ended Dec. 31, 2008, was $1.2 million, a difference of $490,000, or 71%, as compared with the net loss of $692,000 for the six months ended Dec. 31, 2007, as corrected.
Net sales of fashion apparel for the six months ended Dec. 31 were $6.0 million, a decrease of $1.7 million, or 22%, from net fashion apparel sales of $7.8 million for the comparable six-month period in the prior fiscal year.
Basic and diluted losses per share were 52 cents and 30 cents for the six-month periods ended Dec. 31, 2008 and 2007, 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 Six Months Ended
December 31, December 31,
——————– ——————–
2008 2007 2008 2007
——— ——— ——— ———
As As
Corrected Corrected
Statements of Income Data:
Net sales $ 3,225 $ 4,411 $ 6,049 $ 7,939
Gross profit 1,034 1,733 1,804 2,874
Total other operating costs 1,253 1,788 3,028 3,639
Loss from operations (219) (55) (1,224) (765)
Other income (expense), net 77 32 44 80
Net loss (142) (23) (1,182) (692)
Diluted loss per common share ($0.06) ($0.01) ($0.52) ($0.30)
Diluted weighted average
shares outstanding 2,284,000 2,284,000 2,284,000 2,284,000
December 31,
——————–
2008 2007
——— ———
As
Corrected
Balance Sheets Data:
Current assets $ 10,656 $ 12,427
Total assets 10,806 12,726
Current liabilities – current 1,804 2,440
Long-term liabilities – –
Shareholders' equity 9,002 10,286
