True Temper Sports, Inc. reported net sales for the second quarter fiscal 2009 fell 43.8% to $21.1 million from $37.7 million in the year-ago period. Management for the company cited the global recessionary pressures and a weaker retail landscape, and noted that the company has encountered inventory issues as retailers, OEMs and component suppliers continue to streamline their operations and worldwide distribution networks.
Gross profit in the second quarter for the Memphis, TN-based golf shaft manufacturer plummeted 76.4% to $3.3 million from $14.0 million a year ago. The companys net loss for the quarter widened to $12.7 million from $940,000 a year ago.
Operating results went from an operating income of $5.5 million a year ago to an operating loss of $6.1 million in the second quarter of 2009. SG&A improved by 33.3% to $3.0 million as compared to $4.5 million a year ago.
Regarding outlook, president and CEO Scott Hennessey said in a written statement that the company has seen signs of stabilization in order patterns and bookings, and added that he expects “some improvement” in the year-over-year rate of decline for the remainder of fiscal 2009.
