Outdoor financials: LaCrosse's Q2 earnings up 47 percent, plus GSI Commerce

LaCrosse's Q2 earnings were up 47 percent, and GSI Commerce posted a wider net loss in Q2.
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LaCrosse's Q2 earnings up 47 percent

LaCrosse Footwear (Nasdaq: BOOT), parent of Danner, posted a 12-percent increase in net sales and a 47-percent increase in profit for the second quarter.

For the second quarter of 2008, LaCrosse reported consolidated net sales of $27.8 million compared to $24.9 million in the second quarter of 2007.

Net income was $1.4 million, or $0.22 per diluted share, versus $1.0 million, or $0.15 per diluted share, in the same period last year.

Sales to the outdoor market were $10.5 million for the second quarter of 2008, down from $11.8 million for the same period of 2007. The company blamed the decline in sales to the cautious retail environment that continues to impact consumer spending in North America. It noted, though, that it believes it is well positioned to capture at-once demand when retail spending improves.

Sales to the work market were $17.4 million for the second quarter of 2008, up 32 percent from $13.2 million for the same period of 2007. Work market sales were boosted by military orders and continued penetration into a variety of targeted, niche work boot markets. During the second quarter of 2008, the company shipped approximately $1.8 million of orders to the U.S. Marine Corps and the U.S. Army.

For the second quarter, its gross margin was 40.4 percent of net sales, up 120 basis points from 39.2 percent in the same period of 2007, reflecting price increases in recent periods and reductions in sales returns, discounts and allowances.

LaCrosse’s total operating expenses were $8.9 million, or 32 percent of net sales, in the second quarter of 2008, compared to $8.3 million, or 33 percent of net sales, in the second quarter of 2007.

Also, LaCrosse's board of directors approved a quarterly dividend of $0.125 per share of common stock. It will be paid on Sept. 18 to shareholders of record as of Aug. 22.



GSI Commerce posts wider net loss in Q2


GSI Commerce (Nasdaq: GSIC) said second-quarter net revenues increased 47 percent, but posted a wider net loss.

Net revenues were $193.2 million versus $131.3 million in the same period last year. Non-GAAP net revenues increased 85 percent to $102.9 million from $55.8 million.

Loss from operations was $17.2 million compared to $9.0 million and included $2.2 million in amortization expense related to e-Dialog and Zendor, which was not included in the company's guidance for the quarter. Non-GAAP income from operations was $6.7 million compared to $0.7 million.

Net loss was $19.0 million, or $0.40 per share, compared to $5.0 million, or $0.11 per share, last year.

For the third quarter, GSI said net revenues are expected to be approximately $188.0 million to $193.0 million. Loss from operations is expected to be in a range of $18.5 million to $19.5 million. For the full year, it anticipates net revenues to be approximately $1.0 billion with a loss from operations to be in a range of $6.5 million to $9.5 million.



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