Arnold Palmer Golf Company reports higher sales and profits in second quarter of fiscal 1996.OOLTEWAH, Tenn.--(BUSINESS WIRE)--Oct. 18, 1996--The Arnold Palmer Golf Company (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :APGC APGC Air Proving Ground Center APGC Air Force Proving Ground Command ), manufacturer of golf clubs and bags, reported increases in net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight and gross profits on sales for the second quarter and first half of fiscal 1996. The Company posted net sales of $5.68 million for the second quarter ended Aug. 31, up from $4.8 million in the same period a year ago. For the six months ended Aug. 31, net sales reached $16.9 million, up from $13.1 million in the first half of fiscal 1995. Club sales, which represent more than half of total sales, increased 27.3 percent quarter-to-quarter, and sales of pro clubs more than doubled. Gross profits on sales for the second quarter reached $1.4 million, a 50 percent increase from $928,000 in the same quarter in 1995. For the first half of fiscal 1996, gross profits on sales were $4.9 million, a 40 percent increase from $3.5 million in the same period a year ago. During the second quarter, the Company was advised that a significant obligation owed to it would not be repaid and took a charge in anticipation of the default. As a result of this $800,000 charge, the Company reported a net loss of $2 million in the second quarter and $1.3 million in the first six months of fiscal 1996. Excluding this charge against earnings, net losses in the first six months of fiscal 1996 were $541,000, or 19 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. , down from a net loss of $679,000, or 26 cents per share, in the same period a year ago. "By taking the charge for the doubtful obligation this quarter, we have experienced a one-time one-time adj. 1. or one·time a. Occurring or undertaken only once: a one-time winner in 1995. b. charge which in no way reflects on our continuing optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op outlook for our core business," said George H. Nichols, president. "We believe sales will continue to grow as we enjoy the benefits of strategic alliances formed this quarter." Based in Ooltewah, Tenn., The Arnold Palmer Golf Company manufactures, markets and distributes a full line of golf products including Palmer Golf Equipment and Hot-Z bags and luggage LUGGAGE. Such things as are carried by a traveller, generally for his personal accommodation; baggage. In England this word is generally used in the same sense that baggage is used in the United States. See Baggage. . It is publicly traded on the NASDAQ SmallCap Market under the symbol "APGC." CONTACT: Alday Communications Mike Alday, 615/791-1535 |
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