Higher gross margins & sales drive income for LaCrosse
01 May '07
3 min read
As a result of anticipated lower seasonal demand in the first quarter, the Company reduced its inventory levels at March 31, 2007 by approximately $0.3 million or 1% from December 31, 2006. At the end of the first quarter of 2007, LaCrosse had cash and cash equivalents of $15.6 million, up 23% from $12.7 million at the end of 2006 and up 39% from $11.2 million at the end of the first quarter of 2006.
"We are pleased with our execution and financial performance for the first quarter, which is typically our slowest seasonal period," said Joseph P. Schneider, president and CEO of LaCrosse Footwear Inc "Our sales and earnings growth continued to be driven by the success of our new products and our ability to meet at-once demand allowed us to capitalize on favorable weather conditions in the latter half of the quarter."
We continue to increase our brand equity and capture market share in work and outdoor markets that are quality and performance driven. Moreover, we are very encouraged by the positive customer response to our new fall lines of Danner and LaCrosse products."
"We further improved our gross margins and strengthened our balance sheet by remaining focused on target markets where our premium products, innovative technology and outstanding customer service create opportunities for sustainable and profitable growth. We also believe the significant investments in our organization and business infrastructure that we made in recent years arebeginning to pay off, as we start to moderate operating expense increases and leverage our operating model."
LaCrosse will host a conference call on April 30, 2007, to discuss its financial results at 2:00 PM Pacific (5:00 PM Eastern). A broadcast of the conference call will be available at company's website under "Investor Events". A replay will also be available on the Company's Web site.
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