Sporting goods company Head swings back to profit in 2005
23 Feb '06
4 min read
Netherlands-based sporting goods company Head NV has announced financial results for the three months period ended 31st December 2005, as compared to the three months period ended 31st December 2004:
• Net revenues were down 10.7 percent to $154.4 million
• Operating result before restructuring costs increased by $0.7 million to a profit of $12.5 million
• The net income increased to $5.1 million
For the twelve months ended 31st December 2005 compared to the twelve months ended 31st December 2004:
• Net revenues were down 4.3 percent to $446.9 million
• Operating result before restructuring costs and gain on the sale of property increased by $6.7 million to a profit of $18.4 million
• The net income increased to $8.0 million
Johan Eliasch, Chairman and CEO said, “The fourth quarter produced a solid operating result, despite reduced revenues. This contributed positively to a strong operating income for the group for 2005, together with a substantial improvement in net income compared with 2004. Although full year revenues are down marginally on 2004, there has been a satisfactory improvement in gross profit.
Restructuring & cost saving initiatives continued throughout 2005; outsourcing tennis racquet production from Europe to China, restructuring our ski binding production, as well as on-going re-organization at our Italian facilities.
These measures continue to have a positive impact on our operating results, delivering anticipated improvements. Further benefits are expected during 2006.”
marketing@alchempro.com
