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Scott M. Bier, Vice President, CFO
Sylvia J. Castle, Investor Relations
Aldila, Inc., (858) 513-1801
FOR IMMEDIATE RELEASE
ALDILA REPORTS FINANCIAL RESULTS FOR
FIRST QUARTER 2009
Poway, CA, May 7, 2009 ALDILA, INC. (NASDAQ:GM:ALDA) announced today net sales of $13.8 million and a net loss of $48,000 ($0.01 per share) for the three months ended March 31, 2009. In the comparable 2008 first quarter, the Company had net sales of $16.7 million and net income of $458,000 ($0.09 per share).
The current economic environment we are faced with is challenging. We are meeting this challenge by aggressively managing our expenses and focusing on our working capital requirements. The Company reduced its selling, general and administration expenses (SG&A) by 30% in the first quarter of 2009 as compared to the comparable quarter in 2008. We generated $2.9 million in cash from operations, as a result of actively managing our working capital and reducing inventories by $1.5 million during the first quarter ended March 31, 2009. We used our cash from operations to pay down our credit facility by $2.9 million in the first quarter of 2009, said Mr. Peter R. Mathewson, Chairman of the Board and CEO.
The golf industry, as anticipated, continued to decline in the first quarter of 2009. The National Golf Foundation club build report, which is comprised of information provided by golf club manufacturers, is showing a 22% decline in metal woods and an 18% decline in irons produced through the three month period ended March 2009 versus the same time period last year. The overall golf equipment market continues to be impacted by weak consumer spending and a concerted effort to reduce inventories to preserve cash and clear channels of older product to make room for newer offerings, Mr. Mathewson said.
Our golf sales declined 13% compared to the first quarter 2008. Our units were down 13% and our average selling price was flat versus a year ago. While these numbers are not good, they are probably better than most in our industry and we are reasonably pleased with our results under the circumstances. Our branded and co-branded shaft sales increased to 48% of our total golf sales, up from 32% in the comparable quarter of last year, said Mr. Mathewson.
The second quarter looks particularly challenging for the Company and we believe for the rest of the industry as a whole. We look forward to the back half of the year as the new shaft programs which we have been awarded are scheduled to begin shipping to support our customers 2010 product lines, Mr. Mathewson said.
Our backlog has declined to $5.0 million as of March 31, 2009, roughly half the backlog we had at the end of the first quarter last year and reflects the combined effects
The following information was filed by Aldila Inc on Thursday, May 7, 2009 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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