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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
SECOND QUARTER 2009
Poway, CA, August 6, 2009 ALDILA, INC. (NASDAQ:GM:ALDA) announced today net sales of $10.6 million and a net loss of $627,000 ($0.12 loss per share) for the three months ended June 30, 2009. In the comparable 2008 second quarter, the Company had net sales of $13.6 million and a net loss of $523,000 ($0.10 loss per share). For the six months ended June 30, 2009, net sales were $24.4 million and a net loss of $675,000 ($0.13 loss per share) as compared to net sales of $30.3 million and a net loss of $65,000 ($0.01 loss per share) for the six month period ended June 30, 2008.
We continued our cost reduction effort during the quarter. The Company reduced its selling, general and administrative expenses (SG&A) by 25% during the quarter ended June 30, 2009 as compared to the comparable period in 2008. SG&A is down 27% for the six months ended June 30, 2009 as compared to the same period in 2008. The Company is actively managing its working capital and has increased its cash and cash equivalents by $680,000 as of June 30, 2009 from December 31, 2008, while reducing its total outstanding debt by $3.1 million during that same period. Our backlog as of June 30, 2009 was $6.8 million, an increase of 37% over our backlog at the end of the first quarter of 2009, but down 12% versus the second quarter of 2008, said Mr. Peter R. Mathewson, Chairman of the Board & CEO.
We experienced a 21% decline in our golf shaft sales in the second quarter of 2009 versus the second quarter of 2008. The average selling price of our golf shafts sold decreased by 6% on a 16% decline in unit sales in the second quarter of 2009 versus the second quarter 2008. We continued to see a very difficult market throughout the quarter. The contraction of the golf club market is estimated to be on the order of 20-30% and there is uncertainty as to when it will return to previous levels. We believe our market share remains strong based on the various programs we have been awarded for 2010 product lines set to begin late in the third quarter. Our customers continue to be cautious and take a conservative approach to their business in light of the economic climate, Mr. Mathewson said.
Aldila continues to enjoy tremendous success on the PGA and Nationwide Tours in 2009. Through the British Open Championship, Aldila high performance shafts were used by the champions of 10 events on this years PGA Tour; including the Mercedes-Benz Championship, the WGC-Accenture Match Play Championship and The Masters. Aldila shafts have also been the most popular for woods and hybrids at every Major Championship and World Golf Championship held this year. At the majority of all the
The following information was filed by Aldila Inc on Thursday, August 6, 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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