Sporting goods and apparel maker Everlast Worldwide Inc has reported flat net revenues for both the second quarter and corresponding 2003 period of $14.5 million.

The company said net revenues in the second quarter of 2004 would have been 4 per cent higher than reported, but was held back by a change in revenue sources in 2003, as certain customers became licensees during the second half of fiscal 2003. 

Net licensing revenues in the quarter were up 51 per cent to $2.4 million versus $1.6 million in the 2003 period.

For the quarter, the company achieved a 26 per cent increase in operating income to $712,000, while EBITDA increased 11 per cent to $1.0 million over the 2003 comparable period. 

For the six-months ended June 2004, net revenues increased 8 per cent to $30.7 million, led by a 38 per cent increase in licensing revenues.

For the half year the company achieved a 72 per cent increase in operating income to $1.7 million, while earnings before interest, taxes, depreciation and amortization (EBITDA) increased 38 per cent to $2.4 million over 2003.