USA: Saucony, Inc. Reports First Quarter Earnings
First quarter earnings per diluted share of $0.50.Order backlog increased to a record of $76.0 million as of March 31, 2000. Saucony, Inc. (NASDAQ: SCNYA and SCNYB) announced today a 9% growth in net sales for the first quarter ended March 31, 2000 in comparison with the first quarter of 1999. Net sales increased from $42.4 million in the prior year period to $46.4 million in the first quarter of 2000. Net income was $3.2 million, or $0.50 per share on a diluted basis, compared to $3.3 million, or $0.52 per share on a diluted basis, for the same period last year. In announcing the financial results for Saucony, Inc.'s first quarter, John H. Fisher, President and Chief Executive Officer, remarked, "Our recently completed first quarter maintains the momentum in our brands, revenues and opportunities. We are especially pleased with the continued success of our Saucony running shoe business, resulting in gains in both our style forward and casual athletic sectors. We have also seen a significant upturn in the Fall 2000 bookings for our technical footwear." "Our apparel division continues to establish the Hind brand as a leader in technical, moisture management apparel for serious athletes as it grows its distribution base and increases its market share." "Our footwear and apparel backlog matched with conservative financial management, is consistent with our overall financial goals. The cycling division performance has not met management's expectations, thus the Company has begun to review strategic alternatives for this division."
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