Avid Sportswear & Golf Corp said on Tuesday it blamed the termination of the Dockers Golf label for a net loss of £2.3 million for the second quarter.

Sales for the three months ended June 30 were $11.4m, compared to sales of $2.6m, while the net loss was $2.3m or $.03 per share, compared to a net loss of $1.6m or $.09 for the same period last year.

The company commented that the loss for the current period was primarily attributable to the termination of the Dockers Golf label on May 9, 2001.

President and chief executive officer, Frank Jakovac, stated: "Avid's new management team has been evaluating and developing several new business strategies."

He added that he was "optimistic that the corporation would be able to consummate a strategic new business venture, however, no new opportunity has been consummated at this time".

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