Everlast Worldwide Inc, manufacturer, marketer and licensor of sporting goods and apparel under the Everlast brand name, has reported its operating results for the first quarter ended March 31, 2001. The results reflect the acquisition of Everlast World's Boxing Headquarters Corp ('Everlast'), which was completed on October 24, 2000; the company's name was subsequently changed to Everlast Worldwide Inc from Active Apparel Group Inc upon completion of the acquisition.

Net sales for the quarter grew 52.6 per cent to a record high $12,214,206, as compared to $8,000,003 reported in the first quarter of 2000. Gross profit for the quarter rose 33.6 per cent to $4,176,275 from $3,127,120 last year. For the quarter, operating income advanced 89.8 per cent to $1,367,155 from $720,395 in 2000.

"The quarter was particularly strong despite the downturn in the economy," said George Q Horowitz, chairman and chief executive of Everlast Worldwide Inc.

"Our Everlast boxing gear is enjoying a resurgence at the retail level due to the introduction of new and modern packaging. We also expect continued growth in our licensing revenue, which approached $1.2 million for the quarter, as we have signed seven new licensees since we acquired Everlast in October of last year."