Denver-based designer and marketer of men's and women's fashion golf apparel, Sport-Haley Inc, has posted a massive 279 per cent fall in third quarter profits from the year-ago period.

The Colorado company said poor sales amid a weak global economy were to blame for a net loss of $320,000 for the quarter, compared to a net profit of $179,000 in 2001.

It said net sales for the period to March 31 fell 26 per cent to $4.4 million from 2001 and that on a nine month basis, net income was down 360 per cent to $544,000.
"Management attributes the decreases in net sales for the fiscal quarter and nine months…primarily to the negative impacts the events of September 11," Sport-Haley said in a statement.

"The company experienced numerous cancellations of orders during the second and third fiscal quarters as well as substantial decreases in the number of orders written during the second fiscal quarter as compared with the same periods in prior fiscal years."

CEO, Kevin Tomlinson, added: "I believe that the worst is behind us and that better days lie ahead for Sport-Haley. The concerted efforts of our management team have transformed the company over the last year and a half, and we believe that Sport-Haley is now positioned for a return to profitability."