Sport-Haley, Inc (Nasdaq: SPORE), today announced its results of operations for the first fiscal quarter of the 2001 fiscal year. The company reported net income of $53,000 for the fiscal quarter ended September 30, 2000, or $0.02 per share, as compared with $204,000, or $0.05 per share, in the first fiscal quarter of the 2000 fiscal year.

Net sales increased approximately 12 per cent, or $627,000, to $5.863m in the fiscal quarter ended September 30, 2000 from the prior year's comparable period. Gross profit increased approximately 3 per cent, or $60,000, to $1.818m from $1.758m, while selling, general and administrative expenses increased approximately 18 per cent, or $299,000, from $1.645m in the prior fiscal year period to $1.944m in the current fiscal period. Net income of $53,000 reflected a decrease of $151,000, or approximately 74%, from the prior fiscal year period net income of $204,000.

Commenting on the results of operations, Robert G. Tomlinson, CEO, said: "We are pleased to report a continuation in Sport-Haley's profitability in what has and continues to be a difficult competitive environment."

Mr Tomlinson also announced that Patrick W. Hurley, Sport-Haley's principal accounting officer, has been promoted to the position of CFO effective immediately. "Since joining Sport-Haley a year ago, Patrick has demonstrated his very significant knowledge of financial and accounting matters as well as a commitment to our organisation during the trying and difficult period accompanying our restatements,"said Mr. Tomlinson.

About Sport-Haley, Inc
Sport-Haley, Inc designs, contracts for the manufacture of, and markets quality men's and women's fashion golf apparel and outerwear under the Haley label. The company's apparel is sold in the premium and mid-priced markets through a network of independent sales representatives and distributed to golf course professional shops, country clubs and resorts across the United States and internationally.