Ashworth, Inc. the Carlsbad based “on-course” golf apparel and sportwear line reported their second quarter 2007 financials today and the news was bad in pretty much every quarter. Net revenue was down $7 million, the net loss for the quarter was $2.5 million and their consolidated gross margin decreased “650 basis points” to 38.8 percent. But CEO Peter Weil is optimistic of course:
Throughout the second quarter, we continued to execute on the strategic initiatives our Board and management team identified during the second half of 2006. While we continue to face challenges, we believe the initiatives being implemented will help better position the Company for sustainable and profitable growth,” he said in the press release. “Despite the challenges in the second quarter, we are excited about the future of Ashworth. We have taken a number of steps that are designed to build a more efficient and effective organization, including the recently announced personnel changes.”
Spin, Peter, spin.
[Link:Business Wire]
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