Ad hoc: HEAD NV and HTM Sport GmbH Announce the Unaudited Results of Head NV for the Three Months ended 31st March 2010.
(Thomson Reuters ONE) -
Head N.V. / Ad hoc: HEAD NV and HTM Sport GmbH Announce the Unaudited Results of Head NV for the Three Months ended 31st March 2010. processed and transmitted by Hugin AS. The issuer is solely responsible for the content of this announcement.
Amsterdam - 12th May 2010 - Head N.V. (VSX: HEAD; U.S. OTC: HEDYY.PK), a leading
global manufacturer and marketer of sports equipment, and HTM Sport GmbH, a
subsidiary of Head NV, announced the following results today.
For the three months ended March 31, 2010 total net revenues increased by ?3.8
million, or 6.7%, to ?61.0 million from ?57.2 million in the comparable 2009
period. This increase was mainly due to improved racquet sports sales offset by
a decline in diving. Winter sports remained broadly flat.
The adjusted operating loss for the three month period compared to prior year
decreased by just over ?5 million driven by, higher sales, improved gross margin
which increased from 38.1% to 42.9% and lower general, administrative and other
expenses (?0.9 million) offset by slightly higher selling and marketing costs
(?0.2 million).
The net loss decreased by nearly ?10 million in the three months to 31st March
2010 compared to the same period in 2009 mainly due to the improved adjusted
operating performance compounded by ESOP income, lower interest costs and no
restructuring or bond exchange costs in 2010.
Operating cash flow for the first quarter improved by ?12.6 million due to
enhanced operating results and tighter working capital management - working
capital has fallen by ?17.5 million at 31st March 2010 compared to 31st March
2009.
The improved cash flow and the success of our bond exchange in 2009 has brought
our net debt down from ?118.3 million at the 31st March 2009 to ?40.6m at the
31st March 2010.
We are part way through the preseason orders for our winter sports business, and
at this stage, based on our bookings we believe that winter sport sales will be
broadly in line with last year's, however it is too early in the year to predict
the company's overall performance in 2010.
The Head NV AGM will be held on the 27 May 2010, full details are on our
website.
About Head
HEAD NV is a leading global manufacturer and marketer of premium sports
equipment.
HEAD NV's ordinary shares are listed on the Vienna Stock Exchange ("HEAD").
Our business is organized into four divisions: Winter Sports, Racquet Sports,
Diving and Licensing. We sell products under the HEAD (tennis, squash and
racquetball racquets, tennis balls, tennis footwear, badminton products, alpine
skis, ski bindings and ski boots, snowboards, bindings and boots), Penn (tennis
and racquetball balls), Tyrolia (ski bindings), and Mares/Dacor (diving
equipment) brands.
We hold leading positions in all of our product markets and our products are
endorsed by some of the world's top athletes including;
Skiers: Bode Miller, Didier Cuche, Aksel Lund Svindal, Ted Ligety, Werner Heel,
Kjetil Jansrud, Patrick Staudacher, Hans Grugger, Hermann Maier, Franz Klammer,
Jon Olsson, Lindsey Vonn, Maria Riesch, Anja Pärson, Elisabeth Görgl, Sarka
Zahrobska
Tennis players: Novak Djokovic, Andy Murray, Robin Soderling, Marin Cilic,
Svetlana Kuznetsova, Victoria Azarenka
For more information, please visit our website:www.head.com
Analysts, investors, media and others seeking financial and general information,
please contact:
Clare Vincent, Investor Relations
Tel: +44 207 499 7800
Fax: +44 207 491 7725
E?mail:headinvestors(at)aol.com
Gunter Hagspiel, Chief Financial Officer
Tel: +43 5574 608
Fax +43 5574 608 130
This press release should be read in conjunction with the company's report for
the three months ended 31st March 2010.
Forward-Looking Statements
This press release includes forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. When used in this press
release, the words "anticipate", "believe", "could", "estimate", "expect",
"intend", "may", "plan", "predict", "project", "will" and similar terms and
phrases, including references to assumptions, as they relate to Head N.V., its
management or third parties, identify forward-looking statements.
Forward-Looking statements include statements regarding Head N.V.'s business
strategy, financial condition, results of operations, and market data, as well
as any other statements that are not historical facts. These statements reflect
beliefs of Head N.V.'s management as well as assumptions made by its management
and information currently available to Head N.V. Although Head N.V. believes
that these beliefs and assumptions are reasonable, the statements are subject to
numerous factors, risks and uncertainties that could cause actual outcomes and
results to be materially different from those projected. These Factors include,
but are not limited to, the following: the impact of the current global economic
turmoil, weather and other factors beyond our control, competitive pressures and
trends in the sporting goods industry, our ability to implement our business
strategy, our liquidity and capital expenditures, our ability to obtain
financing, our ability to realize the cost savings expected from the cost
reduction program, our ability to compete, including internationally, our
ability to introduce new and innovative products, legal proceedings and
regulatory matters, our ability to fund our future capital needs, and general
economic conditions. These factors, risks and uncertainties expressly qualify
all subsequent oral and written forward-looking statements attributable to Head
N.V. or persons acting on its behalf.
Head N.V.
Rokin 55
NL 1012 KK Amsterdam
Equity
ISIN: NL0000238301
Stock Market: Vienna Stock Exchange
HTM Sport GmbH
Tyroliaplatz 1
A 2320 Schwechat
Bonds
ISIN: XS0184717956 and XS0184719143
Official Market: Luxembourg
The full press release including tables can be downloaded from the following
link:
[HUG#1415013]
--- End of Message ---
Head N.V.
Rokin 55 Amsterdam Niederlande
WKN: 577203 ;ISIN: NL0000238301;
1st Quarter 2010: http://hugin.info/133711/R/1415013/366293.pdf
Unternehmensinformation / Kurzprofil:
Datum: 12.05.2010 - 08:30 Uhr
Sprache: Deutsch
News-ID 20777
Anzahl Zeichen: 0
contact information:
Town:
Amsterdam
Kategorie:
Business News
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