May 01, 2019
Net income dropped 67% to $22.7 million from $67.9 million in the first quarter, largely due to a $24.4 million receivables impairment from the Heritage Sportswear receivership and Payless bankruptcy, while revenues were off 4% to $623.9 million from $647.3 million.
In answering a lawsuit in which a group of music publishers claim the exercise maker is using copyrighted works without licenses, Peloton basically admitted that it doesn’t have catalog-wide licensing deals with the plaintiffs, but files a counter suit alleging that the National Music Publishers Association is fronting in negotiations for the publishers and demanding exorbitant prices to use their music and requiring it to purchase licenses for music it isn’t interested in using.
Net loss narrowed by 2% to $79.5 million from a loss of $80.9 million in the first quarter, as revenue increased 9% to $271.9 million.
Closing out a run as a public company that produced a river of red ink, Netshoes agreed to be acquired by one of Brazil’s largest e-commerce companies at a price of US$2 per share, valuing the company at about $62 million.
A 780 basis point drop in gross margin to 50.4% in GRMN’s Fitness segment resulted in operating income that fell by nearly half to $18,126,000 from $33,374,000 in the first quarter, despite 9% higher revenues of $180,256,000 up from $166,035,000.
Net income slipped 15% to $18,103,000 from $21,224,000 in the first quarter as FOXF lapped a one-time tax benefit of $9.8 million last year, on sales that surged 25% to $161,700,000 from $129,792,000.
Then worldwide license will cover only the men’s category and add to the PVH men’s underwear portfolio that also includes Calvin Klein and Tommy Hilfiger.
The long-time CFO of the company will remain in that role while a search is undertaken for her successor.
The Big a signs on as the official uniform, footwear and coaches apparel supplier for the Little League World Series and as an official sponsor of Little League.
The owner of Biggs Sporting Goods in Pensacola, FL and NSGA president in 1976 passed away Apr. 7 at the age of 89.