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LaCrosse Footwear, Inc. (BOOT) announced its financial results on Monday for the third quarter ended September 26, 2009.
For the third quarter of 2009, the Company reported net sales of $40.8 million, up from $40.3 million in the third quarter of 2008. For the first three quarters of 2009, net sales were $96.6 million, up 4% from $92.8 million in the same period of 2008.
Net income was $2.2 million or $0.35 per diluted share in the third quarter of 2009, compared to $2.8 million or $0.43 per diluted share in the third quarter of 2008. This missed analysts' estimate for net income of $0.45 per share.
Joseph Schneider, President and CEO of LaCrosse Footwear, commented in a conference call, "In a difficult environment and weakened consumer demand, we continued to grow revenues and invest in improving efficiences and the long term strength of our business. We continued to win more business with various branches of the U.S. military, and we strengthened our position with major retailers and certain niche markets."
David Carlson, CFO of LaCrosse Footwear, explained, "Despite macro economic challenges, we continue to achieve strong gross margins. We have moderated our expenses despite significant investments in our Indianapolis distribution center and sales/marketing organizations.
Mr. Schneider added, "In our outdoor segment which is facing difficult economic among retialers, we are not losing shelf space or market share. We are well positioned once the retail spending enivironment improves."
Mr . Carlson noted, We expect the historical seasonal sales patterns to continue, though our long term goal is to continue to improve our year-round demand and profitability. The financial health of the Company is excellent, and we are well positioned to pursue the long term opportunities before us."
The Board of Directors announced the approval of a quarterly dividend of $0.125 per share of common stock, totaling $0.8 million. The fourth quarter dividend will be paid on December 18, 2009 to shareholders of record as of the close of business on November 22, 2009.
Mr. Carlson commented, "The strength of our balance sheet, no debt and our confidence in our long term performance has allowed us to continue to pay dividends."
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