Aldila Reports 61 % Increase in Composite Products Sales for First Quarter 2012 Compared to First Quarter 2011

may 14 2012

Aldila reported net sales of $15.9 million and a net loss of $449,000 ($0.08 loss per share) for the three months ending March 31, 2012 as compared to net sales of $11.3 million and a net loss of $535,000 ($0.10 income per share) for the comparable period in 2011. Composite Products sales increased 61% for the three month period ended March 31, 2012 as compared to the comparable period of 2011. Golf shaft units shipped increased by 61% and our average selling price declined by 2% for 2012 as compared to 2011.

"While we are encouraged with our increase in overall sales in our golf business our gross margins continue to be impacted by the rising costs in our China operation. With virtually the entire golf industry manufacturing base entrenched in China, we believe this to be problematic for the entire industry as costs continue to rise systemically on account of rising labor costs. We believe it is imperative to reduce our costs in China as quickly as possible and to that end we have begun to shift production in a more meaningful way to our facility in Vietnam. Having a modern factory in Vietnam gives us a viable alternative that most of our competitors lack," said Mr. Peter R. Mathewson, Chairman and Chief Executive Officer.

"Our Composite Materials Division sales were soft in the quarter mainly due to inventory levels being high at year end at a major recreational customer and lower non recreational sales. We continue to work on several promising qualification programs that require new resin development and extensive testing but hold significant sales potential," said Mr. Mathewson.

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