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LaCrosse Footwear Inc. (BOOT) filed Quarterly Report for the period ended 2011-09-24.
Lacrosse Footwear Inc. has a market cap of $82 million; its shares were traded at around $12.6 with a P/E ratio of 19.7 and P/S ratio of 0.5. The dividend yield of Lacrosse Footwear Inc. stocks is 3.9%. Lacrosse Footwear Inc. had an annual average earning growth of 2.1% over the past 5 years.
This is the annual revenues and earnings per share of BOOT over the last 10 years. For detailed 10-year financial data and charts, go to 10-Year Financials of BOOT.
Highlight of Business Operations:
Net Income: Net income for the third quarter of 2011 was $1.7 million, or $0.25 diluted net income per common share, compared to net income of $1.1 million, or $0.17 diluted net income per common share in the same period of 2010. The increase in net income of $0.6 million is attributable to the net sales, gross margin, selling and administrative expenses, and tax rate changes discussed above.Net Income: Net income for the first three quarters of 2011 was $0.8 million, or $0.13 diluted net income per common share, compared to net income of $2.9 million, or $0.44 diluted net income per common share in the same period of 2010. The decrease in net income of $2.1 million is attributable to the net sales, gross margin, selling and administrative expenses, and tax rate changes discussed above.
We ended the third quarter of 2011 with cash and cash equivalents of $0.5 million compared to $3.6 million in the same period in 2010. In recent years, we have funded working capital requirements, capital expenditures, and dividends principally with cash generated from operations. Beginning in the first quarter of 2011, we used our line of credit to fund working capital requirements, primarily higher inventory levels. Working capital requirements in our historical business cycles are generally the lowest in the first quarter and the highest during the third quarter. We expect that our inventory levels and short-term borrowings will decline over the fourth quarter of 2011 and the first quarter of 2012. We believe that our anticipated future cash flows from operations and our existing line of credit will be sufficient to satisfy our working capital needs for the foreseeable future.
Investing Activities: Cash used in investing activities was $2.7 million and $7.8 million in the first three quarters of 2011 and 2010, respectively. Cash used in investing activities was greater in the first three quarters of 2010 than in the first three quarters of 2011 due to the initial investments made in our new factory facility and new factory store during 2010. We expect total 2011 capital expenditures to be approximately $4.0 million.
At September 24, 2011 and September 25, 2010, our pension plan had accumulated benefit obligations in excess of the respective plan assets and accrued pension liabilities. These obligations in excess of plan assets and accrued pension liabilities have resulted in cumulative direct charges to shareholders’ equity (accumulated other comprehensive loss) net of tax of $3.3 million and $3.1 million as of September 24, 2011 and September 25, 2010, respectively. We contributed $0.7 million to our pension plan during the first three quarters of 2011 and anticipate contributing an additional $0.2 million during the remainder of 2011.
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