True Temper reported sales increased 21.1 percent and that it narrowed its net loss to $1.6 million for the first quarter.
For the three months ended March 30, the Memphis, Tenn.-based shaftmaker reported net sales of $35.8 million compared with $29.6 million during the first quarter of 2007. The company posted a net loss of $1.6 million; an improvement compared with the net loss of $3.1 million recorded in the same period a year ago.
Company officials said True Temper experienced growth across all of its product categories, but particularly cited strength in its core steel golf shaft business.
Said Scott Hennessy, True Temper’s president and CEO: “We supported robust sell-in to the retail channel of exciting new iron and putter launches from our key (original equipment manufacturer) partners.”
Hennessy also attributed improved sales to the company’s “overall diversification strategy into a broader base of sporting goods,” including a variety of new hockey products.
Citing a struggling U.S. economy, Hennessy said he was cautiously optimistic about True Temper’s golf business for the remainder of the year. But he added: “When we consider our overall business in total, we remain confident that, on a full-year basis, 2008 will represent a new sales record for True Temper Sports.”