May 12, 2017
Improved gross margin and lower SG&A spend helped push net income up 61% to $38,114,000 from $23,662,000 despite 1% lower revenues at $433,615,000 vs. $439,935,000 in the seasonally important first quarter.
Net income for the year ended Mar. 31 was down 66% to ¥710 million ($6.2 mm) compared to ¥2,085 million as sales for the year declined 4% to ¥188,718 million ($1,040.9 mm) from ¥196,072 million.
Net income fell 40% to NT$516 million ($16.6 million) from NT$855 million in the first quarter as revenues slid 5% to NT$13,509 million ($435.1 million) from $14,154 million pulled down by weak demand in the Chinese market.
Hi-Tec had $7.8 million in revenues in the fourth quarter including $6.6 million in indirect product sales related to distribution and government contracts and $1.2 million of licensing revenue.
DKS reported that a computation error in its GAAP to non-GAAP reconciliation in its year-end filing resulted in a $23.4 million overstatement of Adjusted EBITDA amounts for Q4 and the full year ended Jan. 28, 2017.
Sporting Goods/hobby/book/music store sales declined 3.3% in Apr. on an unadjusted basis to $6,463 million from $6,687 million, according to preliminary estimates from the Commerce Department.