First quarter net income benefited from a $20.9 million non-cash gain on the FootJoy golf shoe Vietnam joint venture, increasing 13% to $99,372,000 from $87,762,000, on 1% lower revenues of $703,372,000 against $707,554,000 that would have been up 1% constant currency. Late cold weather was a headwind for the whole industry in the U.S. and Asia. Gross margin narrowed by 50 basis points to 47.9% due to higher manufacturing costs. SG&A was down slightly in dollars and deleveraged 10 b.p. to 28.5% of sales, while R&D spending on next-generation products was ... Log in to view full article.