Manfred: Court Ruling Won't End MASN Case Callaway Golf Reports Mixed Q2 Results CDI Reports Record Quarterly Revenue Providence Equity, WPP Eye $547M Chime Takeover DraftKings Closes On $300M Series D Round Nationals Welcome Star Wars Fans For Promo DraftKings To Close VC Funding In Coming Weeks FanDuel Closes On New VC Financing Scott Holds Ceremonial Signing for WPB Ballpark Cuban Among Group Raising Funds For Unikrn
EARNING REPORTS: ADIDAS REPORTS STRONG PROFITS FOR 3Q
Published November 5, 1997
adidas yesterday "surprised investors with a stronger than expected increase in third-quarter pre-tax profits," according to Graham Bowley of the FINANCIAL TIMES. The company said pre-tax profits rose 64.4% to $176.8M in the period. The company also announced that Chair Robert Louis- Dreyfus and fellow Dir Christian Tourres would each sell 500,000 shares, but would continue to hold about 4.9% each of adidas share capital (FINANCIAL TIMES, 11/5). 3Q sales rose 46% to $1.2B, up from $859M in '96. Apparel sales rose 59% from '96, and footwear sales were up 35%. In North America, sales rose 69% to $306.8M; European sales grew 34% to $792.6M; and Asian sales increased 74% (REUTERS, 11/4). CONVERSE: Converse posted its sixth consecutive financial quarter of improved net earnings, for the 3Q ended September 27. Net sales were $121.9M compared to $113.3M in the 3Q of '96, an increase of 7.6%. Net earnings were $0.2M or $.01 per share compared to a loss of $3.0M or an $.18 loss per share in the third quarter of '96. For the nine month period, net sales increased 29.1% to $361.2M compared to $279.8M in '96 (Converse). Results for the 3Q include an after-tax gain of around $8M, or $.45 per share, relating to the successful resolution of litigation stemming from the purchase of Apex One Inc. in '95 (BOSTON GLOBE, 11/4). OTHER NEWS: CNBC's Terry Keenan: "Fila closed down a fraction, just under $25 a share, but the stock could attract some buyers tomorrow. The Italian sportswear company is out with disappointing 3rd quarter profits of $0.64, but that is well ahead of the street estimate. Looking forward, Fila says that it will reengineer its U.S. apparel, footwear and retail divisions" ("Market Wrap," 11/4)....MI-based Penske Motorsports earned $8.8M, or $.63 per share, on revenue of $44M in the 3Q '97, compared to $6.5M, or $50 per share, on revenue of $24M after 3Q '96 (DETROIT FREE PRESS, 11/3)....CA-based Golden Bear Golf, Inc. announced 3Q '97 revenues of $17.7M, up 79% from $9.9M for the 3Q in '96. Net earnings for the 3Q were $364,000, or $.07 per share, compared to $268,000, or $.06 per share a year ago (Golden Bear Golf).