Ashworth Considering Selling Company After Quarterly Loss
Golf apparel company Ashworth, after "posting another big quarterly loss," yesterday said that "it's considering selling the company," according to Mike Freeman of the SAN DIEGO UNION-TRIBUNE. Ashworth Tuesday posted a loss of $9.6M, or $0.65 per share, for its FY Q3, and sales fell 9% to $45.2M. The company, which has hired Atlanta-based Kurt Salmon Associates to "help it explore strategic alternatives," said that "if its cash flow does not improve, it could face a liquidity shortfall this winter or spring." Freeman notes Ashworth is the "top brand name in golf apparel," and the company makes clothes for Callaway Golf, which Callaway "sells under its own brand name" (SAN DIEGO UNION-TRIBUNE, 9/11). At press time, shares of Ashworth were trading at $3.61, down 3.73% from yesterday's close of $3.75 (THE DAILY).
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