ASHWORTH RESULTS

Ashworth Inc. announced financial results for the third quarter and first nine months ended July 31, 1999. Consolidated net sales for the quarter increased 17.5 percent to $30 million as compared with $25.5 million for the same period of the prior year. Consolidated net income for the quarter increased 89.4 percent to $1.4 million.

Taking a closer look at the third quarter, Ashworth reported domestic sales increased 20.9 percent to $26.4 million and foreign sales were $3.6 million. Sales from the company's European subsidiary and in Canada increased 10.7 percent and 58.4 percent, respectively.

The first nine months of the fiscal year, Ashworth reported consolidated net sales of $85.4 million as compared to $87.6 million for the same period of the prior year. Consolidated net income for the period was $3.3 million versus $7.1 million in 1998

The positive results experienced in the third quarter were driven, according to Ashworth, by double-digit growth in the golf distribution channel, retail department stores, as well as the corporate sector of its domestic business. During the third quarter, the company installed 70 additional golfman shop fixtured locations bringing the total number to 785.

Ashworth also reported its board of directors has authorized the company to repurchase up to 1 million shares of its common stock over the next 12 months. The repurchase program follows a 12-month program initiated in July of 1998 in which it repurchased 727,000 shares. Share repurchases will be funded from existing cash and internally generated funds, Ashworth reported.