May 11, 2007
Dover gallops into quarterly loss
By Matthew L. Brown
Littleton-based Dover Saddlery reported first-quarter revenue of $18.6 million, and a net loss for the quarter of $900,000.
The quarter's revenue was an 18.6 percent increase over the $17 million the company, a direct marketer of equestrian products, reported for the first quarter of 2006.
Retail store revenue spiked to $3.7 million, a 78 percent increase over the same period the previous year.
The opening of new stores and the acquisition of Dominion Saddlery stores helped pump up sales numbers, the company said.
The net loss for the quarter was due to a $500,000 charge for the "potential strategic settlement" of a lawsuit with Goldsmith Agio Helms & Linner LLC, and "soft consumer demand in the direct revenue channel."
In March 2006, Goldsmith sued Dover for $2.1 million in fees for financial advisory leading up to Dover's IPO.
The quarter's revenue was an 18.6 percent increase over the $17 million the company, a direct marketer of equestrian products, reported for the first quarter of 2006.
Retail store revenue spiked to $3.7 million, a 78 percent increase over the same period the previous year.
The opening of new stores and the acquisition of Dominion Saddlery stores helped pump up sales numbers, the company said.
The net loss for the quarter was due to a $500,000 charge for the "potential strategic settlement" of a lawsuit with Goldsmith Agio Helms & Linner LLC, and "soft consumer demand in the direct revenue channel."
In March 2006, Goldsmith sued Dover for $2.1 million in fees for financial advisory leading up to Dover's IPO.
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