March 24, 2008
Suit Settlement Pushes Dover Saddlery Profits Down
Littleton-based equestrian retailer Dover Saddlery Inc. saw a 43 percent drop in net income in 2007 largely because it lost $600,000 settling a lawsuit, the company said.
For the year ended Dec. 31, the company reported an 11.4 percent increase in total revenue, to $81.4 million. But net income dropped to $800,000, from $1.4 million last year.
Besides the settlement, which was related to financial advisory services before the company's 2005 IPO, the company said it paid additional interest because of its operation's growth.
For the fourth quarter, Dover reported profits of $920,000 in 2007, up 67 percent from the same quarter in 2006.
The company, which does most of its business by mail and online, attributed the higher fourth-quarter net income to an expansion of its retail store business, as well as savings in marketing expenses. The company's retail store revenues for the quarter increased 39.3 percent to $5.7 million.
For the year ended Dec. 31, the company reported an 11.4 percent increase in total revenue, to $81.4 million. But net income dropped to $800,000, from $1.4 million last year.
Besides the settlement, which was related to financial advisory services before the company's 2005 IPO, the company said it paid additional interest because of its operation's growth.
For the fourth quarter, Dover reported profits of $920,000 in 2007, up 67 percent from the same quarter in 2006.
The company, which does most of its business by mail and online, attributed the higher fourth-quarter net income to an expansion of its retail store business, as well as savings in marketing expenses. The company's retail store revenues for the quarter increased 39.3 percent to $5.7 million.
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