Q1 loss at Huffy

Huffy announced that preliminary Q1 sales figures were in line with expectations, but that initial income figures indicate that the loss for the first quarter will be higher than anticipated and significantly higher than the loss of $1.4m for the first quarter of 2003.

Paul R. D’Aloia, president and CEO said:

"Although we will not have final results from all business units until later in the month, preliminary indications are that first quarter sales are within the anticipated range but the loss for the quarter will be substantially higher than the loss reported for the first quarter of 2003. The loss is primarily related to the Canadian business, including significantly higher than normal charges to income related to customer returns and deductions together with higher than anticipated expenses related to the transition of the Canadian operations as we move to a single sporting goods platform."