2011 was a tough year for LaCrosse Footwear, Inc., which reported a decline in both fourth quarter and full year profit on Thursday.
For the fourth quarter ended Dec. 31, LaCrosse earned a net income of $2.2 million, or 33 cents a share, down nearly half from $4 million, or 60 cents, in the same period of 2010. Revenue slipped to $43.8 million, from $52.1 million in the same period of 2010.
Full year income more than halved to $3 million, or 45 cents a share, from $6.9 million, or $1.04 a share, in 2010. Revenue decreased 13 percent to $131.3 million.
Joseph Schneider, president and CEO of the Portland, Ore.-based firm, said sales were hurt by fluctuations in the contract military business throughout the year, and unfavorably warm and dry weather in the second half of the year.
Sales to the work market fell 13 percent in the quarter and slumped 19 percent for the year. Sales to the outdoor market were down 20 percent in the quarter, and down 2 percent for the year.
“As we move into 2012, our relationships with major retailers continue to strengthen and we expect to continue to see strong growth in our direct and international channels,” said Schneider in a statement. “During 2012, we plan to introduce a significant number of new products, including innovative outdoor products, tactical law enforcement boots and an exciting women’s lifestyle product line.”
The firm’s cash balance fell to $774,000 at year’s end, from $4.3 million a year earlier, partly due to capital investments of $4 million and dividend payments to shareholders worth $3.3 million.