Note 4 - Business Segment Information

6 Months Ended

Dec. 31, 2011

Segment Reporting Disclosure [Text Block]

Note 4 - Business Segment Information

We sell our products through all major retail distribution channels throughout North America, including mass merchants, national chain stores, department stores, specialty stores, catalog retailers, golf pro shops, sporting goods stores, and the retail exchange operations of the United States military.  Our business segments are based on product categories: (1) accessories, which includes belts and small leather goods and (2) gifts.  Each segment is measured by management based on income consisting of net sales less cost of goods sold, product distribution expenses, and royalties utilizing accounting policies consistent in all material respects with those described in Note 2 of the notes to consolidated financial statements included in our 2011 Annual Report on Form 10-K filed with the Securities and Exchange Commission on September 1, 2011.  No inter-segment revenue is recorded.  Assets, related depreciation and amortization, and selling, general and administrative expenses are not allocated to the segments.

The following table presents operating information by segment and reconciliation of segment income to our consolidated operating income (loss) (in thousands):

	Three Months Ended December 31						Six Months Ended December 31
	2011			2010			2011			2010
Net sales:
Accessories	$	22,732		$	26,218		$	44,244		$	52,581
Gifts		22,702			16,669			27,933			19,554
	$	45,434		$	42,887		$	72,177		$	72,135
Segment income:
Accessories	$	4,859		$	3,964		$	9,383		$	8,227
Gifts		3,804			3,011			4,619			3,293
		8,663			6,975			14,002			11,520
Selling, general and administrative expenses		(4,912	)		(5,334	)		(10,239	)		(11,533	)
Depreciation and amortization		(567	)		(646	)		(1,150	)		(1,291	)
Acquisition related costs		-			(20	)		-			(50	)
Operating income (loss)	$	3,184		$	975		$	2,613		$	(1,354	)