Note 4 - Business Segment Information

9 Months Ended

Mar. 31, 2012

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 (loss) to our consolidated operating loss (in thousands):

	Three Months Ended March 31						Nine Months Ended March 31
	2012			2011			2012			2011
Net sales:
Accessories	$	22,158		$	26,828		$	66,402		$	79,409
Gifts		1,704			1,578			29,637			21,132
	$	23,862		$	28,406		$	96,039		$	100,541
Segment income (loss):
Accessories	$	4,703		$	4,891		$	14,086		$	13,118
Gifts		(962	)		(861	)		3,657			2,432
		3,741			4,030			17,743			15,550
Selling, general and administrative expenses		(5,984	)		(6,096	)		(16,223	)		(17,629	)
Depreciation and amortization		(549	)		(646	)		(1,699	)		(1,937	)
Acquisition related costs		-			-			-			(50	)
Operating loss	$	(2,792	)	$	(2,712	)	$	(179	)	$	(4,066	)