Dover Saddlery, Inc. (NASDAQ: DOVR) $19M (MarketCap) Trading up +23%

Dover Saddlery, Inc

Dover Saddlery, Inc. (NASDAQ: DOVR) $19M (MarketCap) Trading up +23%

Founded in 1975 in Wellesley, Massachusetts, by United States Equestrian team members, Dover Saddlery, Inc. (NASDAQ: DOVR) is the leading multi-channel retailer of equestrian products in the United States. Dover offers a broad selection of competitively priced, brand-name products for horse and rider through catalogs, the Internet, and company-owned retail stores. When the right product at the right price is not to be found in the marketplace, Dover takes it upon itself to develop its own version by working closely with world-class competitive riders. In this way, the company has developed many unique products, from superior lungeing equipment to its Riders International blankets and its elegant bridlework. Anything you could possibly need in the equestrian world, Dover has it; ranging from riding apparel to horse care, stable supplies, and even books and videos on riding. The company is trading up 23% today at $3.95.

On May 11th, Dover Sadderly reported its 2010 first quarter financial results. Gross profit, as a percentage of revenues, for the three months ended March31, 2010 was 36.0% compared to 34.7% for the corresponding period in 2009. This increase in gross profit as a percentage of revenues was attributable to variations in their overall product mix. As a percentage of revenues, SG&A expenses were reduced to 36.3% of revenues, from 40.0% of revenues for the corresponding period in 2009. Cost reductions in marketing catalog costs and labor offset planned increases in facility costs and store opening costs in support of retail market channel revenue growth. The net loss for the first quarter of 2010 improved 67% to $(193,000), compared to $(590,000) in the first quarter of 2009. This reduction in the net loss of 67% was due primarily to improved margins and substantial reductions in SG&A spending. The company reported EPS to be (4c), up 63.64% from (11c) a year ago. This resulted in beating the earnings consensus by 20%, which was estimated to be (5c).

"Our stringent cost-cutting measures are continuing to produce improvements to the bottom line," commented Stephen L. Day, president and CEO of Dover Saddlery. "The first quarter was marked by a relatively weak start, but a much stronger final month, when we mailed our new Annual Catalogs, which have been very well received. I am pleased to say that the momentum started in March is continuing as show season is now in full swing."

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