Heelys Posts Wider Loss In 1st Quarter

Heelys had previously said it was reviewing options including the sale of the company.

Gross profit was $2.9 million, or 30.8 percent of net sales in the first quarter. That compared with a gross profit of $2.8 million, or 22 percent of net sales last year.

Total selling, general and administrative expenses were $5.3 million during the period, down from $6.1 million in the first quarter of last year.

As of March 31, 2009, the company had cash and cash equivalents of $66.1 million compared with $100.8 million last year.

Shares of Heelys rose 7 cents to $1.87 during the regular session.

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