Cheerleading and dance team uniforms and accessories marketer Varsity Brands (Amex: VBR) had reason to cheer. It posted a net income of $8.7 million for the second quarter ended June 30. Last year, the Memphis, TN-based company reported a $16.2 million second-quarter net loss, due to the June 2001 sale of its Riddell Group division.
Income from continuing operations increased 77%, to $8.6 million from $4.9 million last year. These improvements were the result of revenue growth, higher gross margin rates, and a decline in expenses. Second-quarter revenue increased 6%, to $57.4 million from $54.0 million in 2001. Sales of uniforms and accessories increased 8% for the quarter. Revenue from the company’s camps and events increased by 2%.