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Head N.V.: HEAD NV and HTM Sport GmbH Announce the Unaudited Results for the Three Months ended 31st March 2014.

Head N.V. / HEAD NV and HTM Sport GmbH Announce the Unaudited Results for the
Three Monthsended 31st March 2014. . Processed and transmitted by NASDAQ OMX
Corporate Solutions.The issuer is solely responsible for the content of this
Amsterdam - 8thMay 2014 - Head NV (VSX: HEAD; U.S. OTC: HEDYY.PK), a leading
global manufacturer and marketer of sports equipment, announced the following
results today.

Even with the negative impact of currencies, sales for the first three months
of 2014 were up 1.6% compared to the prior year. At constant currencies the
sales would have increased by 3.5%.

Winter Sports sales for the first three months were up 9.8% compared to the
same period in 2013. This, however, is not a key delivery period for the
division and consists mainly of close out sales and some deliveries of
bindings under contract manufacturing agreements for the next season. The
growth in this quarter should not be seen as indicative of the full year as
whilst some Southern parts of Europe and the USA experienced good snowfall,
the weather in Central and Northern Europe was unseasonably warm and this
will impact our winter sports orders in 2014.

The decline of our Racquet Sports sales by 2.6% for the three months to March
2014 was driven mainly by a decline of the volumes of Penn balls in addition
to adverse currency movements.

Our Diving equipment sales for the first three months of 2014 were down as
European markets remain challenging.

Sportswear sales for the three months were broadly flat.

Gross margins for the three months to 31stMarch 2014 have improved from 42.0%
to 46.0% mainly due to higher licensing revenues, lower cost of sales for our
tennis ball business and an improved mix in our diving business.

The adjusted operating loss for the three months to 31stMarch 2014 decreased
by €1.5m as a result of the improved gross profit (€3.3m) offset by
increased costs of €1.8m mainly due to higher advertising in Diving and
Sportswear and higher selling costs.

Net interest for the period was broadly unchanged, the foreign currency
movements caused a positive swing of €0.6m in our non-operating expenses and
improved profitability caused a decline in the income tax benefit resulting
in a reduction in the net loss from €6.1m in the first three months of 2013
to €3.4m for the first three months of 2014.

Net cash provided by operating activities increased by €7.6m in the first
three months to 31stMarch 2014 driven by the lower net loss and positive
working capital movement.

Net debt increased slightly by €1.7m from 31stMarch 2013 to 31stMarch 2014 due
to the positive operating cash flows being more than offset by the payments
for acquisitions in the period.

Our interim financial statements for the period ended 31stof March 2014 can be
found on our website

About Head

HEAD NV is a leading global manufacturer and marketer of premium sports
equipment and apparel.

HEAD NV's ordinary shares are listed on the Vienna Stock Exchange ("HEAD").

Our business is organized into five divisions: Winter Sports, Racquet Sports,
Diving, Sportswear and Licensing. We sell products under the HEAD (alpine
skis, ski bindings, ski boots, snowboard and protection products, tennis,
racquetball, paddle and squash racquets, tennis balls and tennis footwear,
sportswear and swimming products), Penn (tennis balls and racquetball balls),
Tyrolia (ski bindings) and Mares and SSI (diving) brands.

For more information, please visit our

Analysts, investors, media and others seeking financial and general
information, please contact:

Clare Vincent, Investor Relations
Tel: +44 207 499 7800
Fax: +44 207 491 7725

Gunter Hagspiel, Chief Financial Officer
Tel: +43 5574 608
Fax: +43 5574 608 130

Forward-Looking Statements
This press release includes forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995. When used in this press
release, the words "anticipate", "believe", "could", "estimate", "expect",
"intend", "may", "plan", "predict", "project", "will" and similar terms and
phrases, including references to assumptions, as they relate to Head NV, its
management or third parties, identify forward-looking statements.
Forward-Looking statements include statements regarding Head NV's business
strategy, financial condition, results of operations, and market data, as
well as any other statements that are not historical facts. These statements
reflect beliefs of Head NV's management as well as assumptions made by its
management and information currently available to Head NV. Although Head NV
believes that these beliefs and assumptions are reasonable, the statements
are subject to numerous factors, risks and uncertainties that could cause
actual outcomes and results to be materially different from those projected.
These Factors include, but are not limited to, the following: global economic
turmoil, weather and other factors beyond our control, competitive pressures
and trends in the sporting goods industry, our ability to implement our
business strategy, our liquidity and capital expenditures, our ability to
obtain financing, our ability to compete, including internationally, our
ability to introduce new and innovative products, legal proceedings and
regulatory matters, our ability to fund our future capital needs, and general
economic conditions. These factors, risks and uncertainties expressly qualify
all subsequent oral and written forward-looking statements attributable to
Head NV or persons acting on its behalf.

Head NV
Prins Bernhardplein 200,
1097 JB Amsterdam

ISIN: NL0000238301
Stock Market: Official Market of the Vienna Stock Exchange

ISIN: CH0222437011
Market: SIX Swiss Exchange

Results Q1 2014


This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Head N.V. via Globenewswire


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