After posting a third-quarter loss, Ashworth officials announced they are considering the possibility of a sale, merger or other transaction to enhance shareholder value.

The Carlsbad, Calif.-based golf apparel maker reported it has retained Kurt Salmon Associates Capital Advisors to examine its financial options. The investment banking firm helped negotiate the sale of Ashworth’s competitor Cutter & Buck last year.

For the third quarter, Ashworth posted a net loss of $9.6 million compared with a net loss of $5.6 million a year ago. Revenues fell 9 percent to $45.2 million. Company officials said margins have suffered from increased discount sales and lower sales volume, combined with fixed overhead expenses.

Only Ashworth’s core domestic golf business reported a revenue gain in the most recent quarter; the company’s other categories include corporate and department store sales.

Total domestic golf channel revenues increased to $18.2 million, up 5.5. percent from $17.2 million in the same period last year. This is the fourth consecutive quarter in which revenues in the golf channel have increased.

But challenges lie ahead: Sell-through in the golf channel during the third quarter has been below expectations, and the company expects revenues to decline for the remainder of the fiscal year as compared with year-ago periods.