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Quiksilver Eliminates 200 Positions

On November 5 Quiksilver completed a reorganization of its staff in the Americas region. In total 200 positions have been eliminated. The layoffs affected every organization under the Quiksilver America umbrella according to the company’s Vice President of Investor Relations Bruce Thomas.

josh hunter

• November 05 2009 | 1,832 views

• Features

Jack’s To Open New Store In Hermosa Beach

In early November Jack’s Surfboards signed a lease for a 6,500 square-foot retail space located at 1630 Pacific Coast Highway Hermosa Beach, California. Read more here …

josh hunter

• November 04 2009 | 345 views

• News

Analysts Update Billabong Stock Recommendation

According to Fat Prophets, Billabong International’s (ASX: BBG) current price weakness is “an attractive buying opportunity.”

josh hunter

• November 03 2009 | 136 views

• News

Volcom Reports 2009 Q3 Results

Volcom, Inc. (NASDAQ: VLCM) today announced financial results for the third quarter ended September 30, 2009.

For the 2009 third quarter, total consolidated revenues were $93.9 million compared with $111.7 million in the third quarter of 2008. Total revenues in the company’s U.S. segment, which includes revenues from the U.S., Canada, Japan and most other international territories outside of Europe, as well as the company’s branded retail stores, were $56.8 million compared with $72.8 million in the prior-year period. Total revenues in the company’s Europe segment were $30.2 million compared with $31.0 million in the same period in 2008. Total revenues in the company’s Electric segment were $6.9 million compared with $7.9 million last year.

“We have worked diligently to capitalize on our company initiatives to create outstanding product and a cohesive brand message aimed toward capturing more market share,” said Richard Woolcott, Volcom’s chairman and chief executive officer. “We have relied on the strength of the Volcom brand, global marketing programs and sound capital structure to endure the past year and believe we have become a stronger organization. We are ready to compete and maintain our leadership position whatever pace or shape the economic recovery takes.”

Consolidated gross profit for the 2009 third quarter was $48.5 million, equal to 51.6% of total revenues, compared with $55.2 million, or 49.4% of total revenues, in the third quarter of 2008.

Selling, general and administrative expenses on a consolidated basis were $28.8 million in the 2009 third quarter versus $30.3 million in the comparable period in 2008.

Total operating income for the third quarter of 2009 on a consolidated basis was $19.7 million, compared with operating income of $24.9 million in the same period a year ago.

The company’s consolidated effective tax rate for the 2009 third quarter was 34% compared with 35.5% for the third quarter of 2008.

Consolidated net income for the 2009 third quarter was $13.3 million, or $0.54 per diluted share, compared with $16.3 million, or $0.67 per diluted share in the comparable period in 2008.

At September 30, 2009, the company had approximately $99.3 million in cash, cash equivalents and short-term investments, no significant debt and stockholders’ equity of approximately $216.1 million. Net cash provided by operating activities for the nine-month period ended September 30, 2009 was approximately $19.4 million compared with $13.8 million in the prior year period.

2009 Fourth Quarter Financial Outlook

In putting forth its financial guidance for the 2009 fourth quarter, the company noted the myriad complexities in accurately assessing the current state of the global retail environment amid this year’s economic weakness. As such, the company currently expects total consolidated revenues for the 2009 fourth quarter of approximately $59 million to $62 million and earnings per diluted share in the range of $0.01 to $0.04 per share.

As a result of the company’s current outlook for the 2009 fourth quarter, Volcom is summarizing its 2009 full year consolidated revenue expectation of between $275 million to $278 million. This translates to diluted earnings per share for 2009 in the range of $0.76 to $0.79.

Conference Call Information

The company will host a conference call today at approximately 4:30 p.m. ET to discuss its financial results and outlook in further detail. The conference call will be available to interested parties through a live audio Internet broadcast at www.volcom.com. A telephone playback of the conference call will also be available until 11:59 p.m. ET, Thursday, November 5, 2009. Listeners should call (800) 642-1687 (domestic) or (706) 645-9291 (international) and use reservation: 19614002.

josh hunter

• October 29 2009 | 152 views

• Features

Ira Opper Downloads On Technology & The Future Of Action Sports Videos

It’s no secret that the way humans consume media is changing. For some industries the changes have proven difficult—even deadly. But for every challenge there is an opportunity. Identifying what he believed to be the latter, Ira Opper created The Surf Network … Read More Here

josh hunter

• October 27 2009 | 597 views | 3 comments