Quiksilver Q2 profit falls despite 21% rise in net revenues
09 Jun '06
4 min read
Casual clothing retailer Quiksilver Inc announced operating results for the second quarter ended April 30th 2006.
The consolidated net revenues for the second quarter of fiscal 2006 increased 21 percent to $516.9 from $426.9 million in the second quarter of fiscal 2005. Consolidated net income for the second quarter of fiscal 2006 was $3.7 million compared to $34.7 million the year before.
The company's fiscal 2006 quarterly results include Rossignol and Cleveland Golf, which were acquired in July 2005. Rossignol's business is seasonal and has a positive effect on the company's first and fourth quarters when it generates profits but has a negative effect in the second and third quarters during its seasonally low shipping periods.
Consolidated net income for the second quarter of fiscal 2006 includes $3.8 million in stock compensation required to be expensed by current accounting standards. No stock compensation expense was recorded in the second quarter of fiscal 2005.
Second quarter fully diluted earnings per share was $0.03 versus $0.28 for the second quarter of fiscal 2005. Earnings per share on a fully diluted basis, excluding stock compensation expense and the related tax effect, was $0.06 for the second quarter of fiscal 2006, in line with the company's previous guidance.
Net revenues from the company's newly acquired Rossignol and Cleveland Golf businesses totaled $86.2 million during the second quarter ended April 30th2006.
marketing@alchempro.com
