Footwear maker K-Swiss declares Q2 results on July 28
28 Jul '05
5 min read
Stock Repurchase Program
The Company purchased approximately 381,000 shares of Class A Common Stock during the second quarter of 2005 for a total expenditure of approximately $12,205,000 as part of its stock repurchase program. At June 30, 2005, there remains authorization to repurchase approximately 4,208,000 shares under the Company's existing stock repurchase program. Since August 1996, K-Swiss has purchased a total of 25.2 million shares of Class A Common Stock for a total expenditure of $160.3 million.
K-Swiss also issued guidance for the third quarter of 2005 and full year 2005. The Company expects revenues for the third quarter of 2005 to be approximately $133 to $138 million and earnings per diluted share to be in the range of $0.42 to $0.47. The Company expects full year revenues to be approximately $500 to $515 million and expects to report full year earnings per diluted share of approximately $1.85 to $1.95.
The Company's estimates for the third quarter of 2005 and full year 2005 reflect the continued investments in marketing, sales and product development for the Royal Elastics brand as well as the expansion of European operations. They are based upon the following assumptions: gross margins will be between 45 percent and 46 percent; SG&A will not rise above $39 million for the quarter (the majority of the year-over-year increase in SG&A is marketing related) and $136 million for the year; customer order cancellations will be moderate; and the Company's growth initiatives with respect to Royal Elastics will not exceed a net loss of $0.07 to $0.08 per share for the year.
marketing@alchempro.com
