Quiksilver, Inc. Reports First Quarter Fiscal 2012 Financial Results
2 days 41 minutes ago - BusinessWire via Comtex
--Company earned pro-forma Adjusted EBITDA of $19.5 million for the quarter
Quiksilver, Inc. (NYSE:ZQK) today announced operating results for the first fiscal quarter ended January 31, 2012. Revenues grew 5% to $449.6 million as compared to $426.5 million in the first quarter of fiscal 2011 and grew 6% in constant currency. The company earned pro-forma Adjusted EBITDA of $19.5 million in the quarter compared to $28.2 million in the first quarter of fiscal 2011. The net loss was $22.6 million, or $0.14 per share, while the pro-forma loss, which excludes $1.9 million of net after-tax severance charges, was $20.7 million or $0.13 per share. A reconciliation of GAAP results to pro-forma results is provided in the accompanying tables.
Robert B. McKnight, Jr., Chairman of the Board, Chief Executive Officer and President of Quiksilver, Inc., commented, "We're very pleased with our solid first quarter results. Our top line growth was driven by continued strong retail performance with positive comparable store sales in all three regions. We've known for some time that the first half of fiscal 2012 would present some challenges to our business given the higher sourcing costs we began to encounter in the second half of 2011. But despite these pressures, demand for our products remains strong in both established and emerging markets. We're also making good progress on the long-term growth initiatives in which we've invested. In addition, we've identified significant opportunities for cost reductions through further globalization of our operations. All things considered, we remain well positioned to deliver both revenue growth and profit expansion in fiscal 2012, the first year of our 5-year plan to increase annual revenues by 50% to $3 billion and to double our annual EBITDA to $400 million."
Net revenues in the Americas increased 6% during the first quarter of fiscal 2012 to $205.4 million from $193.8 million in the first quarter of fiscal 2011. In constant currency, European segment net revenues increased 4% in the first quarter of fiscal 2012 compared to the prior year. As measured in U.S. dollars and reported in the financial statements, European net revenues increased 2% to $168.9 million from $165.2 million in the first quarter of fiscal 2011. In constant currency, Asia/Pacific segment net revenues increased 8% in the first quarter of fiscal 2012 compared to the prior year. As measured in U.S. dollars and reported in the financial statements, Asia/Pacific net revenues increased 11% to $74.6 million as compared to $67.0 million in the first quarter of fiscal 2011. Please refer to the accompanying tables in order to better understand the impact of foreign currency exchange rates on revenue trends in the European and Asia/Pacific segments.
-- The company's revenues grew in all three of its geographic regions for the first time since Q2 of fiscal 2008.
-- First quarter same store sales in Quiksilver's company-owned retail business grew 11% in the Americas region, 9% in Europe and 3% in the Asia Pacific region.
-- Consumers shopped Quiksilver's on-line web sites in record numbers as the company's first quarter E-Commerce revenues more than doubled in comparison to the first quarter of fiscal 2011.
-- Quiksilver opened its first Mountain Boardriders store in Chamonix, France. The new shop in the heart of the French Alps offers a diverse line of products representing each of the company's brands including a complete wintersports clothing collection, snowboards and boots, accessories, eyewear, watches, and in-season casuals. The store will also carry a collection for active summer outdoor sports at this Alpine destination.
-- Four-time World Champion and Quiksilver team rider and brand ambassador Stephanie Gilmore kicked off the Women's ASP (Association of Surfing Professionals) 2012 season in style by winning the Roxy Pro Gold Coast at Snapper Rocks in Queensland, Australia.
-- DC added two of the largest names in skateboarding to the DC Pro Skate Team in January when they signed Battle at the Berrics winner Mike Mo Capaldi and two-time Street League champion and 2011 X Games XVII gold medalist Nyjah Huston.