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Quiksilver earns Pro-forma Adjusted EBITDA of $53 mn
07
Sep '11
Quiksilver, Inc. announced operating results for the third fiscal quarter ended July 31, 2011. Revenues grew 14% to $503.3 million as compared to $441.5 million in the third quarter of fiscal 2010. Consolidated gross profit of $255.1 million increased 11% compared to $230.7 million in the third quarter a year ago. The company earned Pro-forma Adjusted EBITDA of $52.7 million compared to $53.5 million earned in the third quarter of fiscal 2010. Pro-forma income from continuing operations was $10.4 million, or $0.06 per share, compared to $12.5 million, or $0.08 per share, in the third quarter of fiscal 2010.

The company did not record any pro-forma adjustments for the third quarter of fiscal 2011, therefore income from continuing operations was also $10.4 million, or $0.06 per share, compared to $8.2 million, or $0.05 per share, in the third quarter a year ago. 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 pleased with our solid third quarter financial results and feel increasingly positive about our product offerings and the strength of our brands, which are resonating with consumers around the world despite global economic pressures. We're seeing continued strong growth in emerging and developing markets while our category expansion initiatives are delivering good initial returns, consistent with our longer-term plans.”

McKnight continued, “And after working closely with city officials over the past few days, we've determined that the Quiksilver Pro New York surf contest should and will move forward in an appropriate manner given the impact of Hurricane Irene on the city and residents of Long Beach. We're eager to bring the world's best surfers as well as a great surf event to the New York area and in particular to Long Beach, which has an incredible surfing tradition and spirit.”

Net revenues in the Americas increased 11% during the third quarter of fiscal 2011 to $260.2 million from $234.6 million in the third quarter of fiscal 2010. As measured in U.S. dollars and reported in the financial statements, European net revenues increased 16% during the third quarter of fiscal 2011 to $176.4 million from $151.7 million in the third quarter a year ago. In constant currency, European segment net revenues increased 2% compared to the prior year.

As measured in U.S. dollars and reported in the financial statements, Asia/Pacific net revenues increased 20% during the third quarter of fiscal 2011 to $65.5 million from $54.5 million in the third quarter of fiscal 2010. In constant currency, Asia/Pacific segment net revenues decreased 3% compared to the prior year. 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.

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