Fiscal 2013 Fourth Quarter Review:
The following comparisons refer to results of continuing operations for the fourth quarter of fiscal 2013 versus the fourth quarter of fiscal 2012.
Net revenues were $476 million compared with $529 million, and were down 9%, or $47 million, in constant currency.
-Americas net revenues decreased 15% to $223 million from $263 million, and were down 14% in constant currency.
-EMEA net revenues decreased 6% to $168 million from $179 million, and were down 9% in constant currency.
-APAC net revenues decreased 4% to $83 million from $86 million, but were up 9% in constant currency.
Gross margin increased to 47.0% of net revenues compared with 45.6%, due to gross margin improvement in the EMEA region, partially offset by a modest decline to gross margin in the APAC region.
SG&A expense decreased $7 million to $220 million from $227 million, primarily due to reduced expenses related to employee compensation, marketing expenses and administrative costs.
Pro-forma Adjusted EBITDA from continuing operations increased to $35 million from $32 million.
Provision for income taxes was $157 million, which included a $157 million charge related to recording valuation allowances against certain deferred tax assets in the company’s EMEA segment, versus benefit for income taxes of $10 million.
Net loss from continuing operations attributable to Quiksilver, Inc. was $175 million, or $1.04 per share, versus net loss from continuing operations attributable to Quiksilver, Inc. of $0.4 million, or $0.00 per diluted share.
Pro-forma loss from continuing operations, which excludes a non-cash tax valuation allowance and the after-tax impact of restructuring and other special charges, non-cash asset impairments, gain on store sale and non-cash interest charges, was $7 million, or $0.04 per share, versus pro-forma income from continuing operations of $8 million, or $0.05 per diluted share.
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