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Quiksilver's full-year fiscal 2010 operating income up 80%
17
Dec '10
Quiksilver Inc announced operating results for the fourth quarter and full year ended October 31, 2010. Consolidated net revenues from continuing operations for the fourth quarter of fiscal 2010 decreased by 8%, which was a smaller decrease than the company expected a quarter ago, to $495.1 million compared to $538.7 million in the fourth quarter of fiscal 2009.

Fourth quarter pro-forma income from continuing operations was $21.8 million or $0.12 per share, compared to $3.2 million, or $0.02 per share for the fourth quarter of fiscal 2009. Pro-forma income for the fourth quarter of fiscal 2010 excludes a $34.4 million non-cash write-off of deferred debt issuance costs associated with previous financings in addition to $7.9 million of non-cash asset impairments and $2.6 million of restructuring costs.

A reconciliation of GAAP results to pro-forma results is provided in the accompanying tables. Including these amounts, the loss from continuing operations for the fourth quarter was $23.1 million or $0.15 per share, compared to $15.7 million or $0.12 per share in the same quarter a year ago.

Consolidated net revenues for the full year of fiscal 2010 decreased 7% to $1.84 billion compared to $1.98 billion in fiscal 2009. Pro-forma income from continuing operations for the full year of fiscal 2010 was $47.6 million and excludes $59.1 million of special charges.

Of this amount, $34.4 million represents the non-cash write-off of deferred debt issuance costs associated with previous financings in addition to $10.5 million of non-cash asset impairments and $10.2 million of restructuring costs. Including these amounts, loss from continuing operations was $11.5 million, or $0.09 per share, compared to $73.2 million, or $0.58 per share, for the full year of fiscal 2009. A reconciliation of GAAP results to pro-forma results is provided in the accompanying tables.

Subsequent to the end of the quarter, the company completed its previously-announced offering by its wholly-owned European subsidiary, Boardriders S.A., of €200 million aggregate principal amount of its 8.875% Senior Notes due 2017. The Notes, which are unsecured, were issued at 100% of their face value. Quiksilver used the proceeds of the offering to repay approximately €190 million of existing secured European term loans and to pay related fees and expenses. As a result, the company eliminated certain collateral obligations, extended its debt maturities and eliminated certain restrictions on the transfer of cash between its subsidiaries.

Robert B. McKnight, Jr., Chairman of the Board, Chief Executive Officer and President of Quiksilver, Inc., commented, “We're very pleased to again deliver financial results that exceeded our prior expectations. Our team executed well in an inconsistent global economic environment. And we were delighted to take advantage of a favorable high-yield debt market to sell €200 million of Senior Notes at a good rate.

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