K2 forecasts adjusted diluted EPS of $0.90 to $0.94
08 Mar '07
3 min read
K2 Inc reported net sales for the fourth quarter ended December 31, 2006 of $388.6 million versus $353.5 million in the prior year, an increase of 9.9%. Net sales for fiscal year 2006 were a record $1.4 billion or 6.2% higher than fiscal year 2005. Adjusted net income for the fourth quarter of 2006 was $13.4 million, or $0.25 Adjusted diluted earnings per share, compared to Adjusted net income of $14.7 million, or $0.28 in the fourth quarter of 2005.
Adjusted net income for fiscal year 2006 was $44.8 million, or $0.87 Adjusted diluted earnings per share, compared to Adjusted net income of $39.0 million, or $0.78 for fiscal year 2005, an increase of 14.8% in Adjusted net income. See the K2 Inc.
Statements of Operations below for a reconciliation of GAAP operating income, net income and earnings per share to Adjusted operating income, net income and earnings per share for the three and twelve months ended December 31, 2006 and December 31, 2005, respectively.
Wayne Merck, President and Chief Executive Officer, said, "Our 2006 performance validates the strength of our diversified brand portfolio, with Adjusted diluted earnings per share growth of 11.5% and sales growth of 6.2%, driven by Action and Team Sports.
The strong profit growth in Action and Team is a reflection of a significant level of new product development efforts ranging from premium alpine skis and integrated binding systems, to high performance baseball and softball bats, gloves and accessories.
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