K2 Inc winter outerwear & spring apparel sales improves in Q1

25 Apr '07

2 min read

K2 Inc reported net sales for the first quarter ended March 31, 2007 of $372.7 million versus $348.1 million in the prior year, an increase of 7.1%. Adjusted net income for the first quarter of 2007 was $7.1 million, or $0.14 Adjusted diluted earnings per share, compared to Adjusted net income of $5.0 million, or $0.10 Adjusted diluted earnings per share in the first quarter of 2006. See the K2 Inc.

Statements of Income 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 months ended March 31, 2007 and March 31, 2006, respectively.

Wayne Merck, President and Chief Executive Officer, said, "We had an excellent quarter as reflected by solid sales and profit growth led by Team Sports and Marine and Outdoor, after adjusting Marine and Outdoor for $1.3 million in amortization related to recent acquisitions.

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We are also very pleased with Action Sports which generated consistent results in the first quarter of 2007 as compared to the same period in 2006 despite the soft conditions in the market for winter products.

In the first quarter we closed the acquisition of Penn fishing tackle, which is a legendary 75 year old brand in salt water fishing. Penn is highly complementary to our Shakespeare branded product, and we expect a strong financial contribution in the future after we have completed its integration.

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