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Heelys brand resonates very well in Europe with target consumer
05
Mar '08
Heelys Inc reported the following financial results for the fourth quarter and fiscal year ended December 31, 2007.

Net sales for the fourth quarter were $9.8 million compared to net sales of $71.1 million in the fourth quarter of 2006. The Company's top-line was negatively impacted by approximately $3.0 million related to an increase in its reserve for Marketing Discretionary Fund (MDF) assistance and approximately $2.7 million for an increase in its returns reserve. Excluding the impact, net sales for the fourth quarter of 2007 were $15.5 million.

Gross profit for the fourth quarter was a negative $1.7 million, compared to gross profit of $25.1 million, or 35.3% of net sales in the fourth quarter of 2006. Included in this year's fourth quarter gross profit is a charge of approximately $1.5 million related to the write-down of certain inventory on the Company's balance sheet and the aforementioned increases related to the MDF assistance and reserve for returns.

Gross profit net of these adjustments for the fourth quarter of 2007 was $4.5 million, or 29.0%. SG&A for the fourth quarter was $7.2 million compared to $7.1 million, or 10.0% of net sales in the corresponding period last year.

The Company reported a net loss for the quarter of $5.5 million, or ($0.20) per diluted share compared to net income of $11.5 million, or $0.44 per diluted share in the fourth quarter of 2006. Excluding the impact on sales and gross margins from the aforementioned additional expenses, the Company reported a net loss of $1.2 million, or ($0.04) per diluted share in the fourth quarter of 2007.


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