K-Swiss customer order cancellations to be moderate

30 Apr '08

3 min read

K•Swiss Inc announced results for the first quarter ended March 31, 2008.

Financial Highlights:
Net earnings and net earnings per diluted share for the first quarter of 2008 were $7,110,000, or $0.20 per diluted share, compared with $17,997,000, or $0.51 per diluted share, in the prior-year period.

For the first quarter of 2008, total worldwide revenues decreased 16.0% to $102,909,000 compared with $122,568,000 in the prior-year period. Domestic revenues decreased 33.6% to $41,439,000 in the first quarter, and international revenues increased 2.1% to $61,470,000.

Futures Orders:
Worldwide futures orders with start ship dates from April through September were $128,305,000 at March 31, 2008, compared with $172,192,000 at March 31, 2007. Domestic futures orders decreased 46.8% to $47,159,000 from $88,719,000 the previous year. International futures orders decreased 2.8% to $81,146,000 from $83,473,000 the previous year.

Stock Repurchase Program:
The Company purchased 149,456 shares of Class A Common Stock during the first quarter of 2008 for a total expenditure of $2.1 million. At March 31, 2008, there remains authorization to repurchase 3,911,289 shares under the Company's existing stock repurchase program. Since August 1996, K•Swiss has purchased a total of 25.5 million shares of Class A Common Stock for a total expenditure of $166.8 million.

Earnings Guidance:
K•Swiss also issued guidance for the second quarter. The Company expects revenues for the second quarter of 2008 to be approximately $70 to $80 million and earnings per diluted share to be in the range of a loss of $0.05 to earnings of $0.05. The Company expects full-year revenues to be approximately $305 to $330 million and expects to report full-year earnings per diluted share of approximately $0.05 to $0.25.

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