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K2's net sales for Q1 2006 improve 9.4%

Apr '06
Branded consumer Products Company K2 Inc reported net sales for the first quarter ended March 31, 2006 of $348.1 million versus $318.3 million in the prior year, an increase of 9.4 percent.

Adjusted net income for the first quarter of 2006 was $5.0 million, or $0.10 Adjusted diluted earnings per share, compared to Adjusted net income of $4.0 million, or $0.08 Adjusted diluted earnings per share, for 2005.

Review of Comparable 2006 Sales and Profit Trends
K2's net sales for the first quarter of 2006 were $348.1 million, reflecting sales growth of 9.4 percent from the first quarter 2005.

The increase in sales was due to increased sales in Team Sports and Marine and Outdoor segments offset by a decline in the Action Sports segment.

K2's gross profit as a percentage of sales in the first quarter of 2006 stayed constant at 32.3 percent compared to the first quarter of 2005. K2's operating profit, as a percentage of net sales for the first quarter of 2006 increased to 3.6 percent compared to 3.1 percent in the comparable 2005 period.

The increase in operating margin for the quarter was due to decreased selling, general and administrative expenses as a percentage of sales in the Team Sports segment.

First Quarter Segment Review
The Action Sports segment has historically included skis, snowboards, bindings, snowshoes, in-line skates and paintball products. During 2005, the paintball business declined significantly.

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