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Clothing marketer Volcom Inc declares Q1 2006 results

28
Apr '06
Costa Mesa based premium quality clothing designing firm Volcom Inc announced that for the first quarter ended March 31, 2006, total revenues increased 31.3 percent to $41.6 million, compared with $31.7 million in the first quarter of 2005.

Gross profit as a percentage of total revenues for the first quarter was 51.7 percent, compared with 51.8 percent in the first quarter of 2005.

Operating income for the first quarter of 2006 increased 10.6 percent to $6.7 million, compared with $6.0 million for the first quarter of 2005.

Operating margin decreased to 16.1 percent for the first quarter of 2006 from 19.1 percent in the first quarter of 2005.

This decrease primarily reflects spending on certain operational initiatives including the company's rollout of a national in-store display program with its retailers and costs related to the transition of its European operations from a licensee model to direct control.

As well as costs associated with its status as a public company such as certain legal and accounting compliance costs and expenses related to stock-based compensation.

Income before income taxes for the first quarter of 2006 increased 23.4 percent to $7.4 million, compared with $6.0 million for the first quarter of 2005. This increase reflects $0.7 million of interest income generated from the company's $81.4 million cash balance.

In connection with the completion of its initial public offering in 2005, the company changed its tax status from that of an S corporation to that of a C corporation.


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