Reflecting this change, net income for the first quarter of 2006, which includes a provision for income taxes using a 40.4 percent tax rate, was $4.4 million, or $0.18 per diluted share.
The 40.4 percent tax rate for the first quarter of 2006 compares to a 1.5 percent tax rate for the first quarter of 2005, when the company was treated as an S corporation.
Fully diluted shares outstanding for the full year of 2006 are expected to be approximately 24.6 million.
The company will host a conference call today at approximately 4:30 p.m. EDT to discuss its financial results and outlook in further detail.
The conference call will be available to interested parties through a live audio Internet broadcast at www.volcom.com and www.earnings.com.
Volcom is an innovative designer, marketer and distributor of premium quality young mens and womens clothing, accessories and related products.
The Volcom brand, symbolized by The Stone, is athlete-driven, creative and forward thinking. Volcom has consistently followed its motto of "youth against establishment," and the brand is inspired by the energy of youth culture.
Volcom branded products are sold throughout the United States and internationally.
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