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Clothing marketer Volcom Q2 revenue rises 47.1%

09
Aug '05
Costa Mesa based premium quality clothing designing firm Volcom Inc announced that for the second quarter ended June 30, 2005 total revenues increased 47.1 percent to $35.9 million, compared with $24.4 million in the second quarter of 2004. Gross profit as a percentage of total revenues increased 2.2 percent to 52.1 percent for the second quarter of 2005 from 49.9 percent in the second quarter of 2004.

Operating income for the second quarter of 2005, which was reduced by a $1.0 million charge relating to a one-time payment for the settlement of litigation, increased 41.2 percent to $7.6 percent million, compared with $5.4 million for the second quarter of 2004.

Operating income as a percentage of total revenues decreased 0.9 percent to 21.3 percent for the second quarter of 2005 from 22.2 percent in the second quarter of 2004. Excluding the effect of the $1.0 million settlement cost, operating income would have been 24.1 percent of total revenues for the second quarter of 2005.

In connection with the completion of its initial public offering, the company changed its tax status from an S corporation to a C corporation. As a result, the company recorded a provision for income taxes for the second quarter of 2005 using a 44.1 percent tax rate, which reflects the rate necessary to bring the year-to-date provision for income taxes in line with the company's estimated annual effective tax rate of 24.7 percent. The 44.1 percent tax rate for the second quarter of 2005 compares to a 1.5 percent tax rate for the second quarter of 2004 when the company was treated as an S corporation.


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