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Clothing marketer Volcom Q2 revenue rises 47.1%
09 Aug '05
5 min read
The provision for income taxes for the second quarter of 2005 also includes a tax benefit of $0.4 million related to the net deferred tax assets recorded by the company in connection with the change in tax status. Reflecting this change in tax status, net income for the second quarter of 2005 decreased to $4.6 million, or $0.24 per diluted share, compared with net income of $5.1 million, or $0.26 per diluted share, in the second quarter of 2004.
Richard Woolcott, Volcom's president and chief executive officer, said, "They are very pleased with second quarter performance. The financial results for the quarter reflect strong sales and continued industry-leading gross and operating margins." Woolcott added, "They believe that the completion of the initial public offering provides the resources to help fuel future growth and create additional value for stockholders. They plan to continue developing infrastructure in Europe, increase marketing and advertising efforts and enhance and deploy additional in-store marketing displays for retailers."
2005 Outlook
During the first half of 2005, the company's quarter to quarter growth rate was positively affected by one of its large retailers increasing the distribution of the company's products beginning in the second half of 2004. Based on the first half of 2005 results and current visibility on the balance of the year, the company currently anticipates total revenue growth for the second halfof 2005 to be between 25% and 30% compared with the second half of 2004 and full year revenue growth for 2005 compared to 2004 to be between 34% and 37%.
Richard Woolcott, Volcom's president and chief executive officer, said, "They are very pleased with second quarter performance. The financial results for the quarter reflect strong sales and continued industry-leading gross and operating margins." Woolcott added, "They believe that the completion of the initial public offering provides the resources to help fuel future growth and create additional value for stockholders. They plan to continue developing infrastructure in Europe, increase marketing and advertising efforts and enhance and deploy additional in-store marketing displays for retailers."
2005 Outlook
During the first half of 2005, the company's quarter to quarter growth rate was positively affected by one of its large retailers increasing the distribution of the company's products beginning in the second half of 2004. Based on the first half of 2005 results and current visibility on the balance of the year, the company currently anticipates total revenue growth for the second halfof 2005 to be between 25% and 30% compared with the second half of 2004 and full year revenue growth for 2005 compared to 2004 to be between 34% and 37%.
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