News Flash

Heelys grew top line by approximately 262%

08 May '07

3 min read

Heelys Inc reported the following record financial results for the first quarter ended March 31, 2007:

First Quarter Highlights:
• Net Sales Increased 262% to $49.4 million versus $13.7 million a year ago
• Net Income Increased 399% to $8.5 million versus $1.7 million a year ago
• Diluted Earnings Per Share Increased to $0.30 versus $0.07 last year

Mike Staffaroni, President and Chief Executive Officer of Heelys Inc commented, "Our positive momentum from last year continued into 2007 which allowed us to exceed both internal and external expectations for the first quarter. We grew our top line by approximately 262%, with strong sell-through across all channels of distribution, and increased earnings per share more than fourfold. We are very pleased with our recent financial performance, as well as our efforts to further heighten our brand recognition and increase our presence at retail."

For the first quarter ended March 31, 2007, gross profit was $17.5 million, or 35.4% of net sales, compared to $4.9 million, or 36.0% of net sales for the first quarter ended March 31, 2006. Total selling, general and administrative expenses for the first quarter of 2007 were $5.2 million, or 10.6% of net sales, compared to $2.3 million, or 16.9% of net sales in the first quarter of last year. Operating income was $12.2 million, or 24.8% of net sales for the first quarter of 2007 versus operating income of $2.6 million, or 19.1% of net sales in the corresponding period a year ago.

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