K•Swiss Inc announced results for the second quarter ended June 30, 2007.
Net earnings and net earnings per diluted share for the second quarter of 2007 were $7,659,000, or $0.22 per diluted share, compared with $20,334,000, or $0.58 per diluted share, in the prior-year period.
Net earnings and net earnings per diluted share for the six months ended June 30, 2007, were $25,656,000, or $0.72 per diluted share, compared with $45,244,000, or $1.28 per diluted share, for the prior-year period.
For the second quarter of 2007, total worldwide revenues decreased 17.5% to $102,451,000 compared with $124,196,000 in the prior-year period. Domestic revenues decreased 33.8% to $53,664,000 in the second quarter, and international revenues increased 13.2% to $48,787,000.
Total worldwide revenues for the first six months of 2007 decreased 17.9% to $225,019,000 compared with $274,180,000 in the first six months of 2006. Domestic revenues decreased 37.1% to $116,047,000 in the first half of 2007, while international revenues increased 21.5% to $108,972,000.
Worldwide futures orders with start ship dates from July through December decreased 14.9% to $154,131,000 at June 30, 2007, compared with $181,182,000 at June 30, 2006.
Domestic futures orders decreased 26.6% to $77,194,000 at June 30, 2007, from $105,233,000 the previous year. International futures orders increased 1.3% to $76,937,000 at June 30, 2007, from $75,949,000 the previous year.
The Company purchased 5,000 shares of Class A Common Stock during the second quarter of 2007 for a total expenditure of approximately $140,000 as part of its stock repurchase program.
At June 30, 2007, there remains authorization to repurchase approximately 4,061,000 shares under the Company's existing stock repurchase program. Since August 1996, K•Swiss has purchased a total of 25.3 million shares of Class A Common Stock for a total expenditure of $164.6 million.
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