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Footwear designer K-Swiss Q4 earnings decline

09
Feb '06
Footwear designer K-Swiss Inc has announced results for the fourth quarter and year ended December 31st 2005.

The net earnings for the fourth quarter of 2005 were $11,557,000, compared with $15,614,000 in the prior-year period. Net earnings and net earnings per diluted share for the year ended December 31, 2005, increased 5.6 percent and 7.7 percent, respectively, to $75,248,000, compared with $71,251,000 at December 31, 2004.

For the fourth quarter of 2005, total worldwide revenues increased 4.5 percent to $92,289,000 compared with $88,356,000 in the prior-year period. Domestic revenues decreased 5.9 percent to $64,327,000 in the fourth quarter, and international revenues increased 40.0 percent to $27,962,000.

Total worldwide revenues for 2005 increased 5.1 percent to $508,574,000 compared with $484,079,000 in 2004. Domestic revenues decreased 4.3 percent to $380,478,000 in 2005, while international revenues increased 47.8 percent to $128,096,000.

The company purchased approx. 30,000 shares of Class A Common Stock during the fourth quarter of 2005 for a total expenditure of approximately $1,000,000 as part of its stock repurchase program.

K-Swiss also issued guidance for the first quarter of 2006 and full year 2006. It expects revenues for the first quarter of 2006 to be approximately $148 to $153 million and earnings per diluted share to be in the range of $0.63 to $0.68. It also expects full year revenues to be approx. $480to $500 million and expects to report full year earnings per diluted share of approximately $1.70 to $1.85.


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