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Apparel & footwear maker K2 Inc net sales up 20% for Q2

21
Jul '05
Branded consumer Products Company K2 Inc reported net sales for the second quarter ended June 30, 2005 of $301.4 million, an increase of 20% from $251.0 million in the prior year, as a result of 7.1% in organic growth and the balance from acquisitions completed after the second quarter of 2004.

GAAP diluted earnings per share were $0.03 in the second quarter of 2005 as compared to $0.16 for the second quarter of 2004.

Operating income in the second quarter of 2005 was $8.3 million as compared to $12.4 million for the 2004 comparable period, and net income for the 2005 second quarter was $1.5 million, as compared to $6.2 million for the second quarter of 2004.

As K2 has forecast for the past 12 months, lower profitability in the second quarter of 2005 as compared to 2004 is principally attributable to the acquisitions of Volkl, Marker and Marmot in the third quarter of 2004, as these product lines have higher levels of fixed expenses as compared to K2's other business lines, and are seasonally slow from a sales standpoint in the first and second quarters.

- Q2 2005 GAAP diluted earnings per share of $0.03 and pro forma adjusted diluted earnings per share of $0.05, at the high end of previous guidance

- For fiscal year 2005, K2 re-affirms GAAP diluted earnings per share forecast of $0.77 to $0.81 and pro forma adjusted diluted earnings per share of $0.87 to $0.91

Net sales for the six month period ended June 30, 2005 were $619.7 million, an increase of 17% over the 2004 comparable period, and operating profit for the period was $18.4 million as compared to $32.0 million for the 2004 six month period. GAAP diluted earnings per share were $0.08 for the first six months of 2005. Details on earnings per share calculations are provided in Table A below.


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