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Quiksilver reports 14% growth from Q1 operations
07
Mar '08
Quiksilver Inc announced operating results for the first quarter ended January 31, 2008. Consolidated revenue from continuing operations for the first quarter of fiscal 2008 increased 14% to $605.3 million from $528.7 million in the first quarter of fiscal 2007.

Consolidated income from continuing operations for the first quarter of fiscal 2008 was a loss of $14.7 million, or $0.12 per share, compared to income of $6.8 million, or $0.05 per share, for the first quarter of fiscal 2007.

Net revenues and income from continuing operations for all periods exclude the results of our golf equipment business which are reported as discontinued operations.

Robert B. McKnight, Jr., Chairman of the Board, Chief Executive Officer and President of Quiksilver Inc, commented, “Although we are not satisfied with our financial results in general, we are pleased that our core apparel and footwear operations enabled us to partially offset the more difficult than expected results from our wintersports equipment business.

As we go forward, we are energized to regain focus on our core opportunities. We are executing a variety of strategies to improve our gross margin, reduce our expense levels and generate cash flow to repay our indebtedness.

We are resolved to continue to pursue strategic transactions to reduce or eliminate our exposure to our wintersports equipment business.”

In November 2007, the company reorganized its operating segments to include a separate wintersports equipment segment.

Americas, Europe and Asia/Pacific segments include the apparel operations by geographic region and the wintersports equipment segment includes world-wide equipment operations.

The Company's global apparel revenues increased 19% to $500.5 million from $421.5 million a year ago with approximately $27.7 million of the increase attributed to the effects of foreign currency rates.


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