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Operating income up at clothing designing Co Volcom

28
Oct '05
Men's & women's clothing designing company Volcom Inc announced that for the third quarter ended September 30, 2005, total revenues increased 38 percent to $51.2 million, compared with $37.2 million in the third quarter of 2004.

Gross profit as a percentage of total revenues increased to 51 percent for the third quarter of 2005 from 48 percent in the third quarter of 2004.

Operating income for the third quarter of 2005 increased 58 percent to $15.4 million, compared with $9.8 million for the third quarter of 2004. Operating margin increased to 30 percent for the third quarter of 2005 from 26 percent in the third quarter of 2004 and 21 percent in the second quarter of 2005.

Considering the change in tax status described below, the company believes that evaluating operating income for quarter-over-quarter comparisons is more reflective of its performance than are net income comparisons.

Net income for the third quarter of 2005, which includes a provision for income taxes using a 29.8 percent tax rate, increased to $11.3 million, or $0.47 per diluted share. Net income for the third quarter of 2004, which includes a provision for income taxes using a 1.5 percent tax rate, totaled $10.1 million, or $0.52 per diluted share.

Richard Woolcott, Volcom's President and Chief Executive Officer stated that the third quarter was a great quarter for Volcom. They continued our momentum during the quarter and are pleased to report both strong sales growth and margin.


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