Volcom, Inc. (NASDAQ:VLCM) today announced financial results for
the second quarter ended June 30, 2009.
For the 2009 second quarter, total consolidated revenues were
$54.2 million compared with $72.5 million in the second quarter of
2008. Total revenues in the company’s U.S. segment, which includes
revenues from the U.S., Canada, Japan and most other international
territories outside of Europe, as well as the company’s branded
retail stores, were $43.6 million compared with $60.2 million in
the prior-year period. Total revenues in the company’s Europe
segment were $5.9 million compared with $5.9 million in the same
period in 2008. Total revenues in the company’s Electric segment
were $4.7 million compared with $6.4 million last year.
“Despite the continued macro economic challenges in the second
quarter, our focus and drive to maintain the strength of the Volcom
brand is resolute and propelled by our high quality and innovative
products,” said Richard Woolcott, Volcom’s chairman and chief
executive officer. “Our global presence is stronger than ever, and
that, coupled with the sound management of our balance sheet,
uniquely provides us with the solid foundation to position our
company as a leader in the action sports industry.”
Consolidated gross profit for the 2009 second quarter was $26.4
million, equal to 48.6% of total revenues, compared with $34.8
million, or 48.0% of total revenues, in the second quarter of
2008.
Selling, general and administrative expenses on a consolidated
basis were $25.9 million in the 2009 second quarter versus $27.9
million in the comparable period in 2008.
Total operating income for the second quarter of 2009 on a
consolidated basis was $504,000, compared with operating income of
$6.9 million in the same period a year ago.
The company’s consolidated effective tax rate for the 2009
second quarter was 28.8% compared with 33.5% for the second quarter
of 2008.
Consolidated net income for the 2009 second quarter was
$872,000, or $0.04 per diluted share, compared with $4.8 million,
or $0.20 per diluted share in the comparable period in 2008.
At June 30, 2009, the company had approximately $96.2 million in
cash, cash equivalents and short-term investments, no significant
debt and stockholders’ equity of approximately $199.2 million. Net
cash provided by operating activities for the six-month period
ended June 30, 2009 was approximately $16.3 million compared with
$5.8 million in the prior year period.
2009 Third Quarter Financial Outlook
In putting forth its financial guidance for the 2009 third
quarter, the company noted a sluggish global retail environment
amid continued economic weakness. As such, the company currently
expects total consolidated revenues for the 2009 third quarter of
approximately $82 million to $85 million and earnings per diluted
share in the range of $0.35 per share to $0.38 per share.
Conference Call Information
The company will host a conference call today at approximately
4:30 p.m. ET to discuss its financial results and outlook in
further detail. The conference call will be available to interested
parties through a live audio Internet broadcast at www.volcom.com.
A telephone playback of the conference call will also be available
until 11:59 p.m. ET, Thursday, August 6, 2009. Listeners should
call (800) 642-1687 (domestic) or (706) 645-9291 (international)
and use reservation: 19614002.
About Volcom, Inc.
Volcom is an innovative designer, marketer and distributor of
premium quality young mens and womens clothing, accessories and
related products. The Volcom brand, symbolized by The Stone , is
athlete-driven, creative and forward thinking. Volcom has
consistently followed its motto of “youth against establishment,”
and the brand is inspired by the energy of youth culture. Volcom
branded products are sold throughout the United States and
internationally. Volcom’s news announcements and SEC filings are
available through the company’s website at www.volcom.com.
Safe Harbor Statement
Certain statements in this press release and oral statements
made from time to time by representatives of the company are
forward-looking statements for purposes of the safe harbor
provisions of The Private Securities Litigation Reform Act of 1995,
including statements in connection with or related to any
discussion of or reference to Volcom’s future operations,
opportunities or financial performance. In particular, statements
regarding the company’s guidance and future financial performance
contained under the section entitled 2009 Third Quarter Financial
Outlook. These forward-looking statements are based on management’s
current expectations but they involve a number of risks and
uncertainties. Volcom’s actual results and the timing of events
could differ materially from those anticipated in the
forward-looking statements as a result of risks and uncertainties,
including, without limitation, further softening of the retail
environment, sales of our products by key retailers, including
Pacific Sunwear and Zumiez, changes in fashion trends and consumer
preferences, general economic conditions, the impact of sourcing
costs, and additional factors which are detailed in our filings
with the Securities and Exchange Commission, including the Risk
Factors contained in the company’s Annual Report on Form 10-K,
filed with the Securities and Exchange Commission (the “SEC”) and
the subsequently filed Quarterly Reports on Form 10-Q, all of which
are available at www.sec.gov.
Readers are urged not to place undue reliance on these
forward-looking statements, which speak only as of the date hereof.
Volcom is under no obligation, and expressly disclaims any
obligation, to update or alter any forward-looking statements,
whether as a result of new information, future events or
otherwise.
VOLCOM, INC. AND SUBSIDIARIES CONSOLIDATED
STATEMENTS OF OPERATIONS (UNAUDITED) (in thousands, except
share and per share data)
Three Months Ended
June 30,
Six Months Ended
June 30,
2009 2008
2009 2008 Revenues:
Product revenues $ 53,804 $ 71,917 $ 121,748 $ 151,904 Licensing
revenues
412 539
787 1,106
Total revenues
54,216 72,456 122,535 153,010 Cost of goods sold
27,862 37,690
61,799 76,069 Gross profit 26,354
34,766 60,736 76,941 Selling, general and administrative expenses
25,850 27,903
53,884 55,680 Operating income 504
6,863 6,852 21,261 Other income: Interest income, net 69 254 101
723 Foreign currency gain
651
180 769 23
Total other income
720 434
870 746 Income before
provision for income taxes 1,224 7,297 7,722 22,007 Provision for
income taxes
352 2,451
2,631 7,821 Net income
$ 872 $ 4,846
$ 5,091 $
14,186 Net income per share: Basic $ 0.04 $
0.20 $ 0.21 $ 0.58 Diluted $ 0.04 $ 0.20 $ 0.21 $ 0.58 Weighted
average shares outstanding: Basic 24,350,071 24,333,482 24,348,972
24,329,771 Diluted 24,361,971 24,387,605 24,359,564 24,359,323
VOLCOM, INC. AND SUBSIDIARIES CONSOLIDATED
BALANCE SHEETS (UNAUDITED) (in thousands)
June 30, 2009 December 31,
2008 Assets Current assets: Cash and cash
equivalents $ 51,244 $ 79,613 Short-term investments 44,933 —
Accounts receivable — net of allowances 48,487 60,914 Inventories
30,160 27,086 Prepaid expenses and other current assets 3,509 2,596
Income taxes receivable 4,037 3,309 Deferred income taxes
5,275 4,947 Total current assets
187,645 178,465 Property
and equipment — net 25,852 26,716 Investments in unconsolidated
investees 330 330 Deferred income taxes 4,026 4,028 Intangible
assets — net 10,575 10,578 Goodwill 629 665 Other assets
762 841 Total assets
$ 229,819 $
221,623 Liabilities and Stockholders’
Equity Current liabilities: Accounts payable $ 17,875 $ 15,291
Accrued expenses and other current liabilities 12,213 12,027
Current portion of capital lease obligations
62
71 Total current liabilities
30,150 27,389 Long-term capital
lease obligations 1 23 Other long-term liabilities 347 414 Income
taxes payable – non-current 96 94 Deferred income taxes
Stockholders’ equity: Common stock 24 24 Additional paid-in capital
91,103 90,456 Retained earnings 107,026 101,935 Accumulated other
comprehensive income
1,072
1,288 Total stockholders’ equity
199,225 193,703 Total liabilities
and stockholders’ equity
$ 229,819
$ 221,623 VOLCOM, INC. AND
SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED) (in thousands)
Six Months Ended
June 30,
2009 2008
Cash flows from operating activities: Net income $ 5,091 $
14,186 Adjustments to reconcile net income to net cash provided by
operating activities: Depreciation and amortization 3,496 3,449
Provision for doubtful accounts 2,527 816 Excess tax benefits
related to exercise of stock options — (28 ) Loss on disposal of
property and equipment 3 27 Stock-based compensation 672 494
Deferred income taxes (318 ) (175 ) Changes in operating assets and
liabilities, net of effects of acquisition: Accounts receivable
6,638 1,443 Inventories (2,922 ) (11,614 ) Prepaid expenses and
other current assets (936 ) (946 ) Income taxes receivable/payable
(724 ) (971 ) Other assets 68 63 Accounts payable 2,715 1,910
Accrued expenses 42 (2,709 ) Other long-term liabilities
(63 ) (150
) Net cash provided by operating activities
16,289 5,795
Cash flows from investing activities: Purchase of property
and equipment (1,717 ) (3,248 ) Business acquisitions, net of cash
acquired (824 ) (26,864 ) Purchase of intangible assets — (306 )
Purchase of short-term investments (44,933 ) (286 ) Sale of
short-term investments — 286 Purchase of additional shares in cost
method investee — (32 ) Proceeds from sale of property and
equipment
2 —
Net cash used in investing activities
(47,472
) (30,450 )
Cash flows from financing activities: Principal payments
capital lease obligations (37 ) (77 ) Proceeds from government
grants — 473 Proceeds from exercise of stock options — 219 Excess
tax benefits related to exercise of stock options
— 28 Net cash (used
in) provided by financing activities
(37
) 643 Effect of
exchange rate changes on cash
2,851
1,639 Net decrease in cash and
cash equivalents (28,369 ) (22,373 )
Cash and cash
equivalents — Beginning of period
79,613
92,962 Cash and cash
equivalents — End of period
$ 51,244
$ 70,589 VOLCOM,
INC. AND SUBSIDIARIES OPERATING SEGMENT INFORMATION
(UNAUDITED) (in thousands) Three Months
Ended
June 30,
Six Months Ended
June 30,
2009 2008
2009 2008 Total
revenues: United States $ 43,650 $ 60,175 $ 86,070 $ 109,400 Europe
5,886 5,910 27,564 31,063 Electric
4,680
6,371 8,901
12,547 Consolidated
$
54,216 $ 72,456
$ 122,535 $
153,010 Gross profit: United States $ 21,249 $
27,747 $ 41,523 $ 51,654 Europe 2,634 3,401 14,442 18,070 Electric
2,471 3,618
4,771 7,217
Consolidated
$ 26,354
$ 34,766 $
60,736 $ 76,941
Operating income: United States $ 3,313 $ 9,199 $ 4,784 $ 14,178
Europe (2,215 ) (2,247 ) 3,577 6,792 Electric
(594 ) (89
) (1,509 )
291 Consolidated
$ 504
$ 6,863 $
6,852 $ 21,261
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