Volcom, Inc. (NASDAQ: VLCM) today announced financial results
for the fourth quarter and full year ended December 31, 2009.
For the 2009 fourth quarter, total consolidated revenues were
$64.2 million, compared with $69.6 million in the fourth 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 $46.0 million, compared with $54.9 million in
the prior-year period. Total revenues in the company’s Europe
segment were $12.9 million, compared with $10.9 million in the same
period in 2008. Total revenues in the company’s Electric segment
were $5.3 million, compared with $3.8 million in 2008.
“I am very proud of the entire Volcom team’s focus, dedication
and strategic agility this past year as we navigated through one of
the most challenging economic periods in history,” said Richard
Woolcott, Volcom’s chairman and chief executive officer. “We rose
to the challenge, remained healthy and profitable and planted the
seeds that I believe will position the company for growth and
success in the years to come.”
Consolidated gross profit for the 2009 fourth quarter was $31.6
million, equal to 49.2% of total revenues, compared with $30.9
million, equal to 44.4% of total revenues, in the fourth quarter of
2008.
Selling, general and administrative expenses on a consolidated
basis were $28.1 million in the 2009 fourth quarter versus $26.5
million in the comparable period in 2008.
On a GAAP basis, net income for the 2009 fourth quarter was $3.4
million, equal to $0.14 per diluted share. This compares with net
loss for the fourth quarter of 2008 of $8.7 million, or $0.36
per share, which included a pre-tax, non-cash impairment charge on
goodwill and intangible assets of $16.2 million, or approximately
$0.46 per share, as well as a foreign exchange loss of $1.4
million, or approximately $0.04 per share, related to the
strengthened U.S. dollar against the company’s Canadian dollar
denominated receivables. Excluding these two items, adjusted net
income for the 2008 fourth quarter was $3.3 million, or $0.14 per
diluted share.
The company believes that including adjusted net income and
adjusted net income per diluted share for the 2008 fourth quarter
provides a useful and relevant measure for comparative
year-over-year operating performance. Refer to the attached
reconciliation table for details regarding the basis for the
adjusted net income per diluted share calculation.
At December 31, 2009 the company had cash, cash equivalents and
short-term investments totaling $111.2 million, and no long-term
debt. Cash flow from operations for the full year was approximately
$36.2 million. Total stockholder’s equity was $219.0 million at
year-end.
2010 First Quarter Financial Outlook
In casting its financial outlook, Volcom noted it expects
increased revenue growth as the year progresses, primarily
reflecting the company’s forecast of a generally strengthening
global economy throughout 2010. For the 2010 first quarter, the
company currently expects total consolidated revenues of
approximately $71 million to $74 million and fully diluted earnings
per share in the range of $0.16 to $0.19.
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 also will be available
through 11:59 p.m. ET, Thursday, March 4. Listeners should call
(800) 642-1687 (domestic) or (706) 645-9291 (international) and use
reservation number 53413719.
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 2010 First Quarter Financial
Outlook and Mr. Woolcott’s comments regarding positioning “the
company for future growth and success” are forward-looking
statements. 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
December
31,
Year Ended
December
31,
2009 2008
2009 2008 Revenues:
Product revenues $ 63,495 $ 69,082 $ 278,598 $ 332,110 Licensing
revenues
693 543
2,041 2,194 Total
revenues 64,188 69,625 280,639 334,304 Cost of goods sold
32,612 38,682
139,844 171,208 Gross
profit 31,576 30,943 140,795 163,096 Operating expenses: Selling,
general and administrative expenses 28,137 26,478 110,847 112,464
Asset impairments
-- 16,230
-- 16,230
Total operating expenses
28,137
42,708 110,847
128,694 Operating income (loss) 3,439 (11,765 )
29,948 34,402 Other income (loss): Interest income, net 129 15 358
901 Foreign currency gain (loss)
543
(1,760 ) 1,534
(1,807 ) Total other income (loss)
672 (1,745 )
1,892 (906 ) Income
(loss) before provision for income taxes 4,111 (13,510 ) 31,840
33,496 Provision (benefit) for income taxes
714
(4,761 )
10,096 11,787 Net income
(loss)
$ 3,397 $
(8,749 ) $
21,744 $ 21,709
Net income (loss) per share: Basic $ 0.14 $ (0.36 ) $ 0.89 $
0.89 Diluted $ 0.14 $ (0.36 ) $ 0.89 $ 0.89 Weighted average shares
outstanding: Basic 24,356,362 24,347,362 24,352,146 24,337,923
Diluted 24,369,761 24,347,362 24,363,544 24,357,652
VOLCOM, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE
SHEETS (UNAUDITED) (in thousands)
December 31, 2009 December 31,
2008 Assets Current assets: Cash and cash
equivalents $ 76,180 $ 79,613 Short-term investments 35,000 --
Accounts receivable — net of allowances 53,792 60,914 Inventories
33,250 27,086 Prepaid expenses and other current assets 4,353 2,596
Income taxes receivable 725 3,309 Deferred income taxes
7,700 4,947 Total current assets
211,000 178,465 Property
and equipment — net 26,348 26,716 Investments in unconsolidated
investees 330 330 Deferred income taxes 3,545 4,028 Intangible
assets — net 9,784 10,578 Goodwill 1,291 665 Other assets
735 841 Total assets
$ 253,033 $
221,623 Liabilities and Stockholders’
Equity Current liabilities: Accounts payable $ 22,788 $ 15,291
Accrued expenses and other current liabilities 10,872 12,027
Current portion of capital lease obligations
50
71 Total current liabilities
33,710 27,389 Long-term capital
lease obligations -- 23 Other long-term liabilities 288 414 Income
taxes payable – non-current 68 94 Stockholders’ equity: Common
stock 24 24 Additional paid-in capital 92,192 90,456 Retained
earnings 123,679 101,935 Accumulated other comprehensive income
3,072 1,288 Total
stockholders’ equity
218,967
193,703 Total liabilities and stockholders’ equity
$ 253,033 $
221,623 VOLCOM, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(in thousands)
Year Ended
December 31,
2009 2008 Cash flows
from operating activities: Net income $ 21,744 $ 21,709
Adjustments to reconcile net income to net cash provided by
operating activities: Depreciation and amortization 6,360 7,315
Provision for doubtful accounts 2,490 2,332 Excess tax benefits
related to exercise of stock options -- (34 ) Loss on disposal of
property and equipment 77 1 Asset impairment 134 16,230 Stock-based
compensation 1,795 985 Deferred income taxes (2,277 ) (6,349 )
Changes in operating assets and liabilities, net of effects of
acquisition: Accounts receivable 5,241 (3,114 ) Inventories (5,838
) (1,844 ) Prepaid expenses and other current assets (1,759 ) (499
) Income taxes receivable/payable 2,485 (3,021 ) Other assets 103
(306 ) Accounts payable 7,126 (8,096 ) Accrued expenses (1,342 )
(425 ) Other long-term liabilities
(130
) (212 ) Net cash
provided by operating activities
36,209
24,672 Cash flows from
investing activities: Purchase of property and equipment (4,798
) (5,915 ) Business acquisitions, net of cash acquired (890 )
(32,138 ) Purchase of intangible assets -- (589 ) Purchase of
short-term investments (74,932 ) (278 ) Sale of short-term
investments 39,932 278 Purchase of additional shares in cost method
investee -- (32 ) Proceeds from sale of property and equipment
18 15 Net
cash used in investing activities
(40,670
) (38,659 )
Cash flows from financing activities: Principal payments
capital lease obligations (83 ) (127 ) Proceeds from government
grants -- 455 Proceeds from exercise of stock options -- 273 Excess
tax benefits related to exercise of stock options
-- 34 Net cash (used
in) provided by financing activities
(83
) 635 Effect of
exchange rate changes on cash
1,111
3 Net decrease in cash and
cash equivalents (3,433 ) (13,349 )
Cash and cash
equivalents — Beginning of period
79,613
92,962 Cash and cash
equivalents — End of period
$ 76,180
$ 79,613 VOLCOM,
INC. AND SUBSIDIARIES OPERATING SEGMENT INFORMATION
(UNAUDITED) (in thousands)
Three Months Ended
December
31,
Year Ended
December
31,
2009 2008
2009 2008 Total revenues:
United States $ 46,017 $ 54,912 $ 188,856 $ 237,109 Europe 12,872
10,922 70,686 73,005 Electric
5,299
3,791 21,097
24,190 Consolidated
$
64,188 $ 69,625
$ 280,639 $
334,304 Gross profit: United States $
22,482 $ 23,737 $ 92,356 $ 109,028 Europe 6,309 5,355 36,766 40,582
Electric
2,785 1,851
11,673 13,486
Consolidated
$ 31,576
$ 30,943 $
140,795 $ 163,096
Operating income (loss): United States $ 4,030 $
4,758 $ 17,831 $ 33,019 Europe 223 240 13,529 17,470 Electric
(814 ) (16,763
) (1,412 )
(16,087 ) Consolidated
$
3,439 $ (11,765
) $ 29,948
$ 34,402 VOLCOM, INC.
AND SUBSIDIARIES GAAP TO NON-GAAP RECONCILIATION
(UNAUDITED) (in thousands, except share and per share
data) Three Months Ended
December 31,
2008
Year Ended
December 31,
2008
(Loss) income before provision for income taxes $ (13,510 )
$ 33,496 Asset impairments 16,230 16,230 Foreign currency loss on
Canadian receivables
1,387
1,503 Adjusted income before provision for income
taxes 4,107 51,229 Adjusted provision for income taxes
791 17,339 Adjusted net
income
$ 3,316 $
33,890 Adjusted net income per share: Basic $
0.14 $ 1.39 Diluted $ 0.14 $ 1.39 Weighted average shares
outstanding: Basic 24,347,362 24,337,923 Diluted 24,354,217
24,357,652
Three Months Ended
December 31,
2008
Year Ended
December 31,
2008
(Loss) income before provision for income taxes $ (13,510 )
$ 33,496 Asset impairments
16,230
16,230 Adjusted income before provision for income
taxes 2,720 49,726 Adjusted provision for income taxes
207 16,754 Adjusted net
income
$ 2,513 $
32,972 Adjusted net income per share: Basic $
0.10 $ 1.35 Diluted $ 0.10 $ 1.35 Weighted average shares
outstanding: Basic 24,347,362 24,337,923 Diluted 24,354,217
24,357,652
This press release contains non-GAAP financial measures, as
defined in Regulation G promulgated by the Securities and Exchange
Commission, with respect to the three and twelve month periods
ended December 31, 2008. For purposes of Regulation G, a non-GAAP
financial measure is a numerical measure of a company’s historical
or future financial performance, financial position or cash flows
that excludes amounts, or is subject to adjustments that have the
effect of excluding amounts, that are included in the most directly
comparable measure calculated and presented in accordance with GAAP
in the statement of income, balance sheet or statement of cash
flows (or equivalent statements) of the company or includes
amounts, or is subject to adjustments that have the effect of
including amounts, that are excluded from the most directly
comparable measure so calculated and presented. Pursuant to the
requirements of Regulation G, Volcom has provided reconciliations
herein of the non-GAAP financial measures to the most directly
comparable GAAP financial measures. Specifically, the non-GAAP
financial measures disclosed in this press release are “adjusted
consolidated net income” and “adjusted consolidated net income per
diluted share.” Volcom believes its presentation of historical
non-GAAP financial measures provides useful supplementary
information to investors regarding its operational performance
because it enhances an investor’s overall understanding of the
financial performance and prospects for the future of Volcom’s core
business activities by providing a basis for the comparison of
results of core business activities between current and past
periods. The presentation of historical non-GAAP financial measures
is not meant to be considered in isolation from or as a substitute
for results prepared in accordance with accounting principles
generally accepted in the United States.
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