MOSS ADAMS: Alert! Authorities after 45,000 businesses that didn't file 2012 California corporate taxes.
CIT: Acquires SoCal-based One West Bank
SDSI: Sports and active lifestyle employment outlook.
Details on Industry Insight.
Jarden Corp., owner of K2, Volkl, and myriad other brands, commented this week on its snow business during an earnings conference call, including the company's ability to handle reorders and the impact of store closures. Here are some excerpts from a transcript of the call.
CEO Martin Franklin - "I would say it is too early to tell. What I will tell you is that we are -- our year-on-year decline is less than anyone else in the category. ... The weather is the driver of that business, not the economy. And I know people think that this is very discretionary, but let me tell you, if there is a lot of snow, it will trump whatever the economy is, and that's just how it has always been in the ski business. It is no different this year."
Franklin: "I don't really want to go into too much detail, we have taken a view that the economy has impacted the timing of people's orders and we've made inventory preparations as a consequence to that. So we are looking at our business -- I wouldn't say very differently, but with a slightly different formula than in some other years.
"If you took an average town, you can expect that probably to be 10% to 20% less absolute doors open in a lot of resort towns simply because of people not having the financing to go and carry leases for that season."
Franklin: "We believe that the macro economy will continue to bump along the bottom for the foreseeable future, as overall consumer grows at a much slower pace than historically after a recession, given high unemployment levels and consumers' inability or unwillingness to take on debt to drive consumer spending."
Total revenue: down 6.8% to $1.35 billion.
Outdoor solutions (includes snow brands) revenue: down 7% in constant dollars.
Adjusted net income: up 9.7% to $82.2 million