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Tiffany Montgomery
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Quiksilver reports $73 million loss for year

Quiksilver reports $73 million
By Tiffany Montgomery
December 17, 2009 1:29 PM

Quiksilver’s loss widened for the fiscal year and fourth quarter ending Oct. 31.

For the year, the company reported a net loss of $73.2 million, including restructuring and other charges, vs. a net loss of $65.5 million last year.

Excluding the charges, the company reported net income of $4.6 million.

Total revenue for the year fell 13% to $1.98 billion.

In the Americas for fiscal 2009, revenue fell 12% to $929.7 million.

In Europe, sales fell 15% to $792.6 million. In constant currency, sales declined 7%.

In Asia Pacific, sales fell 5% to $251.6 million. In constant currency, sales rose 9%.

Total inventories at year end fell 14% to $267.7 million. In constant currency, inventories declined 22%.

Liquidity: The company said it has $143 million available on its credit lines and $100 million in unrestricted cash.

Fourth quarter results

Total revenue: down 11% to $538.7 million

Net loss: $15.7 million vs. $13.8 million loss last year. Excluding restructuring and other charges, the company recorded net income of $3.2 million.

Americas revenue: down 22% to $239.5 million

Europe revenue: down by 2% to $211.4 million. In constant currency, revenue fell 4 %.

Asia Pacific revenue: up 5% to $86.6 million. In constant currency, revenue fell 4%.

First quarter forecast

The company expects revenues to decline 7% in the first quarter. It expects a loss of 12 to 15 cents per share.


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