CIT: James Paterson joins LA office.
AGENDA: Pre-registration and lodging specials for Vegas show, Aug. 17-19.
Details on Industry Insight.
Here is a summary of Volcom’s fourth quarter and fiscal 2009 financial results released at 1 p.m.
Revenue: down 7.7% to $64.2 million.
U.S. revenue (includes Canada and Japan): down 16.2% to $46 million.
Europe revenue: up 18.3% to $12.9 million.
Electric revenue: up 39.5% to $5.3 million
Gross profit: increased to 49.2% of revenue vs. 44.4% the same period last year.
SG&A: up 6% to $28.1 million
Net income: Essentially flat $3.4 million vs. $3.3 million the same period last year, excluding charges that impacted reported 2008 results.
Revenue: down 16% to $281 million
Net income: flat at $21.7 million.
Cash and short term investments: $111 million.
Long-term debt: none.