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Consolidated Revenues Increased 11.4% to $104.7 Million
U.S. Segment Revenue Grows 13.6% to $64.5 Million; E
Electric Segment Rises 29.2% to $8.9 Million Company
Declares Special Cash Dividend of $1.00 Per Share
COSTA MESA, Calif.--(BUSINESS WIRE)--Volcom, Inc. (NASDAQ: VLCM) today announced financial results for the third quarter ended September 30, 2010.
For the 2010 third quarter, total consolidated revenues were $104.7 million, compared with $93.9 million in the third quarter of 2009.
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 $64.5 million, compared with $56.8 million in the prior-year period.
Total revenues in the company’s Europe segment were $28.7 million, compared with $30.2 million in the same period in 2009.
Total revenues in the company’s Electric segment were $8.9 million, compared with $6.9 million in 2009. Total revenues in the company’s Australia segment were $2.6 million.
“Our results for the third quarter are in line with our plan and reinforce our strategy to gain market share on a global level,” said Richard Woolcott, Volcom’s chairman and chief executive officer.
“During the first nine-months of this year, we have experienced solid revenue growth in our mens and boys categories, and our business with our core retailers remains very healthy.
"In other activities, we have launched major branding initiatives, acquired our Australian licensee, acquired distribution operations in Spain, and launched our e-commerce business. We are encouraged by the momentum thus far and I am proud of our team’s focus and dedication to building Volcom into a world brand.”
Woolcott also noted that given the company’s continued cash flow from operations, strong balance sheet and no long-term debt, Volcom’s Board of Directors has determined that a special cash dividend was appropriate and supports the company’s commitment to providing shareholder value.
Consolidated gross profit for the 2010 third quarter was $51.9 million, equal to 49.6% of total revenues, compared with $48.5 million, equal to 51.6% of total revenues, in the third quarter of 2009.
Selling, general and administrative expenses on a consolidated basis were $33.9 million in the 2010 third quarter versus $28.8 million in the comparable period in 2009.
On page 2: Volcom's full earnings release, special dividend information and Q4 outlook