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Tiffany Montgomery
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Skullcandy files to go public

By Tiffany Montgomery
January 29, 2011 8:36 AM

Skullcandy is going public.

 

The fast-growing headphone company filed an S-1 with the SEC Friday, the first step in the process to sell shares on the public markets.

 

The company estimated the potential value of the IPO at $125 million, and said the ticker symbol on the Nasdaq would be SKUL.

 

The document details the company’s history, growth plans and financial results for several years.

 

Skullcandy’s annual revenue grew from $9.1 million in 2006 to $118.3 million in 2009. Much of the growth is attributed to the rise of iPods and smart phones, with headphones being a key accessory for full functionality.

 

In the filing, Skullcandy outlined its growth strategies:

 

- Increase penetration in the domestic retail channel by getting more shelf space in existing retailers, adding new displays and fixtures, and adding new specialty, consumer electronics, mass and sporting goods accounts.

 

- Accelerate international growth. In 2009, international sales accounted for 28% of total sales.

 

- Grow its premium offerings. Historically, Skullcandy has played in the $10 to $70 range, but recently added premium headphones such as the $150 Aviator and the $250 Mix Master.

 

- Expand complimentary product offerings. The company will introduce two new speaker docks this summer, and plans to get into protective cases for mobile devices and gaming and mobile phone headphones.

 

- Increase online sales.

 

Recent financial results

For the nine months ended Sept. 30.

 

Net sales: up 35.7% to $95.9 million. The increase was largely due to increased sales at larger national retailers.

 

Gross profit: up 44.8% to $49.3 million.

 

Gross margin: increased to 51.4%

 

SG&A: up 61.5% to $30.2 million. The increase was largely from a $4.1 million increase in marketing and advertising expenses.

 

Net income: up 37.3% to $7.6 million.

 

See Page 2 for a current stock ownership breakdown

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