CIT: West Coast team featured in Fashion Manuscript.
FSG LAWYERS: Represented Loomworks Apparel (P.J. Salvage) on its acquisiton by Delta Galil.
Details on Industry Insight.
Quiksilver released fourth quarter and full year results this afternoon. Here is short summary, followed by the official press release.
Revenue: up 10% to $545.2 million in reported currency. Up 6% in constant currency.
Adjusted EBITDA: $57.1 million vs. $59.5 million the same period last year.
Income from continuing operations, excluding charges: $10.8 million vs. $21.8 million
Income from continuing operations, including charges: $67.9 million vs. a loss of $23.1 million.
Revenue: up 6% to $1.95 billion. Up 3% in constant currency.
Proforma income excluding charges: $30.8 million
Proforma loss including charges: $21.3 million loss vs. a loss of $11.5 million.
Americas revenue grew 13% in the fourth quarter and Roxy showed improved performance.
Quiksilver, Inc. Reports Fourth Quarter and Fiscal Year 2011 Results
— Fourth quarter revenues of $545 million grew 10% compared to Q4 last year
— Full-year fiscal 2011 revenues grew 6% to $1.95 billion
— Company earned pro-forma Adjusted EBITDA of $57 million for the quarter and $200 million for the full fiscal year
Huntington Beach, California, December 15, 2011 -- Quiksilver, Inc. (NYSE:ZQK) today announced operating results for the fourth fiscal quarter and full year ended October 31, 2011. Revenues grew 10% to $545.2 million as compared to $495.1 million in the fourth quarter of fiscal 2010 and grew 6% in constant currency.
The company earned Pro-forma Adjusted EBITDA of $57.1 million in the quarter compared to $59.5 million earned in the fourth quarter of fiscal 2010. Pro-forma income from continuing operations was $10.8 million, or $0.06 per share, compared to $21.8 million, or $0.12 per share, in the fourth quarter of fiscal 2010.
Pro-forma income for the fourth quarter of fiscal 2011 excludes $11.4 million of non-cash asset impairment charges, $8.0 million of restructuring costs and $76.6 million of income primarily related to the settlement of the company’s French tax audit. Including these pro-forma adjustments, income from continuing operations was $67.9 million, or $0.38 per share, compared to a loss of $23.1 million, or $0.15 per share, in the fourth quarter a year ago. A reconciliation of GAAP results to pro-forma results is provided in the accompanying tables.
Consolidated net revenues for the full year of fiscal 2011 grew 6% to $1.95 billion compared to $1.84 billion in fiscal 2010 and grew 3% in constant currency. Pro-forma income from continuing operations for the full year of fiscal 2011 was $30.8 million, or $0.17 per share, and excludes a net $52.1 million of special charges. Of this amount, $86.0 million represents non-cash asset impairment charges, $18.7 million represents valuation allowances provided against deferred tax assets, $10.7 million represents the write-off of deferred debt issuance costs associated with previous financings and $5.9 million represents restructuring costs.
These charges were partially offset by $69.3 million of income related to the tax settlement in the fourth quarter. Including these amounts, loss from continuing operations was $21.3 million, or $0.13 per share, compared to $11.5 million, or $0.09 per share, for the full year of fiscal 2010. A reconciliation of GAAP results to pro-forma results is provided in the accompanying tables.
On page 2: Comments from Bob McKnight, net revenues in Americas, Q4 highlights