Net income for the 2010 third quarter was $13.1 million, or $0.53 per diluted share, compared with $13.3 million, or $0.54 per diluted share, in the third quarter of 2009.
At September 30, 2010 the company had cash, cash equivalents and short-term investments totaling $105 million, and no long-term debt.
The company also announced that on October 27, the Board of Directors approved a special cash dividend of $1.00 per share payable on each share of the company’s outstanding common stock, including any unvested shares of restricted common stock.
The special dividend will be payable on November 19, 2010 to stockholders of record at the close of business on November 8, 2010. In accordance with NASDAQ rules, the company’s common stock will start trading on an ex-dividend basis beginning November 4, 2010. The aggregate amount of payments to be made in connection with the special dividend will be approximately $24.4 million.
For the 2010 fourth quarter, the company currently expects total consolidated revenues of approximately $76 million to $79 million, and fully diluted earnings per share amounts in the range of $0.04 to $0.07.
Giving effect to the company’s current outlook for the 2010 fourth quarter, Volcom’s full year consolidated revenue expectation is between $321 million and $324 million. This translates to diluted earnings per share for 2010 in the range of $0.89 to $0.92.
Conference Call Information
The company will host a conference call today at approximately 4:30 p.m. ET to discuss its financial results and outlook in further detail. The conference call will be available to interested parties through a live audio Internet broadcast at www.volcom.com. A telephone playback of the conference call also will be available through 11:59 p.m. ET, Friday, November 5. Listeners should call (800) 642-1687 (domestic) or (706) 645-9291 (international) and use reservation number 15128955.
Volcom is an innovative designer, marketer and distributor of premium quality young mens and womens clothing, accessories and related products. The Volcom brand, symbolized by The Stone, is athlete-driven, creative and forward thinking.
Volcom has consistently followed its motto of “youth against establishment,” and the brand is inspired by the energy of youth culture. Volcom branded products are sold throughout the United States and internationally. Volcom’s news announcements and SEC filings are available through the company’s website at www.volcom.com.