Quiksilver Q4 and full year revenues grow

Quiksilver released fourth quarter and full year results this afternoon. Here is short summary, followed by the official press release.

Fourth quarter 

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.

Full year results 

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