PARK CITY, Utah, Feb. 7, 2013 (GLOBE NEWSWIRE) -- Skullcandy, Inc. (Nasdaq:SKUL) today announced that its Board of Directors has named Rick Alden, the company's founder, former Chief Executive Officer and a current director, as Interim Chief Executive Officer. Jeremy Andrus has decided to step down from his positions as President and Chief Executive Officer and a Company director to join a private investment firm. He will serve as a consultant to the Company over the next 12 months. The Board is initiating a search for a permanent Chief Executive Officer.
Skullcandy also reported today that it expects non-GAAP adjusted fully diluted earnings per share for 2012 to be at the lower end of the $1.00-$1.04 range the Company provided on November 1, 2012.
In addition to the previously disclosed settlement of litigation that the Company recorded in the first quarter of 2012, which is expected to impact 2012 non-GAAP adjusted fully diluted earnings per share by $0.01 per share, the Company also intends to exclude from its 2012 non-GAAP adjusted fully diluted earnings per share certain expenses that it anticipates recording in the fourth quarter of 2012 related to the bankruptcy filing of a major retail customer and expenses associated with the settlement of patent litigation totaling approximately $1.6 million, net of tax benefit, or $0.06 per diluted share. Absent these adjustments, the Company expects that its 2012 fully diluted earnings per share, calculated in accordance with GAAP, to be approximately $0.93 per share. The Company expects its full year 2012 fully diluted weighted average common shares outstanding to be approximately 28.0 million.Skullcandy expects to report its full financial results on March 7, 2013 at which time it also expects to provide an outlook for 2013. Jeff Kearl, Chairman of Skullcandy, said, "The Board is delighted that Rick has agreed to return to his previous role as CEO on an interim basis. As our founder and a member of the Board, Rick created the vision and spirit that guides Skullcandy, and will help to make the changes necessary to continue improving financial performance and to enhance shareholder value. On behalf of the Board I want to thank Jeremy for his significant contributions to Skullcandy over the previous eight years. Skullcandy would not be the company we are today without him and we wish him every success in his next endeavor."