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Skullcandy Names Founder And Director Rick Alden Interim Chief Executive Officer

Forward-Looking Statements

Certain statements in this press release and oral statements made from time to time by representatives of the Company are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In particular, statements regarding the Company's guidance, outlook, future financial and operating results  and any other statements about the Company's future expectations, beliefs or prospects expressed by management are forward-looking statements. These forward-looking statements are based on management's current expectations and beliefs, but they involve a number of risks and uncertainties that could cause actual results or events to differ materially from those indicated by such forward-looking statements, including, but not limited to completion of our normal year-end closing processes and review by our independent auditors. Important factors that could cause actual results to differ materially from expectations are disclosed under the "Risk Factors" section of the 2011 10-K filed with the Securities and Exchange Commission on March 23, 2012 and in the Company's most recent Form 10-Q for the quarter ended September 30, 2012. Readers are urged not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The Company does not undertake any obligation to update or alter any forward-looking statements, whether as a result of new information, future events or otherwise.

Non-GAAP Measures

Expected adjusted fully diluted earnings per share, for the period presented, represents anticipated diluted net income per share excluding the impact of a reserve for uncollectible receivables resulting from the bankruptcy filing of a major retail customer and expenses associated with the settlement of patent litigation and other litigation. Management does not believe these expenses correlate to the underlying performance of the business. As a result, the Company believes that adjusted fully diluted earnings per share provides important additional information for measuring its performance, provides consistency and comparability with the Company's past financial performance, facilitates period to period comparisons of the Company's operations, and facilitates comparisons with other peer companies, many of which use similar non-GAAP financial measures to supplement their GAAP results. The Company's management team uses this metric to evaluate the Company's business and believes it is a measure used frequently by securities analysts and investors. Adjusted fully diluted earnings per share does not represent, and should not be used as a substitute for diluted earnings per share, as determined in accordance with GAAP. The Company's method of calculating adjusted fully diluted earnings per share may differ from that of other companies. The guidance regarding non-GAAP adjusted fully diluted earnings per share disclosed in this press release is an estimate and is subject to change. The Company undertakes no duty to update this guidance in light of new information, future events or otherwise. Please see "Forward-Looking Statements" for important information.

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