K-Swiss Reports Fourth Quarter Results
K•Swiss Inc. (NASDAQ: KSWS) today announced results for the fourth quarter and year ended December 31, 2012.
Net loss for the fourth quarter of 2012 was $14,516,000, or $0.41 per diluted share, compared with a net loss of $25,185,000, or $0.71 per diluted share, for the prior-year period. Net loss for the year ended December 31, 2012, was $34,779,000, or $0.98 per diluted share, compared with a net loss of $70,471,000, or $1.98 per diluted share, for the year ended December 31, 2011.
For the fourth quarter of 2012, total worldwide revenues decreased 17.8% to $41,230,000 compared with $50,163,000 in the prior-year period. Domestic revenues decreased 31.4% to $14,011,000 in the fourth quarter, and international revenues decreased 8.5% to $27,219,000 for the same period. Total worldwide revenues for 2012 decreased 17.0% to $222,851,000 from $268,357,000 for 2011. Domestic revenues decreased 35.0% to $75,872,000 in 2012, and international revenues decreased 3.0% to $146,979,000.Futures Orders Worldwide futures orders with start ship dates from January through June 2013 increased 4.6% to $76,471,000 at December 31, 2012, from $73,138,000 the previous year. Domestic futures orders increased 1.3% to $22,158,000 at December 31, 2012, from $21,879,000 the previous year. International futures orders increased 6.0% to $54,313,000 at December 31, 2012, from $51,259,000 the previous year. Proposed Merger with E.Land On January 16, 2013, the Company entered into a definitive agreement, which was unanimously approved by K•Swiss’ Board of Directors, pursuant to which E.Land World will acquire all of the outstanding common stock of K•Swiss for $4.75 per share in cash, or a total equity value of approximately $170 million. The merger, which is expected to close during the second quarter of 2013, requires the approval of 80% of K•Swiss’ outstanding voting power and applicable regulatory approvals in addition to other customary closing conditions.
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