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PARK CITY, Utah, March 7, 2013 (GLOBE NEWSWIRE) -- Skullcandy, Inc. (Nasdaq:SKUL) today announced financial results for the fourth quarter and full year ended December 31, 2012.
Fourth quarter net sales increased 21.0% to $101.0 million
Fourth quarter GAAP net income was $11.5 million, or $0.41 per diluted share
Fourth quarter non-GAAP adjusted net income was $13.2 million, or $0.47 per diluted share
Annual net sales increased 28.1% to $297.7 million
Annual GAAP net income increased 39.1% to $25.9 million, or $0.92 per diluted share
Annual non-GAAP adjusted net income increased 19.3% to $28.0 million, or $1.00 per diluted share
"We are pleased with our overall fourth quarter results during what was a challenging environment," said Rick Alden, Skullcandy's Interim Chief Executive Officer. "Our intention in 2013 is to tighten our original distribution strategy and make key investments in product development and demand creation while endeavoring to reengage the consumer at the point of sale. I am confident that, with the solid foundation already in place and the talented group of people working here, we can accomplish our near-term objectives while creating a stronger, more efficient company for the future."
Fourth Quarter Results
Net sales in the fourth quarter of 2012 increased 21.0% to $101.0 million from $83.4 million in the same quarter of the prior year. North America net sales in the fourth quarter increased 12.0% to $82.7 million from $73.8 million in the same quarter of the prior year. International net sales in the fourth quarter increased 90.2% to $18.3 million from $9.6 million in the same quarter of the prior year. The increase in North America net sales was primarily driven by increased Astro Gaming sales of $13.6 million. The increase in international net sales was primarily driven by increased sales in Europe.