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Skullcandy Announces Record Fourth Quarter And 2012 Net Sales

Stocks in this article: SKUL

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.

Select Highlights

  • 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.

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