Balance Sheet Highlights
As of December 31, 2012, cash and cash equivalents totaled $19.3 million compared to $23.3 million at December 31, 2011 and the Company had no long-term debt. As of December 31, 2012, the Company had $27.8 million of availability under its credit facility. Inventory decreased 5.5% to $41.6 million as of December 31, 2012 from $44.0 million as of December 31, 2011. Accounts receivable increased 50.8%, or $25.7 million, to $76.3 million as of December 31, 2012. The increase is primarily due to increased receivables of $13.7 million at Astro Gaming due to the launch of Astro products at certain retail stores and an increase in other international receivables, as well as an overall increase in fourth quarter sales in 2012 compared to 2011.
A conference call to discuss the fourth quarter and annual 2012 results is scheduled for today, March 7, 2013, at 4:30 PM Eastern Time/2:30 PM Mountain Time. A broadcast of the call will be available on the Company's website, www.skullcandy.com . Analysts and investors can participate in the live call by dialing (719) 457-2679. In addition, a replay of the call will be available shortly after the conclusion of the call and remain available through March 14, 2013. To access the telephone replay, listeners should dial (858) 384-5517 and enter ID #9284479.About Skullcandy, Inc. Skullcandy is a leading global designer, marketer and distributor of performance audio and gaming headphones and other accessory related products under the Skullcandy, Astro Gaming and 2XL by Skullcandy brands. Skullcandy was launched in 2003 and quickly became one of the world's most distinct audio brands by bringing unique technology, color, character and performance to an otherwise monochromatic space; helping to revolutionize the audio arena by introducing headphones, earbuds and other audio and wireless lifestyle products that possess unmistakable style and exceptional performance. The Company's products are sold and distributed through a variety of channels in the U.S. and approximately 80 countries worldwide. Visit skullcandy.com, or join us at facebook.com/skullcandy or on Twitter @skullcandy.
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