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Skullcandy, Inc. To Align Product, Marketing And Sales Functions

PARK CITY, Utah, June 18, 2013 (GLOBE NEWSWIRE) -- Skullcandy, Inc. (Nasdaq:SKUL) today announced the Company is taking significant steps to better align its product, marketing and sales functions in order to strengthen its position as the leading performance and lifestyle audio company driven by the creativity and attitude of youth culture. The Company also announced certain executive changes and the commencement of a search for a new Chief Financial Officer.

As part of the process, the Company is relocating its marketing, creative, business development and legal departments, as well as certain sales and international personnel to its headquarters in Park City, Utah, and will close the office in San Clemente, California, which has historically housed significant portions of these functions. 

Hoby Darling, President and Chief Executive Officer commented, "Bringing together our teams in Park City will allow us to better focus our go to market process and ensure that our products, messaging and distribution are aligned with our target consumer. It will be fantastic to have these three critical functions collaborating under one roof and represents an important step toward executing our overall long-term strategic plan. It will also enhance our ability to attract top talent and build an even stronger culture, as we look to be one of the most desirable employers in the audio and youth culture segment. With three world-class mountain resorts, hundreds of miles of trails and significant technology and creative influences, Park City provides us a fantastic base that is rooted in our authenticity as an active and creative brand born on the mountains and in skate parks."

The Company expects to record an associated pre-tax, restructuring charge in the range of $3.0 million to $3.8 million, of which $500 thousand to $1 million is estimated to be incurred in the second quarter of 2013. The Company has approximately 30 employees in San Clemente, the majority of whom will be given the opportunity to relocate with the Company's assistance and continue working in the Park City office. The Company plans to begin implementing the proposed changes this summer and expects the moves to be complete by early fall to minimize any business disruption. 

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