This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Skullcandy Announces Third Quarter 2013 Financial Results

PARK CITY, Utah, Oct. 30, 2013 (GLOBE NEWSWIRE) -- Skullcandy, Inc. (Nasdaq:SKUL) today announced financial results for the third quarter ended September 30, 2013.

Third Quarter Results

  • Net sales were $50.0 million
  • Gross margin was 44.9%
  • Net income was $0.04 per diluted share
  • Non-GAAP adjusted net income was $0.06 per diluted share

"The third quarter was a productive period as we continued to execute against the key pillars we have established that will put Skullcandy on a path towards long-term growth and shareholder value creation," said Hoby Darling, President and Chief Executive Officer of Skullcandy. "We have a good deal of work to go, however, we made important progress in fine tuning our distribution model, which over time should improve full price selling and strengthen our premium brand positioning. We also broadened awareness of our enhanced innovation platform through increased availability of Crusher. Our corporate culture is getting stronger and our level of execution continues to improve, helping us achieve our profitability target even as we purposefully reduced sales intra quarter to certain retailers as part of our ongoing Edit, Amplify and Add marketplace transformation strategy and continued to invest in in-store demand creation and innovation. There is tremendous opportunity to drive further improvements across our organization and I am very encouraged by the initial advancements and feel strongly that we are set up to deliver improved results beginning next year."

Net sales in the third quarter of 2013 decreased 29.6% to $50.0 million from $71.0 million in the same quarter of the prior year. North America net sales decreased 39.4% to $34.8 million from $57.4 million in the same quarter of the prior year. Consistent with the strategy stated in previous quarters, the Company continued to scale back its sales to the off-price channel, which were down approximately $4.4 million, or 74.6%, compared with the third quarter of 2012. In addition, there was a decrease in net sales of $2.2 million as a result of the transition to a direct distribution model in Canada. International net sales increased 11.9% to $15.2 million from $13.6 million in the same quarter of the prior year. Included in the North America segment in third quarter 2013 and third quarter 2012 are net sales of $0.9 million and $3.0 million, respectively, of products that were sold from the United States to customers with a "ship to" location outside of North America. Including these sales in the international segment, international net sales decreased 2.5%, and North America net sales decreased 37.8%, compared to the same quarter in the prior year.

1 of 5

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

DOW 18,232.02 -53.72 -0.29%
S&P 500 2,126.06 -4.76 -0.22%
NASDAQ 5,089.3620 -1.4320 -0.03%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs