NEW YORK (TheStreet) -- Skullcandy Inc. (SKUL - Get Report) reported that its net income increased to $1.6 million, or 6 cents per diluted share for the 2014 second quarter, compared to a net loss of -$0.6 million, or -2 cents per diluted share for the year ago quarter.
The company, which designs, markets, and distributes performance audio and gaming headphones, said net sales for the latest quarter were up by 6% to $53.9 million, from $50.8 million for the 2013 second quarter.
Shares of Skullcandy are flat in after-hours trading today.
TheStreet Ratings team rates SKULLCANDY INC as a Hold with a ratings score of C-. TheStreet Ratings Team has this to say about their recommendation:
"We rate SKULLCANDY INC (SKUL) a HOLD. The primary factors that have impacted our rating are mixed some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its increase in net income, revenue growth and largely solid financial position with reasonable debt levels by most measures. However, as a counter to these strengths, we also find weaknesses including disappointing return on equity and weak operating cash flow."
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