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VOLCOM, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS

2009

As of December 31, (In thousands, except share and per

share data)

Assets Current assets: Cash and cash equivalents Short-term investments Accounts receivable net of allowances of $8,626 (2009) and $6,998 (2008) Inventories Prepaid expenses and other current assets Income taxes receivable Deferred income taxes Total current assets Property and equipment net Investment in unconsolidated investee Deferred income taxes Intangible assets net Goodwill Other assets Total assets Liabilities and Stockholders Equity Current liabilities: Accounts payable Accrued expenses and other current liabilities Current portion of capital lease obligations Total current liabilities Long-term capital lease obligations Other long-term liabilities Income taxes payable non-current Commitments and contingencies (Note 10) Stockholders equity: Common stock, $0.001 par value 60,000,000 shares authorized; 24,374,362 (2009 and 2008) shares issued and outstanding Additional paid-in capital Retained earnings Accumulated other comprehensive income Total stockholders equity

$

76,180 35,000 53,792 33,250 4,353 725 7,700 211,000 26,348 330 3,545 9,784 1,291 735

30.11% 13.83% 21.26% 13.14% 1.72% 0.29% 3.04% 83.39% 10.41% 0.13% 1.40% 3.87% 0.51% 0.29% 100.00%

$

253,033

$

22,788 9,957 50 32,795 1,203 68

9.01% 3.94% 0.02% 12.96%

0.48% 0.03% 0.00%

24 92,192 123,679 3,072 218,967

0.01% 36.43% 48.88% 1.21% 86.54%

Total liabilities and stockholders equity

$

253,033

100.00%

s of December 31, 2008 (In thousands, share data) 2007

cept share and per

$

79,613 60,914 27,086 2,596 3,309 4,947 178,465 26,716 330 4,028 10,578 665 841

35.92%

92,962 58,270 20,440 1,720 326 2,956 176,674 24,427 298 268 363 464 202,494

45.91%

27.49% 12.22% 1.17% 1.49% 2.23% 80.53% 12.05% 0.15% 1.82% 4.77% 0.30% 0.38% 100.00%

28.78% 10.09% 0.85% 0.16% 1.46% 0.00% 87.25% 0.00% 12.06% 0.15% 0.13% 0.18% 0.23% 0.00% 100.00%

$

221,623

$

15,291 11,393 71 26,755 23 1,048 94

6.90% 5.14% 0.03% 12.07% 0.01% 0.47% 0.04%

18,694 10,561 72 29,327 33 190 89

9.23% 5.22% 0.04% 14.48% 0.02% 0.09% 0.04%

24 90,456 101,935 1,288 193,703

0.01% 40.82% 45.99% 0.58% 87.40%

24 89,185 80,226 3,420 172,855

0.01% 44.04% 39.62% 1.69% 85.36%

$

221,623

100.00%

202,494

100.00%

VOLCOM, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS

2009 %Revenue %ofChange

Year Ended December 31, 2008

(In thousands, except share and per share da

Revenues: Product revenues Licensing revenues Total revenues Cost of goods sold Gross profit Operating expenses: Selling, general and administrative expenses Asset impairments Total operating expenses Operating income Other income (loss): Interest income, net Foreign currency gain (loss) Total other income (loss) Income before provision for income taxes Provision for income taxes Net income Net income per share: Basic Diluted Weighted-average shares outstanding: Basic Diluted

$

278,598 2,041 280,639 139,844 140,795 110,847 110,847 29,948 358 1,534 1,892 31,840 10,096

99.27% 0.73% 100.00% 49.83% 50.17% 39.50%

$

39.50% 10.67%

0.55% 0.67% 11.35% 3.60% 7.75%

$

21,744

$

$ $

0.89 0.89

$ $

24,352,146 24,363,544

Year Ended December 31, 2008 %Revenue %ofChange 2007 %ofRevenue

sands, except share and per share data)

332,110 2,194 334,304 171,208 163,096 112,464 16,230 128,694 34,402 901 -1,807 -906 33,496 11,787 21,709

99.34% 0.66% 100.00% 51.21% 48.79% 33.64% 4.85% 38.50% 10.29% 0.27% -0.54% -0.27% 10.02% 3.53% 6.49%

$

265,193 3,420 268,613 138,570 130,043 79,411 79,411 50,632 3,973 401 4,374 55,006 21,671

98.73% 1.27% 100.00% 51.59% 0.00% 48.41% 0.00% 29.56%

29.56% 0.00% 18.85% 1.48% 0.15% 1.63% 20.48% 8.07% 12.41%

$

33,335

0.89 0.89 24,337,923 24,357,652

$ $

1.37 1.37 24,302,893 24,419,802

VOLCOM, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS

2009

Year Ended December 31, 2008 (In thousands)

Cash flows from operating activities: Net income Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization Provision for doubtful accounts Loss on disposal of property and equipment Asset impairments Excess tax benefits related to exercise of stock options Stock-based compensation Deferred income taxes Changes in operating assets and liabilities: Accounts receivable Inventories Prepaid expenses and other current assets Income taxes receivable/payable Other assets Accounts payable Accrued expenses Other long-term liabilities Net cash provided by operating activities Cash flows from investing activities: Purchase of property and equipment Business acquisitions, net of cash acquired Purchase of intangible assets Purchase of short-term investments Sale of short-term investments Purchase of additional shares in cost method investee Proceeds from sale of property and equipment Net cash used in investing activities Cash flows from financing activities: Principal payments on capital lease obligations Proceeds from government grants Proceeds from the exercise of stock options Excess tax benefits related to exercise of stock options Net cash (used in) provided by financing activities Effect of exchange rate changes on cash Net (decrease) increase in cash and cash equivalents Cash and cash equivalents Beginning of period

$

21,744

$

21,709

6,360 2,490 77 134 1,795 (2,277 ) 5,241 (5,838 ) (1,759 ) 2,485 103 7,126 (1,623 ) 151 36,209

7,315 2,332 1 16,230 (34 985 (6,349 (3,114 (1,844 (499 (3,021 (306 (8,096 (1,059 422 24,672

(4,798 ) (890 ) (74,932 ) 39,932 18 (40,670 )

(5,915 (32,138 (589 (278 278 (32 15 (38,659

(83 ) (83 ) 1,111 (3,433 ) 79,613

(127 455 273 34 635 3 (13,349 92,962

Cash and cash equivalents End of period Supplemental disclosures of cash flow information: Cash paid during the period for: Interest Income taxes

$

76,180

$

79,613

$

4 10,380

$

110 20,804

nded December 31, 2007

n thousands)

$

33,335

) ) ) ) ) ) ) ) )

2,895 831 24 161 (444 ) 934 (191 ) (23,736 ) (6,789 ) (311 ) (339 ) (242 ) 9,396 3,791 (36 ) 19,279

) ) ) ) )

(14,989 ) 16 (14,973 )

)

)

(78 ) 229 1,028 444 1,623 1,619

)

7,548 85,414

$

92,962

$

35 22,799

Inthousands,exceptshareamounts ASSETS Current assets: Cashandcashequivalents Restrictedcash Tradeaccountsreceivable,lessallowancesof$48,156 (2010)and$47,211(2009) Otherreceivables Inventories Deferredincometaxesshort-term Prepaidexpensesandothercurrentassets Currentassetsheldforsale Total current assets Fixedassets,lessaccumulateddepreciationand amortizationof$246,655(2010)and$248,557(2009) Intangibleassets,net Goodwill Otherassets Deferredincometaxeslong-term Total assets LIABILITIES AND STOCKHOLDERS EQUITY Current liabilities: Linesofcredit Accountspayable Accruedliabilities Currentportionoflong-termdebt Incometaxespayable Liabilitiesrelatedtoassetsheldforsale

$

January31, 2010 149,561 49,352

322,959 28,832 301,216 63,220 40,698 86 955,924

$ $

225,320 141,995 324,431 76,017 58,586 1,782,273 24,927 203,232 91,222 93,314 14,202 324

Total current liabilities Long-termdebt,netofcurrentportion Otherlong-termliabilities Total liabilities Stockholders equity: Preferredstock,$.01parvalue,authorizedshares- 5,000,000;issuedandoutstandingshares-none Commonstock,$.01parvalue,authorizedshares- 185,000,000;issuedshares-131,761,930(2010)and 131,484,363(2009) Additionalpaid-incapital Treasurystock,2,885,200shares Accumulateddeficit Accumulatedothercomprehensiveincome TotalQuiksilver,Inc.stockholdersequity Non-controllinginterest Total stockholders equity Total liabilities and stockholders equity

427,221 858,324 40,573 1,326,118

1,318 370,878 (6,778 (6,977 89,424 447,865 8,290 456,155

$

1,782,273

Inthousands,exceptpershareamounts Revenues,net Costofgoodssold Gross profit Selling,generalandadministrativeexpense Assetimpairments Operating income Interestexpense,net Foreigncurrencyloss(gain) Minorityinterestandotherexpense(gain) (Loss)incomebeforeprovisionforincometaxes Provisionforincometaxes (Loss)incomefromcontinuingoperations Loss(Gain)fromdiscontinuedoperations Net loss (Loss)incomepersharefromcontinuingoperations Losspersharefromdiscontinuedoperations Netlosspershare Weightedaveragecommonsharesoutstanding

$

12 Mos 3 Mos add 3 Mos 2009 1/31/2010 1/31/2010 1/31/2009 1,977,526 432,737 2,410,263 443,278 1,046,495 931,031 210,588 1,257,083 236,115 207,163 206,818

222,149 1,153,180 851,746 203,160 1,054,906 10,737 68,548 63,924 8,633 21,873 (1,979) 851 (1,756) 66,667 (73,215) 3,674 (5,430) 76 (5,354) (0.04) 0.00 (0.04) 127,648 70,341 (78,645) 18,989 85,797 6,654 3,390 (8,304) 0 87,537 10,737

345 14,154 1,430 42 (15,281) 50,581 (65,862)

2,539 (6,548)

(118,827) $ (192,042) (0.58) $ (0.94) (1.51) 127,042 (1.55) (0.94) (1.53) 127,039 (1.01) (118,751) (128,564) (197,396) (194,426) (0.62) (0.52)

Subtract 1/31/2009 1,966,985 1,020,968 946,017 848,088 10,737 87,192 71,643 5,224 3,348 6,977 19,760 (12,783) 9