DECKERS OUTDOOR CORPORATION REPORTS FINANCIAL RESULTS FOR THE SECOND QUARTER OF 1995.CARPINTERIA, Calif.--(BUSINESS WIRE)--July 19, 1995--Deckers Outdoor Corporation (Nasdaq:DECK) today announced financial results for the second quarter and six months ended June June: see month. 30, 1995. Net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight for the recent second quarter were $21,781,000 compared with $28,302,000 in the second quarter of 1994. Net income for the quarter was $1,135,000, or $0.12 per share, compared with net income of $3,707,000, or $0.38 per share, in the second quarter of 1994. For the six months ended June 30, 1995, net sales totaled $57,864,000 versus net sales of $56,799,000 for the comparable period in 1994. Net income for the recent six month period was $5,848,000 compared with $7,769,000 for the same period of 1994. Earnings per share for the 1995 period were $0.62 compared with $0.80 in the prior year. "Our results for the second quarter were affected by a variety of factors," said Douglas Douglas, city, Isle of Man Douglas, city (1991 pop. 19,950), capital of the Isle of Man, Great Britain. It is a popular resort, connected by rail to Ramsey and Port Erin, on the Irish Sea. Tourism is the chief industry. Otto Otto, Austrian archduke Otto: see Hapsburg, Otto von. , chief executive officer of Deckers. "The unseasonably cold weather, the poor overall retail environment, and the abundance Abundance See also Fertility. Amalthea’s horn horn of Zeus’s nurse-goat which became a cornucopia. [Gk. Myth.: Walsh Classical, 19] cornucopia conical receptacle which symbolizes abundance. [Rom. Myth. of sport sandals in the marketplace had a negative impact on sales of our Teva sports sandals to the consumer. As a result, cancellations by our customers exceeded reorders. In addition, a major order representing approximately $4 million in sales, which was shipped in late June, was subsequently cancelled on July July: see month. 14 and consequently was not included in net sales for the second quarter. These factors adversely impacted our operations and lead to inventory writedowns." "Despite the difficulties in the marketplace, we believe Teva remains the premier sport sandal brand and is well-positioned through its product innovation and brand extension," Mr. Otto continued. "Further, we expect to continue our strategy to diversify diversify To acquire a variety of assets that do not tend to change in value at the same time. To diversify a securities portfolio is to purchase different types of securities in different companies in unrelated industries. and balance seasonality by owning and developing strong niche brands, as we have done with Teva and Simple shoes, and the pending acquisition of UGG UGG You Go Girl UGG United Grain Growers, Ltd. (Canada) UGG Urban Golf Gear (clothing brand) UGG Underground Groovement (Finland band) ." "Simple shoes continues to do well, with second quarter sales of approximately $5,282,000, increasing approximately 80% since the second quarter of 1994 and representing approximately 24% of net sales for the quarter." Deckers Outdoor Corporation Deckers Outdoor Corporation is a footwear manufacturer based in Goleta, California, United States. Deckers currently makes three brands:
n. 1. Orient The countries of Asia, especially of eastern Asia. 2. a. The luster characteristic of a pearl of high quality. b. A pearl having exceptional luster. 3. footwear Footwear consists of garments worn on the feet. It is worn for a variety of reasons, including protection against the environment, hygiene and adornment. Usually, socks and other hosiery are worn between the feet and the footwear, except for sandals and flip flops (thongs). and apparel, developed specifically for high performance outdoor, sports and other lifestyle related activities as well as for casual use. The company's products are offered under the Teva, Simple, Sensi sensi Antibacterial sensitivity test, see there and Picante pi·can·te adj. 1. Prepared in such a way as to be spicy. 2. Having a sauce typically containing tomatoes, onions, peppers, and vinegar. brand names. -0-
DECKERS OUTDOOR CORPORATION
AND SUBSIDIARIES
Condensed Consolidated Statements of Earnings
(Unaudited)
Three-month period ended Six-month period ended
June 30 June 30
1995 1994 1995 1994
Net sales $ 21,781,000 28,302,000 $57,864,000 56,799,000
Cost of sales 12,718,000 14,693,000 31,339,000 28,896,000
Gross profit 9,063,000 13,609,000 26,525,000 27,903,000
Selling, general and administrative expenses 7,090,000 7,431,000 16,462,000 14,933,000 Earnings from operations 1,973,000 6,178,000 10,063,000 12,970,000
Other expense (income):
Interest expense
(income) 68,000 (147,000) 15,000 (304,000)
Minority interest
in net loss
of subsidiary 0 (56,000) 0 (114,000)
Miscellaneous expense
(income) (35,000) (11,000) 52,000 (7,000)
1,940,000 6,392,000 9,996,000 13,395,000
Income taxes 805,000 2,685,000 4,148,000 5,626,000
Net earnings $ 1,135,000 3,707,000 $ 5,848,000 7,769,000
Net earnings per common and common equivalent shares $ 0.12 0.38 $ 0.62 0.80 Weighted average common and common equivalent shares outstanding 9,285,000 9,670,000 9,447,000 9,677,000
DECKERS OUTDOOR CORPORATION
AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(Unaudited)
June 30, December 31,
Assets 1995 1994
Current assets:
Cash and marketable securities $ 2,077,000 7,722,000
Trade accounts receivable, net 26,602,000 18,938,000
Advance to UGG Holdings, Inc. 3,000,000 --
Inventory 17,964,000 23,410,000
Prepaid expenses and other current
assets 4,217,000 3,917,000
Total current assets 53,860,000 53,987,000
Property and equipment, at cost, net 3,140,000 2,542,000 Intangible assets, net 2,414,000 1,477,000 Note receivable from supplier 4,317,000 3,672,000 Other assets 970,000 973,000
$ 64,701,000 62,651,000
Liabilities and Shareholders' Equity
Current liabilities:
Current maturities of long-term debt $ 138,000 150,000
Accounts payable 1,505,000 1,769,000
Accrued expenses 2,681,000 2,254,000
Income taxes payable 44,000 1,558,000
Total current liabilities 4,368,000 5,731,000
Long-term debt, less current maturities 2,436,000 --
Shareholders' equity:
Preferred stock -- --
Common stock 92,000 96,000
Additional paid in capital 28,940,000 33,807,000
Retained earnings 28,865,000 23,017,000
Total shareholders' equity 57,897,000 56,920,000
$ 64,701,000 62,651,000
CONTACT: Deckers Outdoor Corporation, Carpinteria Diana Diana, in Roman religion Diana (dīăn`ə), in Roman religion, goddess of the moon, forests, animals, and women in childbirth. She was probably originally a forest goddess and a special patroness of women. Wilson Wilson, city (1990 pop. 36,930), seat of Wilson co., E N.C., in a rich agricultural region; inc. 1849. It is a commercial and industrial center with a large tobacco market. Manufactures include textile goods (especially clothing), metal products, and processed foods. , 805/684-7722 or Morgen-Walke Associates, Inc. Doug DOUG Dumb Old Utility Guy Sherk Sherk is a family name that may refer to:
415/296-7383 Jill Ruja, Ellissa Grabowski, 212/850-5600 |
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