by The Editors on August 4, 2009
Seems like nearly every action sports business could use a million dollar cash infusion, but very few are doing what Chris Saydah is doing. He’s listing his financial needs on NuWire Investor a website that helps connect people with money with those who need it.
Strength Distribution is planned to be a Salt Lake City, Utah company based around the Swiss urban clothing company Advita. We are currently seeking funding. . . The founder is a 10yr industry veteran, with solid and tasteful experience in marketing and management. . . Strength in a turnkey operation and will run as a distribution, marketing and fulfillment company.
Ask and ye shall receive. . .
[Link: NuWire Investor]
by The Editors on August 3, 2009
It appears that Quiksilver has been given a little more time to get things straightened out, according to a release posted on Welt.de.
Quiksilver, Inc. today announced that it has entered into an agreement with its European banking partners to consolidate its European debt obligations, including previously uncommitted lines of credit, into a new committed 4-year facility consisting of €170 million in term loans, a letter of credit facility with a capacity of €40 million and a €58 million revolving line of credit. . . As part of a separate agreement, Societe Generale Bank & Trust, a member of the European bank group, has extended the maturity of a €50 million term loan due to mature in July 2010 until July 2013.
We wondered why the stock was going up this morning. For Bob McKnights somewhat simplified explanations on Quik’s current financial landscape, click here for his interview with TransWorld Business’ Josh Hunter.
[Link: Welt.de]
by The Editors on July 31, 2009
While Volcom may have beaten analysts estimates in Q2 the company’s Q3 outlook is what has pulled the stock down nearly 9% this morning. And thanks to Volcom’s forecasted 65% drop in PacSun business Wedbush Morgan has downgraded the stock from Neutral to Underperform, according to a story on StreetInsider.com.
Wedbush Morgan cut 2009 EPS estimates to $0.60 from $0.81, 2010 to $0.59 to $0.93 and lowered its price target to $8 from $12. The firm said the significant decline in PacSun biz due to fundamental changes will not likely reverse when the consumer improves.
Analysts. . .
[Link: Streetinsider.com]
by The Editors on July 31, 2009
Yesterday we linked to a completely erroneous story on a European website involving Salomon and Bonfire’s parent company Amer Sports. Maarit Mikkonen, Communications Manager, for Amer Sports was kind enough to set us straight.
Amer Sports Corporate headquarters is not moving from Finland to Germany. Amer Sports operations in Germany are moving under one roof.
We apologize for unknowingly promoting incorrect information on the site.
by The Editors on July 30, 2009
Volcom reportedly their Q2 2009 financial results today and things weren’t that great, according to the press release on Fox Business.
For the 2009 second quarter, total consolidated revenues were $54.2 million compared with $72.5 million in the second quarter of 2008. . . Total revenues in the company’s U.S. segment, which includes revenues from the U.S., Canada, Japan and most other international territories outside of Europe, as well as the company’s branded retail stores, were $43.6 million compared with $60.2 million in the prior-year period.
Wooly did what he could with the spin.
“Despite the continued macro economic challenges in the second quarter, our focus and drive to maintain the strength of the Volcom brand is resolute and propelled by our high quality and innovative products,” said Richard Woolcott, Volcom’s chairman and chief executive officer. “Our global presence is stronger than ever, and that, coupled with the sound management of our balance sheet, uniquely provides us with the solid foundation to position our company as a leader in the action sports industry.”
Still, the company has no “significant debt” and around $96.2 million in cash, cash equivalents and short-term investments. And the really great news: analysts were expecting a $.02 per share loss and the company came in at a $0.04 cents per share profits, according to Reuters. So they have that going for them.
[Link: Fox Business and Reuters]
by The Editors on July 30, 2009
The Australian press is really biting into the Kelly Slater vs. The ASP Tour story. Today, The Australian surf writer Fred Pawle digs in a little deeper into the breakaway group involving the nine-time world champion, his manager Terry Hardy, Quiksilver’s Bob McKnight, and former American boxing promoter Matt Tinley, as well as their “in-principle” agreement with ESPN.
ASP chief executive Brodie Carr waited three weeks before he could get a meeting with Hardy, which happened this week in Los Angeles. Carr is not saying what was discussed but one rumour in the surfing world suggests Hardy was bullish about his ability to steal the sport away from the ASP. Other sources say the rebels have employed a team of lawyers to head off any legal challenge from the ASP. . . Neither Hardy nor Quiksilver International in the US are prepared to comment on the new tour or on rumours that McKnight and Slater have invested heavily in the breakaway group, saying a press release will be issued soon.
Read the rest of the story. It has the potential to keep all of us entertained for quite some time.
[Link: The Australian]
by The Editors on July 30, 2009
Regis Roland, visionary founder of the original Apocalypse Snow films and brand, put his French snowboard/freeski company Apo Snow “into administration protection” on July 6, 2009, according to an interview on Board Sports Source. Here’s some of what he had to say about it.
I think everybody has noticed that the financial crisis has hit companies badly and it has unfortunately hit my company at the wrong time. Indeed, in the past 5 years, we have been investing in costly innovative projects such as our patented bindings, (Our Dual Entry System) and more recently our new ski range. . .The returns have been decent, but as an independent brand, we do not have the financial clout to support such a large investment without the backing of a strong financial group or the support of our banks.
Roland says the company is “not dead,” production of the 2009/10 has been launched, and he is currently looking for a private investor to make the company stronger.
[Link: Board Sports Source]
by The Editors on July 30, 2009
Next time you find yourself at The Standard Hotel without proper swimwear (sadly it’s still required at The Standard) you can simply cruise over to a vending machine and pick up a pair of Quik classic trunks or Quik binkini without even speaking to a human thanks to a new collab between the surf giant and the porny hotel chain.
In celebration of the bold attitudes and bright colors of the boardshort’s golden era, Quicksilver has partnered up with The Standard to reissue their original boardshorts from the 70s and 80s but with modern fits, fabrics and technolocy. . . The Standard boardshorts by Quiksilver and Quiksilver women’s bikini will be sold through the first ever boardshort/bikini vending machines located poolside at the Standard Hotels.
Wonder if they come with condoms in every pocket?
[Link: The Mountain and Wave and ShopStandard]
by The Editors on July 28, 2009
According to a press release posted on Thrasher Magazine’s website, Cliché Skateboards has been acquired by Dwindle Distribution. The France based skateboard manufacturer has been one of the few European grown companies to make its presence known in the rest of the world.
Cliché has always had a strong European presence, they have consistently put out quality video projects and carry a strong respect in the skateboarding community,” said Bod Boyle, president of Dwindle. “We are proud of what they have achieved and see a great opportunity for them to become a truly global brand under Dwindle’s worldwide infrastructure.
It’s a small globe after all. . . it’s a small, small globe.
[Link: Thrasher Magazine]
by The Editors on July 28, 2009
Skullcandy’s CEO Rick Alden is up for Entrepreneur of 2009 in a contest held by Entrepreneur magazine. He is up against four other CEO’s that you’ve never heard of (click here for Rick’s video bio)
“The greatest part of Skullcandy for me has been the association with an incredible team of employees. Being blessed to work with these people every day is the best part of the ride,” Alden stated. “I have a high opinion of the importance of entrepreneurship in America, so to be included with this caliber of other founders in the premier magazine for entrepreneurs is an insane honor.”
If you’d like to help Rick win, click here and vote by October 12, 2009. And if you’d like to see someone else to win, click here and vote from someone else.
[Link: Entrepreneur.com]
