Wall Street

Andy Mooney’s Quik Exit

by The Editors on March 27, 2015

Quiksilver-1It likely wasn’t quick enough for some, but it appears that Andy Mooney’s two year run in the Quiksilver CEO position is over. In a release today, Quiksilver said that Mooney is “no longer with the company.”

From our perspective that is one of the best bits of news out of Quiksilver in a while. On Mooney’s watch (which began January 11, 2013) Quiksilver sold off Mervin, Hawk, Moskova, and Maui & Sons. They lost Kelly Slater and began turning in some pretty big quarterly losses.

At first it seemed the street thought the losses were part of the pain of Mooney’s restructuring (with some help from a down market). By Halloween 2013 the stock was up to $8.11 on the promise that Mooney was pointed the right direction. But by June 2, 2014 it was obvious things weren’t going well and the stock began taking hit after hit until that ultimately left it at $2.25 at the close today (March 27, 2015).

Today’s after-hours dip of 15 percent (down to $1.90) may suggest some aren’t happy about today’s news either, but the Quiksilver board has a plan. It looks a little like this:

. . . Pierre Agnes, President of Quiksilver, Inc., has been promoted to Chief Executive Officer and added to the Board of Directors; he succeeds Andy Mooney who is no longer with the company. In addition, Greg Healy, Quiksilver’s APAC Region President, has been promoted to President of Quiksilver, Inc., and Bob McKnight has been appointed Chairman. All changes are effective today. . . “The board has great confidence in Pierre’s ability and skills to lead our company. His primary focus will be on improving operational execution and efficiencies, and identifying growth opportunities, especially in the U.S. wholesale channel.”

It’s always good to see the people who intimately know the brand back at the helm. We’ll leave it at that. For some deeper thoughts on the news read Jeff Harbaugh’s post by clicking here. For the official word from Quiksilver, please follow the jump. [click to continue…]

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Billabong Hit With Class Action Suit

by The Editors on March 26, 2015

Billabong CorpSome investors (Malone Family Superannuation Fund) who lost money when Billabong shares tanked in 2012 are now suing the company saying Billabong breached “its disclosure obligations,” according to a Reuters story.

The fund bought just under A$30,000 ($23,466) worth of Billabong shares at an average of A$4.35 per share in November 2011, the statement from the legal firm added. The shares later fell following a series of earnings downgrades. . . If Billabong had been more forthright, the fund “would either have bought Billabong securities at a price which had not been artificially inflated or they would have acquired securities in another listed entity instead”, the statement added.

Not surprisingly Billabong disagrees and says it will “vigorously defend” itself.

[Link: Reuters]

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Street League Rolls To Barcelona In May

by The Editors on March 24, 2015

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Rob Dyrdek is taking the Street League Skateboarding message into all the world for 2015 with a “pro open” scheduled for Barcelona, Spain May 16-17, 2015.

Following the SLS Nike SB Pro Open in Barcelona, the 2015 SLS Nike SB World Tour officially kicks off in Los Angeles, CA, moving on to New York City neighbor Newark, NJ, then on to Chicago, IL. The season’s first arena stop will return to skateboarding’s hometown of Los Angeles, where in 2014 SLS saw its first ever sold-out crowd. Also a first in League history, SLS will bring the full 25-Pro League roster out to the East Coast where traditionally fans there have witnessed only the Top 8 Pros battle it out in the SLS Nike SB Super Crown World Championship. In 2015, the SLS Nike SB Super Crown World Championship will now be held in the America’s heartland in Chicago, IL, bridging the East and West Coast skate scenes.

For the official word from Street League, including dates, locations, and TV broadcast schedule, please follow the jump. [click to continue…]

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Jim Jannard Buying Up Hanalei Bay

by The Editors on March 12, 2015

JannardOakley and Red camera founder (and #462 on Forbes Billionaire List) Jim Jannard is apparently buying up a couple beach front lots on Kauai’s North Shore according to a story in Pacific Business News.

Jannard is under contract to purchase several adjacent Hanalei Bay beachfront homes about a quarter-mile up the beach, a source tells PBN. . . . Jannard’s Kauains LLC in 2012 purchased a 23,162-square-foot parcel of land on Weke Road in Hanalei for $13.35 million from Jan Hailey Revocable Trust, near his current purchases. He sold it to Waioli Surf Shack Holdings LLC for $15 million a year later, according to public records.

If you’re going to own a strip of beach front somewhere in the world, it might as well be Hanalei Bay, right?

[Link: Pacific Business News]

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It’s Official: Mammoth Owns SoCal

by The Editors on March 4, 2015

Rg Mammoth

With that pen Mammoth Mountain CEO Rusty Gregory officially tied together all the lose ends in Mammoth’s plans to own Southern California mountain recreation. Mammoth now owns Bear Mountain and Snow Summit. Sure, Mtn. High and Snow Valley are still running lifts, but you know what we mean. Gregory, however, is much more poetic about it.

“This is more than a merger of ski resorts, we’re creating greater access to year-round mountain experiences with a distinctly southern California feel,” said Mammoth CEO Rusty Gregory. “At Big Bear Mountain Resorts our goal is to provide the best first-time ski, snowboard and mountain bike experience in the country.”

And then, as soon as he gets them up and sliding (or rolling) he’s going to entice them to make the six hour drive to Mammoth and maybe even buy a condo! Yes, now Mammoth Resorts really is Mammoth. For the official word from Mammoth Resorts, please follow the jump. [click to continue…]

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Quiksilver Postpones Earnings Report

by The Editors on March 4, 2015

Unknown-4Well, this isn’t good news. Quiksilver today (March 4, 2015) postponed its first-quarter financial report due to a “possible error,” according to a story on Fox News.

The company’s audit committee is investigating a “revenue cut-off issue” first noticed by management. . . The company was scheduled to post earnings Thursday. It expects to announce a new date for the release later this month. The audit committee will provide an update on the investigation at a March 16 board meeting.

In the meantime, shares of the company dropped 16 cents to $1.83.

[Link: Fox News]

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Vans Signs Rowan Zorilla To Global Team

by The Editors on March 3, 2015

Rowanzorilla Indyair Helena,Mt[2]

Looks like Rowan Zorilla won’t have to worry about shoes (or clothing) for a while (not that he’s had in trouble with that in the past). Vans has bumped him up to official global team status and they’re pretty happy about that.

Rowan is among the most naturally well-rounded skateboarders to emerge on the scene in recent years with the ability to charge a bowl as hard as he can skate a 12-stair rail, switch and regular. In the past year, RoZo has gone from relatively underground flow ripper to full Vans and Baker skateboards Am by managing to bang out an upcoming video part for this spring’s highly anticipated Vans skateboarding video.

Congrats, Rowan!

[Link: Vans]

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WSL’s World Headquarters Are Pretty Plush

by The Editors on February 25, 2015

Cozen1

When the World Surf League wants to project success they’ll invite potential sponsors to their newly renovated Santa Monica, California offices where Malibu design build firm Classical Progression, Inc. just gave the place a complete “surfer” make over, according to a story in Malibu Business.

Just steps from the surf in Santa Monica, the newly renovated, vintage bow-truss warehouse boasts business and creative office space for 50, a fully-equipped professional sound stage for its on-site broadcasting of worldwide competitions, a café with beer on tap, a game room with 24-hour live, surf video footage, and an on-site gym, complete with his and her locker rooms, all designed in a sophisticated surfer vibe. Professional surfers are welcome.

Those who have followed WSL CEO Paul Speaker’s career will not be surprised. It seems a newly renovated office is where he does his best work.

[Link: Malibu Business]

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World Surf League Goes Digital First

by The Editors on February 23, 2015

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The New York Times checks in with Paul Speaker and the ZoSea Media Holdings crew to get their spin on plans for World Surf League web broadcasting and the new 6,000 square foot production studio in their Santa Monica, California headquarters. Not surprisingly, according to WSL data the WSL is doing very well on everything digital and social as far as percentages go.

In making everything available online, the W.S.L. has solidified its growth in a key demographic: More than 67 percent of its audience is between 25 and 44 years old. Engagement across their Facebook, Twitter, Instagram and Snapchat accounts nearly doubled, while simultaneously dwarfing engagement rates of larger, more established leagues. The N.F.L.’s Facebook page has some 12.5 million likes compared with the surfing league’s 2.3 million likes. Yet the engagement that the league has per post — likes, comments and shares — is on par with the N.F.L., according to data provided by the organization.

For the rest of the story click the link.

[Link: New York Times]

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Dragon Partners With USSA Events

by The Editors on February 23, 2015

Dragon DealDragon Alliance is upping their presence at USSA events like the US Grand Prix in a new deal with Crown Sports United.

“With revolutionary technology like the first fully frameless snow goggle and our new Swiftlock Lens Change System, we constantly strive to enhance the experience of being in the mountains,” said Dragon Alliance Founder and Chief Executive Officer Will Howard. “We are excited to leverage this opportunity with Crown Sports to engage more fully with USSA supporters and the winter recreation community.”

This new agreement will reportedly see the integration of Dragon signage, on-site marketing space, in-event promotion, video content on broadcast and in-event, and promotion on USSA social media channels for the eyewear company. For the official word from Dragon, please follow the jump. [click to continue…]

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