by The Editors on December 17, 2012
Thanks to all kinds of rumors surrounding a possible $1.10 a share buy-out by Billabong America’s president Paul Naude, trading in the company’s stock has once again been halted, according to a story in the Hearld Sun.
Mr Naude, who stepped aside from the role last month to investigate a management buyout, is believed to have lined up US-based private equity group Sycamore Partners to help fund the deal. . . According to market speculation, the offer was put to Billabong chairman Ian Pollard late on Friday. . . It would value the company at $526.8 million. . . The group’s shares jumped to a two-month high of $1.01 yesterday as opportunity-hungry investors leapt on early speculation of a deal shortly after 11am.
The halt on trading was requested by the company “until tomorrow, pending an announcement.” Well, Parko won the world title, so guess that means the deal has to go through.
[Link: Herald Sun]
by The Editors on December 13, 2012
Thanks to what is being called “significantly lower income-tax benefits and weaker markets” Quiksilver’s fourth-quarters earnings were down 94 percent, according to a story on Marketwatch.
In the latest quarter, Quiksilver recorded a benefit for income taxes of $7.4 million, significantly lower than the $64.3 million provision recorded a year earlier. . . For the quarter ended Oct. 31, Quiksilver posted a profit of $4.4 million, or two cents a share, down from $67.9 million, or 38 cents a share. Excluding special items such as impairment charges and restructuring expenses, profit was seven cents a share in the latest quarter. Revenue grew 2.5% to $559 million.
In spite of all this CEO Bob McKnight is “pleased, despite economic headwinds in certain markets, especially Europe and Australia, that revenues for fiscal 2012 increased across all three regions, all three major brands and all three distribution channels, in constant currency.” So there’s that.
[Link: Marketwatch, Call transcript via Seeking Alpha]
by The Editors on December 12, 2012
The New York Times looks into the issue of global warming and the future of the snow resort business. If some scientists are correct the entire business could look quite different in 78 years (not that we’d care all that much at that point.)
Under certain warming forecasts, more than half of the 103 ski resorts in the Northeast will not be able to maintain a 100-day season by 2039, according to a study to be published next year by Daniel Scott, director of the Interdisciplinary Center on Climate Change at the University of Waterloo in Ontario.. . . In the Rockies, where early conditions have also been spotty, average winter temperatures are expected to rise as much as 7 degrees by the end of the century. Park City, Utah, could lose all of its snowpack by then. In Aspen, Colo., the snowpack could be confined to the top quarter of the mountain. So far this season, several ski resorts in Colorado have been forced to push back their opening dates.
Guess by that time the kids will have to move indoors to some refrigerated slopes. Or, maybe the Republicans are right and by then we’ll be entering the next ice age. Who do you believe?
[Link: New York Times]
by The Editors on December 10, 2012
You’d notice that several of the companies listed in Unruly’s “Most Shared Social Video Brands of 2012 are in our space. Looks like DC Shoes must be doing something right. They beat the colored cow and Coke when it comes to video. Of course Nike slayed them all and the Google took top prize (even thought they’re probably responsible for most of the views). Follow the jump for the whole chart. [click to continue…]
by The Editors on December 10, 2012
Vicki Redding, the former La Jolla Group Senior Vice President, Merchandise and Design and Quiksilver/DC Shoes Senior Vice President Americas Merchandise and Design, is now Vans new Vice President, Apparel according to an announcement made by Vans President Kevin Bailey today (December 10, 2012).
Vans’ Apparel business is rapidly growing in both size and complexity and is a critical component to our business initiatives,” said Bailey “Vans has a strong team in place and having someone of Vicki’s caliber and experience will only strengthen our brand.”
For the official word from Vans, follow the jump. [click to continue…]
by The Editors on December 10, 2012
Nike and Adidas aren’t the only heritage athletics footwear brands rolling skateboarding. Nope. Welcome New Balance to the party with New Balance Numeric a collaboration between New Balance, Black Box, and Westlife Distribution.
“New Balance is proud to partner with Black Box on the New Balance Numeric skate footwear initiative,” says Rob DeMartini, President & CEO at New Balance. “As one of the most authentic and talented skate companies in the industry, Black Box offers industry knowledge and a strong commitment to skate specialty retailers that matches well with our 107-year-old tradition of delivering technical design-forward performance products for athletes.”
Jamie Thomas is obviously on board.
“I have always found the heritage and integrity of New Balance inspirational, therefore it’s truly an honor for Black Box to partner with New Balance on the New Balance Numeric project,” says Jamie Thomas, Black Box company founder and professional skateboarder.
And so is Westlife’s Mike West.
“The vision for New Balance Numeric is to bring something unique to skateboarding. We combine the East Coast heritage and supreme workmanship of New Balance with the West Coast lifestyle and culture of Skateboarding,” says Michael Akira West, President & CEO at Westlife Distribution.
For what’s left of the official press release, follow the jump. [click to continue…]
by The Editors on December 7, 2012
Vail Resorts, Inc., the big box of the snow resort industry, is apparently doing so well with their Colorado and California resorts that they are reaching out to grab two resorts in the midwest, according to a story on Sports One Source.
Vail Resorts, Inc. has entered into agreements to purchase two premier urban ski areas in the Midwest, Afton Alps in Minnesota and Mount Brighton in Michigan, for total cash consideration of $20 million. Both ski areas serve major snow sports markets in the Midwest with more than 468,000 active skiers and snowboarders in the nearby Minneapolis-St. Paul and Detroit metropolitan areas.
These two resorts will be added to Vail’s resort portfolio which already includes: Vail, Beaver Creek, Breckenridge, Keystone, Heavenly, Northstar and Kirkwood. To big to fail, right?
[Link: Sports One Source]
by The Editors on December 6, 2012
The SnowSports Industry of America released their fall SIA RetailTRAK numbers today (December 6, 2012) for the period August through October 2012 and it wasn’t good news.
The snow sports market declined 2%, but reached $616M in sales so far this season (August through October) despite significant disruptions in retail sales in the South and Northeast regions due to Hurricane Sandy, uncertainty in the face of the “fiscal cliff,” and lack of momentum from the snow-challenged 2011/2012 season.
And you thought last fall was bad for sales? We’ll just pray for a good Christmas. For the official word from SIA, follow the jump. [click to continue…]
by The Editors on December 3, 2012
The Vladimir Gusinsky Living Trust (click the link it’s worth it) has reportedly sued Quicksilver CEO Bob McKnight and the board of directors over some restricted stock that was given to several top executives at the company, according to a story in BloombergBusinessweek.
Awards of 4 million restricted stock units to McKnight, Pierre Agnes, president of Quiksilver Europe, and Craig Stevenson, the company’s chief operating officer, violated a 2000 stock incentive plan, according to the complaint filed today by the Vladimir Gusinsky Living Trust. . . The awards are “a waste of the company’s corporate assets and a breach of fiduciary duties owed to the company and its shareholders by the members of the compensation committee,” the trust said in the filing in Delaware Chancery Court.
The trust apparently wants Quiksilver to “improve its corporate governance procedures” and recoup some “unspecific damages” according to the story. What good is being CEO if you can’t give yourself a little stock everyone once in a while?
[Link: Bloomberg Business]
by The Editors on November 30, 2012
After announcing that it’s back-to-school sales were softer in the third quarter Zumiez shares fell in after-hours trading by seven percent on Thursday evening November 29, 2012, according to a story on Bloomberg Businessweek.
Zumiez reported net income of $12.7 million, or 40 cents per share, for the period that ended Oct. 29. This is down from $14.1 million, or 45 cents per share, in the third quarter of the prior year. The most recent quarter included 10 cents per share in costs tied to its acquisition of Blue Tomato and 1 cent per share of costs tied with its relocation of its corporate offices to Lynnwood, Wash.
The company blamed a drop in November sales on Superstorm Sandy. Why not? Zumiez stock bounced a little this morning and honestly, minor dips of this size are barely worth mentioning. But we already typed it in this far (and you’re reading it) so whateves.
[Link: Bloomberg Businessweek]
Thanks to all kinds of rumors surrounding a possible $1.10 a share buy-out by Billabong America’s president Paul Naude, trading in the company’s stock has once again been halted, according to a story in the Hearld Sun.
