by The Editors on August 19, 2011
In financials reported today (August 19, 2011) by Billabong it appears that the company’s profits are down 18 percent from the year previous, according to a story in the Sydney Morning Herald.
Billabong said it had been hurt in the year just ended by the strong Australian dollar and a weak retail environment. . . Billabong reported annual profit of $119.139 million in the year to June 30, down 18.4 per cent from the prior year. . . Revenue was 13.5 per cent higher, however, at $1.688 billion. . . Earnings before interest, tax, depreciation and amortisation (EBITDA) were down 16.2 per cent in constant currency terms, and down 24.3 per cent in reported terms, Billabong said in a statement on Friday.
Apparently, the current financial storm isn’t over just yet.
[Link: Sydney Morning Herald]
by The Editors on August 16, 2011
It’s nice to occasionally report good news from the action stock market and yesterday (August 15, 2011), after FBR Capital Markets & Co.’s Eric Tracy said that Quik was making strides with it’s balance sheet, the stock rocketed up three percent, according to a story on Bloomberg.
“Balance sheet improvements are a testament to a management team focused on enhancing its financial flexibility for longer-term growth, and as of the second quarter, forward orders from retail partners in the Americas and Europe, inclusive of price increases, are up year-over-year across brands,” Tracy wrote.
It’s down a little today, but maybe that can be seen as an opportunity. . .
[Link: Bloomberg]
by The Editors on August 16, 2011
Burton’s surf division (Channel Islands Surfboards) got a write-up in Businessweek thanks to Dane Reynolds best-selling surfboard shape the Dumpster Diver.
What Reynolds really wanted was to take a standard, lance-like shortboard, cut out the midsection, squash the nose and the tail together, and fatten it up. . . He fished a foam scrap out of a trash bin, and the two repaired to the shaping room. As Smith tells it, the whole time the shaper was planing the foam, he was muttering, “Dude, this is ugly. This is really, really ugly.”
For those who may have thought Dane is getting paid a little too well to be dropping out of J-Bay and Teahupo’o, it should be mentioned that according to Businessweek his ugly boards now account for 15 percent of Channel Islands’ total board sales.
[Link: Businessweek]
by The Editors on August 15, 2011
In a review of magazine advertising for the first half of 2011 (January through June) the The Association of Magazine Media is reporting that business is slightly up compared to 2010. But only by 1.3 percent. In the action sports magazine space*, however, Transworld Media is pulling through with gains much higher than the average on every title except Skateboarding and Wakeboarding.
Here’s how the titles look in order of performance based on total advertising pages sold in first six months of the year (click here for past reports):
2011 2010 %Chg
TRANSWORLD MOTOCROSS 500.22 440.49 13.6
TRANSWORLD SURF 407.77 372.29 9.5
TRANSWORLD RIDE BMX 130.25 120.41 8.2
TRANSWORLD SNOWBOARDING 351.08 337.17 4.1
TRANSWORLD SKATEBOARDING 432.24 463.30 -6.7
TRANSWORLD WAKEBOARDING 205.86 222.48 -7.5
*Transworld Media is the only action sports publishing company whose titles are tracked by The Association of Magazine Media’s Pub PIB.
[Link: Association of Magazine Media]
by The Editors on August 12, 2011
Today, Sole Technology owner Pierre André Senizergues, called Shop-Eat-Surf (apparently it’s his favorite shopping, eating, and surfing blog) and told them that he is officially “putting éS on hiatus.” Which is a nice way of saying putting the footwear brand out of its misery.
Sole Tech will deliver éS product through Spring 2012. Then the brand will go on “creative retreat,” Pierre said. . . “At the end of the day, it’s about being ready with the dynamic of economy, being focused and pushing what’s the best,” he said. “And what needs adjustment, you put back in the garage and retool it before relaunching it at the right time.”
Well, that’s one down. Wonder which brand will be the next to “take a break”?
[Link: Shop Eat Surf]
by The Editors on August 12, 2011
Action mall retailer Zumiez announced today that they have named former online jewelry executive Marc Stolzman as their new CFO, according to a story on Marketwatch.
Stolzman, 45, will receive an annual base salary of $310,000 and a potential bonus between 65% and 130% of his base pay, prorated based on his start date, according to the filing. In addition, he will receive stock options worth about $600,000 and restricted stock worth about $300,000, both vesting over a four-year period.
If Stolzman, a former VP at Starbucks, is as good with Zumiez finances as he was with his employment contract the company is going to be in great hands.
[Link: MarketWatch]
by The Editors on August 12, 2011
What do you do after you sell your start-up time keeping company to Billabong for millions of dollars? Well, if you’re business jock (and Nixon co-founder) Andy Laats you spend your spare time with a group called the “Angel Investing Group of San Diego Sports Innovators” looking for daring new action sports companies who can take a little money and turn it into a lot, according to a story in the San Diego Union-Tribune.
Attracting the money to fund these new companies is the next step for this group that is headed by former basketball star Bill Walton. The event was held at his house, which is like walking into a rock ’n’ roll, basketball, Grateful Dead overgrown rain forest complete with tennis court and even a teepee. He dragooned his gang — which included Bill Strauss (Provide Commerce), Jeff Jacobs (Qualcomm), Scott Kaplan (XX 1090), Andy Laats (Nixon Watches), Ted Roth (Roth Capital), Jim Morris (private investor) and another 30 investors — who listened to presentations from three action sports companies.
Which reminds us, there is nothing more fun than spending other people’s money.
[Link: San Diego Union-Tribune]
by The Editors on August 12, 2011
Ghetto Juice’s Joe McElroy (former creative director of Nike’s surf brand Hurley) is now creative director at New Jersey based ERGO clothing, according to a retardedly silly press release sent out last night including this quote reportedly from Condalisa Rice.
“Joe Mac has a lush background in the industry, and a creative eye like that bastard who invented sliced bread.”
Oh, you wacky press release writers. This is good news for Joe and great news for ERGO.
by The Editors on August 1, 2011
HDX Hydration Mix has just signed two-time US Open of Surfing champ Brett Simpson to the team.
“I’ve been training and drinking HDX for the past few months,” said Simpson. “I’ve noticed a big difference, not just from being better hydrated, but it also completes my total training regiment mentally and physically. It’s amazing that a drink mix can give me mental clarity and quickly replenish my body during intense training and competition.”
Having tried HDX several times ourselves, we can’t say we disagree with Simpo. Follow the jump for all the details. [click to continue…]
by The Editors on July 29, 2011
Agenda has tightened things up a little when it comes to attendees for their show at The Hyatt Regency in Huntington Beach, California on August 3-4, 2011. While the show is still free to qualified attendees, pre-registration is required. If you believe you should be there and haven’t registered yet, click here, fill out the form, and then you’ll be notified by email if you’re good to go. This way, you don’t have to show up and beg to get in. Which is better for everyone. Click the link for more info.
[Link: Agenda Show]
In financials reported today (August 19, 2011) by Billabong it appears that the company’s profits are down 18 percent from the year previous, according to a story in the Sydney Morning Herald.
