Volcom’s Q3 Conference Call Transcript

Sadly, we missed yesterday’s Volcom conference call in which CFO Doug Collier outlined the following:
Total revenue from our US segment including royalties for the third quarter, decreased 22% to 56.8 million, compared with 72.8 million in Q3 of 2008.

• men’s product revenue decreased 19% to 24.5 million for Q3, compared with 30.2 million in the third quarter of 2008
• girls product revenue decreased 46% to 10.9 million versus 20 million in the third quarter of last year.
• Snow revenue decreased 3% to $15.5 million, compared with $15.9 million last year
• Revenue from our Creedlers footwear line was a $136,000 versus $316,000 in Q3 of last year.
• Revenue from our girls swim line was $65,000 versus $71,000 in Q3 last year

There’s more, but you can read it all right here. Or follow the jump for the official press release.

[Link: Seeking Alpha]
VOLCOM REPORTS 2009 THIRD QUARTER FINANCIAL RESULTS
COSTA MESA, CA – October 29, 2009 –

Volcom, Inc. (NASDAQ: VLCM) today announced financial results
for the third quarter ended September 30, 2009.

For the 2009 third quarter, total consolidated revenues were $93.9 million compared with $111.7 million in the third 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 $56.8 million compared with $72.8 million in the prior-year period. Total revenues in the company’s Europe segment were $30.2 million compared with $31.0 million in the same period in 2008. Total revenues in the company’s Electric segment were $6.9 million compared with $7.9 million last year.

“We have worked diligently to capitalize on our company initiatives to create outstanding product and a cohesive brand message aimed toward capturing more market share,” said Richard Woolcott, Volcom’s chairman and chief executive officer. “We have relied on the strength of the Volcom brand, global marketing programs and sound capital structure to endure the past year and believe we have become a stronger organization. We are ready to compete and maintain our leadership position whatever pace or shape the economic recovery takes.”

Consolidated gross profit for the 2009 third quarter was $48.5 million, equal to 51.6% of total revenues, compared with $55.2 million, or 49.4% of total revenues, in the third quarter of 2008.

Selling, general and administrative expenses on a consolidated basis were $28.8 million in the 2009 third quarter versus $30.3 million in the comparable period in 2008.

Total operating income for the third quarter of 2009 on a consolidated basis was $19.7 million, compared with operating income of $24.9 million in the same period a year ago.

The company’s consolidated effective tax rate for the 2009 third quarter was 34% compared with 35.5% for the third quarter of 2008.

Consolidated net income for the 2009 third quarter was $13.3 million, or $0.54 per diluted share, compared with $16.3 million, or $0.67 per diluted share in the comparable period in 2008.

At September 30, 2009, the company had approximately $99.3 million in cash, cash equivalents and short-term investments, no significant debt and stockholders’ equity of approximately $216.1 million. Net cash provided by operating activities for the nine-month period ended September 30, 2009 was approximately $19.4 million compared with $13.8 million in the prior year period.

2009 Fourth Quarter Financial Outlook
In putting forth its financial guidance for the 2009 fourth quarter, the company noted the myriad complexities in accurately assessing the current state of the global retail environment amid this year’s economic weakness. As such, the company currently expects total consolidated revenues for the 2009 fourth quarter of approximately $59 million to $62 million and earnings per diluted share in the range of $0.01 to $0.04 per share.

As a result of the company’s current outlook for the 2009 fourth quarter, Volcom is summarizing its 2009 full year consolidated revenue expectation of between $275 million to $278 million. This translates to diluted earnings per share for 2009 in the range of $0.76 to $0.79.

Conference Call Information
The company will host a conference call today at approximately 4:30 p.m. ET to discuss its financial results and outlook in further detail. The conference call will be available to interested parties through a live audio Internet broadcast at www.volcom.com. A telephone playback of the conference call will also be available until 11:59 p.m. ET, Thursday, November 5, 2009. Listeners should call (800) 642-1687 (domestic) or (706) 645-9291 (international) and use reservation: 19614002.

About Volcom, Inc.
Volcom is an innovative designer, marketer and distributor of premium quality young mens and womens clothing, accessories and related products. The Volcom brand, symbolized by The Stone, is athlete-driven, creative and forward thinking. Volcom has consistently followed its motto of “youth against establishment,” and the brand is inspired by the energy of youth culture. Volcom branded products are sold throughout the