{"id":5475,"date":"2009-02-19T13:49:26","date_gmt":"2009-02-19T21:49:26","guid":{"rendered":"http:\/\/www.boardistan.com\/?p=5475"},"modified":"2009-02-20T08:33:39","modified_gmt":"2009-02-20T16:33:39","slug":"volcoms-2008-not-bad-2009-not-good","status":"publish","type":"post","link":"http:\/\/www.boardistan.com\/?p=5475","title":{"rendered":"Volcom’s 2008 Not Bad, 2009 Not Good"},"content":{"rendered":"

\"Logo<\/a>The economy didn’t seem to pull Volcom down too much last year according to their 2008 Q4 and full year results released this afternoon. Total consolidated revenues for 2008 were up 25 percent, and probably the best news: “the company generated $24.7 Million in operating cash flow,” has $79.6 in the bank with absolutely no long-term debt. Wooly explains it:<\/p>\n

\u201cWhile the ongoing global macroeconomic turmoil affected our results for the 2008 fourth quarter and full year, the underlying strength of Volcom is well intact,\u201d said Richard Woolcott, Volcom\u2019s chairman and chief executive officer. \u201cIn the face of this economic uncertainty, we are working to maintain a healthy balance between being aggressive when we see opportunities and pulling back where we can, including reducing our cost structure. We have a solid cash position and a strong global brand with a devout following. Further, we believe that our product line-up for 2009 is one of our best ever. We plan to approach the year with discipline, commitment and focus, and we remain confident in our ability to ride this period out and prevail as an even stronger company.\u201d<\/p><\/blockquote>\n

According to the OC Business Journal<\/a><\/strong>, however, moving into 2009 things aren’t going so well. Volcom “warned of a big shortfall in profits and sales for the current quarter” . . . projecting “a profit of $3.1 million to $3.9 million for the current quarter, well below the $6.3 million analysts had been forecasting.” That may explain why they cut eight percent of their employees and are giving many others reduced pay.<\/p>\n

We would have listened to today’s conference call, but apparently the Volcom audio server doesn’t like Macs, or maybe it’s just us.<\/p>\n

For all the press release details follow the jump, or click here for a complete transcript of the call from Seeking Alpha<\/a><\/strong>.
\nVolcom Reports Financial Results for 2008 Fourth Quarter and Full Year<\/p>\n

2008 FOURTH-QUARTER HIGHLIGHTS:<\/p>\n

Total Consolidated Revenues Were $69.6 Million Versus $69.1 Million in 2007
\nAdjusted Consolidated Net Income of $3.3 Million, or $0.14 Per Diluted Share, Excludes Non-cash Impairment Charge and Foreign Exchange Loss on Canadian Denominated Receivables
\nNon-cash Impairment Charge on Goodwill and Intangible Assets Related to Acquisitions Totals $16.2 Million, or $0.46 Per Share
\nForeign Exchange Loss on the Company\u2019s Canadian Denominated Receivables of $1.4 Million, or $0.04 Per Share
\nConsolidated Net Loss of $8.7 Million, or $0.36 Per Share, Includes Impairment Charge and Foreign Exchange Loss on Canadian Denominated Receivables
\n2008 FULL-YEAR HIGHLIGHTS:<\/p>\n

Total Consolidated Revenues Increase 25% to $334.3 Million from $268.6 Million in 2007
\nAdjusted Consolidated Net Income of $33.9 Million, or $1.39 Per Diluted Share, Excludes Fourth Quarter Impairment Charge and Foreign Exchange Loss on Canadian Denominated Receivables
\nConsolidated Net Income of $21.7 Million, or $0.89 Per Diluted Share, Includes Fourth Quarter Impairment Charge and Foreign Exchange Loss on Canadian Denominated Receivables
\nCompany Generates $24.7 Million in Operating Cash Flow; Solid Balance Sheet With $79.6 Million in Cash and No Long-term Debt
\nCOSTA MESA, Calif.–(BUSINESS WIRE)–Volcom, Inc. (NASDAQ: VLCM) today announced financial results for the fourth quarter ended December 31, 2008.<\/p>\n

For the 2008 fourth quarter, total consolidated revenues were $69.6 million compared with $69.1 million in the fourth quarter of 2007. Total revenues in the company\u2019s 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\u2019s branded retail stores, were $54.9 million compared with $58.9 million in the prior year period. Total revenues in the company\u2019s Europe segment were $10.9 million compared with $10.2 million in the same period in 2007. Total revenues in the company\u2019s Electric segment, which Volcom acquired in January 2008, were $3.8 million.<\/p>\n

\u201cWhile the ongoing global macroeconomic turmoil affected our results for the 2008 fourth quarter and full year, the underlying strength of Volcom is well intact,\u201d said Richard Woolcott, Volcom\u2019s chairman and chief executive officer. \u201cIn the face of this economic uncertainty, we are working to maintain a healthy balance between being aggressive when we see opportunities and pulling back where we can, including reducing our cost structure. We have a solid cash position and a strong global brand with a devout following. Further, we believe that our product line-up for 2009 is one of our best ever. We plan to approach the year with discipline, commitment and focus, and we remain confident in our ability to ride this period out and prevail as an even stronger company.\u201d<\/p>\n

The company noted that as part of its cost reduction measures it has recently concluded a cutback of approximately 8% of its domestic, in-house workforce, including its Electric subsidiary; announced decreased salaries throughout the company; and, implemented company-wide spending cuts.<\/p>\n

Consolidated gross profit for the 2008 fourth quarter was $30.9 million, equal to 44.4% of total revenues, compared with $30.0 million, or 43.4% of total revenues, in the fourth quarter of 2007.<\/p>\n

Selling, general and administrative expenses on a consolidated basis were $26.5 million in the 2008 fourth quarter versus $19.3 million in the comparable period in 2007.<\/p>\n

The company reported a pre-tax, non-cash impairment charge on goodwill and intangible assets amounting to $16.2 million, or approximately $0.46 per share. This charge was identified in connection with the company\u2019s annual impairment test and relates to its 2008 acquisitions of Electric Visual and two Laguna Surf and Sport retail stores, which had impairment charges of $14.8 million and $1.4 million, respectively.<\/p>\n

Additionally, the company reported a foreign exchange loss in the 2008 fourth quarter of $1.4 million, or approximately $0.04 per share, related to the strengthened U.S. dollar against the company\u2019s Canadian dollar denominated receivables.<\/p>\n

Adjusted consolidated net income for the 2008 fourth quarter, which excludes the above-mentioned non-cash impairment charge and the foreign exchange loss on the company\u2019s Canadian dollar denominated receivables, was $3.3 million, or $0.14 per diluted share. Including the impairment charge and foreign exchange loss on the company\u2019s Canadian dollar denominated receivables, consolidated net loss for the fourth quarter of 2008 was $8.7 million, or $0.36 per share. The company reported net income of $7.1 million, or $0.29 per diluted share, in fourth quarter of 2007.<\/p>\n

Management believes that including adjusted net income and adjusted net income per diluted share for the current period provides a useful and relevant measure for comparative year-over-year operating performance. Refer to the attached reconciliation table for details regarding the basis for the adjusted net income per diluted share calculation.<\/p>\n

2009 Financial Outlook<\/p>\n

In putting forth its financial guidance for the 2009 first quarter, the company noted it continues to operate in a weak economic environment. As such, the company currently expects total consolidated revenues for the 2009 first quarter of approximately $62 million to $65 million, and fully diluted earnings per share are expected to be in the range of $0.13 to $0.16.<\/p>\n

Due to the uncertainty of the global economy and the lack of visibility into future business and market trends compared to that which has historically been available to the company, Volcom is currently suspending its practice of providing annual revenue and earnings guidance until such time when it has better clarity into its business.<\/p>\n

Conference Call Information<\/p>\n

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 also will be available through 11:59 p.m. ET, Thursday February 26. Listeners should call (800) 642-1687 (domestic) or (706) 645-9291 (international) and use reservation number 83908166.<\/p>\n

About Volcom, Inc.<\/p>\n

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 \u201cyouth against establishment,\u201d and the brand is inspired by the energy of youth culture. Volcom branded products are sold throughout the United States and internationally. Volcom\u2019s news announcements and SEC filings are available through the company\u2019s website at www.volcom.com.<\/p>\n

Safe Harbor Statement<\/p>\n

Certain statements in this press release and oral statements made from time to time by representatives of the company are forward-looking statements for purposes of the safe harbor provisions of The Private Securities Litigation Reform Act of 1995, including statements in connection with or related to any discussion of or reference to Volcom\u2019s future operations, opportunities or financial performance. In particular, statements regarding the company\u2019s guidance and future financial performance contained under the section entitled 2009 Financial Outlook and Mr. Woolcott\u2019s statements regarding the company\u2019s underlying strength, product line-up for 2009, and confidence in Volcom\u2019s \u201cability to ride this period out and prevail as an even stronger company.\u201d<\/p>\n

These forward-looking statements are based on management\u2019s current expectations but they involve a number of risks and uncertainties. Volcom\u2019s actual results and the timing of events could differ materially from those anticipated in the forward-looking statements as a result of risks and uncertainties, including, without limitation, further softening of the retail environment, sales of our products by key retailers, including Pacific Sunwear and Zumiez, our ability to successfully shift from a licensee model in Europe to a direct control model, changes in fashion trends and consumer preferences, general economic conditions, the impact of increasing sourcing costs, and additional factors which are detailed in our filings with the Securities and Exchange Commission, including the Risk Factors contained in the company\u2019s Annual Report on Form 10-K, filed with the Securities and Exchange Commission (the \u201cSEC\u201d) and the subsequently filed Quarterly Reports on Form 10-Q, all of which are available at www.sec.gov. Readers are urged not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Volcom is under no obligation, and expressly disclaims any obligation, to update or alter any forward-looking statements, whether as a result of new information, future events or otherwise.<\/p>\n

VOLCOM, INC. AND SUBSIDIARIES<\/p>\n

CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
\n(in thousands, except share and per share data)<\/p>\n

Three Months Ended
\nDecember 31,
\nYear Ended
\nDecember 31,
\n\t2008\t \t \t \t2007\t\t \t2008\t \t \t \t2007
\nRevenues:
\nProduct revenues\t $\t 69,082\t\t\t $\t 68,352\t\t $\t 332,110\t\t\t $\t 265,193
\nLicensing revenues\t \t543\t \t\t \t717\t\t \t2,194\t \t\t \t3,420
\nTotal revenues\t\t 69,625\t\t\t\t 69,069\t\t\t 334,304\t\t\t\t 268,613
\nCost of goods sold\t \t38,682\t \t\t \t39,093\t\t \t171,208\t \t\t \t138,570
\nGross profit\t\t 30,943\t\t\t\t 29,976\t\t\t 163,096\t\t\t\t 130,043
\nOperating expenses:
\nSelling, general and administrative expenses\t\t 26,478\t\t\t\t 19,282\t\t\t 112,464\t\t\t\t 79,411
\nAsset impairments\t \t16,230\t \t\t \t\u2014\t\t \t16,230\t \t\t \t\u2014
\nTotal operating expenses\t \t42,708\t \t\t \t19,282\t\t \t128,694\t \t\t \t79,411
\nOperating (loss) income\t\t (11,765\t )\t\t\t 10,694\t\t\t 34,402\t\t\t\t 50,632
\nOther income:
\nInterest income, net\t\t 15\t\t\t\t 830\t\t\t 901\t\t\t\t 3,973
\nForeign currency (loss) gain\t \t(1,760\t)\t\t \t123\t\t \t(1,807\t)\t\t \t401
\nTotal other (loss) income\t \t(1,745\t)\t\t \t953\t\t \t(906\t)\t\t \t4,374
\n(Loss) income before provision for income taxes\t\t (13,510\t )\t\t\t 11,647\t\t\t 33,496\t\t\t\t 55,006
\nProvision for income taxes\t \t(4,761\t)\t\t \t4,532\t\t \t11.787\t \t\t \t21,671
\nNet (loss) income\t$\t(8,749\t)\t\t$\t7,115\t\t$\t21,709\t \t\t$\t33,335<\/p>\n

Net (loss) income per share:
\nBasic\t $\t (0.36\t )\t\t $\t 0.29\t\t $\t 0.89\t\t\t $\t 1.37
\nDiluted\t $\t (0.36\t )\t\t $\t 0.29\t\t $\t 0.89\t\t\t $\t 1.37
\nWeighted average shares outstanding:
\nBasic\t\t 24,347,362\t\t\t\t 24,325,058\t\t\t 24,337,923\t\t\t\t 24,302,893
\nDiluted\t\t 24,347,362\t\t\t\t 24,413,164\t\t\t 24,357,652\t\t\t\t 24,419,802
\nVOLCOM, INC. AND SUBSIDIARIES<\/p>\n

CONSOLIDATED BALANCE SHEETS (UNAUDITED)
\n(in thousands)<\/p>\n

December 31, 2008\t\tDecember 31, 2007
\nAssets
\nCurrent assets:
\nCash and cash equivalents\t\t $\t 79,613\t\t $\t 92,962
\nAccounts receivable \u2014 net of allowances\t\t\t 60,914\t\t\t 58,270
\nInventories\t\t\t 27,086\t\t\t 20,440
\nPrepaid expenses and other current assets\t\t\t 2,596\t\t\t 1,720
\nIncome taxes receivable\t\t\t 3,309\t\t\t 326
\nDeferred income taxes\t\t \t4,947\t\t \t2,956
\nTotal current assets\t\t \t178,465\t\t \t176,674
\nProperty and equipment \u2014 net\t\t\t 26,716\t\t\t 24,427
\nInvestments in unconsolidated investees\t\t\t 330\t\t\t 298
\nDeferred income taxes\t\t\t 4,028\t\t\t 268
\nIntangible assets \u2014 net\t\t\t 10,578\t\t\t 363
\nGoodwill\t\t\t 665\t\t\t \u2014
\nOther assets\t\t \t841\t\t \t464
\nTotal assets\t\t$\t221,623\t\t$\t202,494<\/p>\n

Liabilities and Stockholders\u2019 Equity
\nCurrent liabilities:
\nAccounts payable\t\t $\t 15,291\t\t $\t 18,694
\nAccrued expenses and other current liabilities\t\t\t 12,027\t\t\t 10,561
\nCurrent portion of capital lease obligations\t\t \t71\t\t \t72
\nTotal current liabilities\t\t \t27,389\t\t \t29,327
\nLong-term capital lease obligations\t\t\t 23\t\t\t 33
\nOther long-term liabilities\t\t\t 414\t\t\t 190
\nIncome taxes payable \u2013 non-current\t\t\t 94\t\t\t 89
\nStockholders\u2019 equity:
\nCommon stock\t\t\t 24\t\t\t 24
\nAdditional paid-in capital\t\t\t 90,456\t\t\t 89,185
\nRetained earnings\t\t\t 101,935\t\t\t 80,226
\nAccumulated other comprehensive income\t\t \t1,288\t\t \t3,420
\nTotal stockholders\u2019 equity\t\t \t193,703\t\t \t172,855
\nTotal liabilities and stockholders\u2019 equity\t\t$\t221,623\t\t$\t202,494
\nVOLCOM, INC. AND SUBSIDIARIES<\/p>\n

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
\n(in thousands)<\/p>\n

Year Ended
\nDecember 31,
\n\t \t\t \t2008\t \t \t \t2007
\nCash flows from operating activities:
\nNet income\t\t\t\t $\t 21,709\t\t\t $\t 33,335
\nAdjustments to reconcile net income to net cash provided by operating activities:
\nDepreciation and amortization\t\t\t\t\t 7,315\t\t\t\t 2,895
\nProvision for doubtful accounts\t\t\t\t\t 2,332\t\t\t\t 831
\nExcess tax benefits related to exercise of stock options\t\t\t\t\t (34\t )\t\t\t (444\t )
\nLoss on disposal of property and equipment\t\t\t\t\t 1\t\t\t\t 24
\nAsset impairment\t\t\t\t\t 16,230\t\t\t\t 161
\nStock-based compensation\t\t\t\t\t 985\t\t\t\t 934
\nDeferred income taxes\t\t\t\t\t (6,349\t )\t\t\t (191\t )
\nChanges in operating assets and liabilities, net of effects of acquisition:
\nAccounts receivable\t\t\t\t\t (3,114\t )\t\t\t (23,736\t )
\nInventories\t\t\t\t\t (1,844\t )\t\t\t (6,789\t )
\nPrepaid expenses and other current assets\t\t\t\t\t (499\t )\t\t\t (311\t )
\nIncome taxes receivable\/payable\t\t\t\t\t (3,021\t )\t\t\t (339\t )
\nOther assets\t\t\t\t\t (306\t )\t\t\t (242\t )
\nAccounts payable\t\t\t\t\t (8,096\t )\t\t\t 9,396
\nAccrued expenses\t\t\t\t\t (425\t )\t\t\t 3,791
\nOther long-term liabilities\t\t\t\t \t(212\t)\t\t \t(36\t)
\nNet cash provided by operating activities\t\t\t\t \t24,672\t \t\t \t19,279\t<\/p>\n

Cash flows from investing activities:
\nPurchase of property and equipment\t\t\t\t\t (5,915\t )\t\t\t (14,989\t )
\nBusiness acquisitions, net of cash acquired\t\t\t\t\t (32,138\t )\t\t\t \u2014
\nPurchase of intangible assets\t\t\t\t\t (589\t )\t\t\t \u2014
\nPurchase of short-term investments\t\t\t\t\t (278\t )\t\t\t \u2014
\nSale of short-term investments\t\t\t\t\t 278\t\t\t\t \u2014
\nPurchase of additional shares in cost method investee\t\t\t\t\t (32\t )\t\t\t \u2014
\nProceeds from sale of property and equipment\t\t\t\t \t15\t \t\t \t16
\nNet cash used in investing activities\t\t\t\t \t(38,659\t)\t\t \t(14,973\t)<\/p>\n

Cash flows from financing activities:
\nPrincipal payments capital lease obligations\t\t\t\t\t (127\t )\t\t\t (78\t )
\nProceeds from government grants\t\t\t\t\t 455\t\t\t\t 229
\nProceeds from exercise of stock options\t\t\t\t\t 273\t\t\t\t 1,028
\nExcess tax benefits related to exercise of stock options\t\t\t\t \t34\t \t\t \t444
\nNet cash provided by financing activities\t\t\t\t \t635\t \t\t \t1,623\t<\/p>\n

Effect of exchange rate changes on cash\t\t\t\t \t3\t \t\t \t1,619\t<\/p>\n

Net (decrease) increase in cash and cash equivalents\t\t\t\t\t (13,349\t )\t\t\t 7,548
\nCash and cash equivalents \u2014 Beginning of period\t\t\t\t \t92,962\t \t\t \t85,414
\nCash and cash equivalents \u2014 End of period\t\t\t\t$\t79,613\t \t\t$\t92,962
\nVOLCOM, INC. AND SUBSIDIARIES<\/p>\n

OPERATING SEGMENT INFORMATION (UNAUDITED)
\n(in thousands)<\/p>\n

Three Months Ended
\nDecember 31,
\nYear Ended
\nDecember 31,
\n\t2008\t \t \t \t2007\t \t\t \t2008\t \t \t \t2007
\nTotal revenues:
\nUnited States\t\t $\t 54,912\t\t\t $\t 58,860\t\t\t $\t 237,109\t\t\t $\t 228,494
\nEurope\t\t\t 10,922\t\t\t\t 10,209\t\t\t\t 73,005\t\t\t\t 40,119
\nElectric\t\t \t3,791\t \t\t \t\u2014\t \t\t \t24,190\t \t\t \t\u2014
\nConsolidated\t\t$\t69,625\t \t\t$\t69,069\t \t\t$\t334,304\t \t\t$\t268,613<\/p>\n

Gross profit:
\nUnited States\t\t $\t 23,737\t\t\t $\t 26,140\t\t\t $\t 109,028\t\t\t $\t 110,412
\nEurope\t\t\t 5,355\t\t\t\t 3,836\t\t\t\t 40,582\t\t\t\t 19,631
\nElectric\t\t \t1,851\t \t\t \t\u2014\t \t\t \t13,486\t \t\t \t\u2014
\nConsolidated\t\t$\t30,943\t \t\t$\t29,976\t \t\t$\t163,096\t \t\t$\t130,043
\nOperating (loss) income:
\nUnited States\t\t $\t 4,758\t\t\t $\t 11,141\t\t\t $\t 33,019\t\t\t $\t 45,790
\nEurope\t\t\t 240\t\t\t\t (447\t )\t\t\t 17,470\t\t\t\t 4,842
\nElectric\t\t \t(16,763\t)\t\t \t\u2014\t \t\t \t(16,087\t)\t\t \t\u2014
\nConsolidated\t\t$\t(11,765\t)\t\t$\t10,694\t \t\t$\t34,402\t \t\t$\t50,632
\nVOLCOM, INC. AND SUBSIDIARIES<\/p>\n

GAAP TO NON-GAAP RECONCILIATION (UNAUDITED)
\n(in thousands, except share and per share data)<\/p>\n

Three Months Ended
\nDecember 31, 2008
\nYear Ended
\nDecember 31, 2008<\/p>\n

(Loss) income before provision for income taxes\t $\t (13,510\t )\t\t $\t 33,496
\nAsset impairments\t\t 16,230\t\t\t\t 16,230
\nForeign currency loss on Canadian receivables\t \t1,387\t \t\t \t1,503
\nAdjusted income before provision for income taxes\t\t 4,107\t\t\t\t 51,229
\nAdjusted provision for income taxes\t \t791\t \t\t \t17,339
\nAdjusted net income\t$\t3,316\t \t\t$\t33,890<\/p>\n

Adjusted net income per share:
\nBasic\t $\t 0.14\t\t\t $\t 1.39
\nDiluted\t $\t 0.14\t\t\t $\t 1.39
\nWeighted average shares outstanding:
\nBasic\t\t 24,347,362\t\t\t\t 24,337,923
\nDiluted\t\t 24,354,217\t\t\t\t 24,357,652
\nThree Months Ended
\nDecember 31, 2008
\nYear Ended
\nDecember 31, 2008<\/p>\n

(Loss) income before provision for income taxes\t $\t (13,510\t )\t\t $\t 33,496
\nAsset impairments\t \t16,230\t \t\t \t16,230
\nAdjusted income before provision for income taxes\t\t 2,720\t\t\t\t 49,726
\nAdjusted provision for income taxes\t \t207\t \t\t \t16,754
\nAdjusted net income\t$\t2,513\t \t\t$\t32,972<\/p>\n

Adjusted net income per share:
\nBasic\t $\t 0.10\t\t\t $\t 1.35
\nDiluted\t $\t 0.10\t\t\t $\t 1.35
\nWeighted average shares outstanding:
\nBasic\t\t 24,347,362\t\t\t\t 24,337,923
\nDiluted\t\t 24,354,217\t\t\t\t 24,357,652
\nThis press release contains non-GAAP financial measures, as defined in Regulation G promulgated by the Securities and Exchange Commission, with respect to the three and twelve month periods ended December 31, 2008. For purposes of Regulation G, a non-GAAP financial measure is a numerical measure of a company\u2019s historical or future financial performance, financial position or cash flows that excludes amounts, or is subject to adjustments that have the effect of excluding amounts, that are included in the most directly comparable measure calculated and presented in accordance with GAAP in the statement of income, balance sheet or statement of cash flows (or equivalent statements) of the company or includes amounts, or is subject to adjustments that have the effect of including amounts, that are excluded from the most directly comparable measure so calculated and presented. Pursuant to the requirements of Regulation G, Volcom has provided reconciliations herein of the non-GAAP financial measures to the most directly comparable GAAP financial measures. Specifically, the non-GAAP financial measures disclosed in this press release are \u201cadjusted consolidated net income\u201d and \u201cadjusted consolidated net income per diluted share.\u201d Volcom believes its presentation of historical non-GAAP financial measures provides useful supplementary information to investors regarding its operational performance because it enhances an investor\u2019s overall understanding of the financial performance and prospects for the future of Volcom\u2019s core business activities by providing a basis for the comparison of results of core business activities between current and past periods. The presentation of historical non-GAAP financial measures is not meant to be considered in isol<\/p>\n","protected":false},"excerpt":{"rendered":"

The economy didn’t seem to pull Volcom down too much last year according to their 2008 Q4 and full year results released this afternoon. Total consolidated revenues for 2008 were up 25 percent, and probably the best news: “the company generated $24.7 Million in operating cash flow,” has $79.6 in the bank with absolutely no […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"ngg_post_thumbnail":0,"footnotes":""},"categories":[10,3,4,6,12],"tags":[],"_links":{"self":[{"href":"http:\/\/www.boardistan.com\/index.php?rest_route=\/wp\/v2\/posts\/5475"}],"collection":[{"href":"http:\/\/www.boardistan.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.boardistan.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.boardistan.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"http:\/\/www.boardistan.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=5475"}],"version-history":[{"count":10,"href":"http:\/\/www.boardistan.com\/index.php?rest_route=\/wp\/v2\/posts\/5475\/revisions"}],"predecessor-version":[{"id":5551,"href":"http:\/\/www.boardistan.com\/index.php?rest_route=\/wp\/v2\/posts\/5475\/revisions\/5551"}],"wp:attachment":[{"href":"http:\/\/www.boardistan.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=5475"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.boardistan.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=5475"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.boardistan.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=5475"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}