{"id":16140,"date":"2010-06-03T19:21:52","date_gmt":"2010-06-04T02:21:52","guid":{"rendered":"http:\/\/www.boardistan.com\/?p=16140"},"modified":"2010-06-05T08:22:08","modified_gmt":"2010-06-05T15:22:08","slug":"quik-stock-jumps-on-improved-outlook","status":"publish","type":"post","link":"https:\/\/www.boardistan.com\/?p=16140","title":{"rendered":"Quik Stock Jumps On Improved Outlook"},"content":{"rendered":"<p><a href=\"http:\/\/www.boardistan.com\/wp-content\/uploads\/2010\/03\/quik_logo10.jpg\" onclick=\"window.open('http:\/\/www.boardistan.com\/wp-content\/uploads\/2010\/03\/quik_logo10.jpg','popup','width=180,height=40,scrollbars=no,resizable=yes,toolbar=no,directories=no,location=no,menubar=no,status=yes,left=0,top=0');return false\"><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/www.boardistan.com\/wp-content\/uploads\/2010\/06\/quik_logo10-tm1.jpg\" height=\"44\" width=\"200\" border=\"1\" align=\"right\" hspace=\"4\" vspace=\"4\" alt=\"Quik Logo10\" \/><\/a><strong><a href=\"http:\/\/www.quiksilver.com\/\">Quiksilver<\/a><\/strong> shares jumped 13.4% to $5.23 in after hours trading after the company announced improved profit and stronger outlook, according to a story in the <strong><em><a href=\"http:\/\/online.wsj.com\/article\/BT-CO-20100603-712854.html?mod=WSJ_earnings_MIDDLETopHeadlines\" target=\"_blank\">Wall Street Journal<\/a><\/em><\/strong>.<\/p>\n<blockquote><p>For the quarter ended April 30, Quiksilver posted a profit of $9.4 million, or 6 cents a share, up from $2.8 million, or 2 cents a share, a year earlier. Excluding restructuring costs and other items, earnings from continuing operations rose to 11 cents from 5 cents. Revenue slid 5.2% to $249.3 million. . . In March, the company projected earnings in the low-single-digit range and expected revenue to fall in the high single-digits on a percentage basis, a generally downbeat view from Wall Street&#8217;s then estimates.<\/p><\/blockquote>\n<p>The most unsettling part for us was that  sales revenue in the Americas dropped 13 percent. Higher profits and lower sales is a nice pony to ride. . . for a short while. Follow the jump for the entire press release or <strong><a href=\"http:\/\/www.thestreet.com\/story\/10775522\/1\/quiksilver-inc-f2q10-qtr-end-043010-earnings-call-transcript.html?cm_ven=GOOGLEFI\" target=\"_blank\">click here for the entire call transcript from The Street<\/a><\/strong>.<\/p>\n<p><strong>[Link: <\/strong><strong><a href=\"http:\/\/online.wsj.com\/article\/BT-CO-20100603-712854.html?mod=WSJ_earnings_MIDDLETopHeadlines\" target=\"_blank\">Wall Street Journal<\/a><\/strong><strong>]<\/strong><br \/>\n<!--more-->Quiksilver, Inc. Reports Fiscal 2010 Second Quarter Financial Results<br \/>\nNet Revenues of $468 million versus $494 million in prior year<\/p>\n<p>HUNTINGTON BEACH, Calif., Jun 03, 2010 (BUSINESS WIRE) &#8212; &#8211;Pro-Forma Income from Continuing Operations of $0.11 per share versus $0.05 per share in prior year<\/p>\n<p>&#8211;Income from Continuing Operations of $0.06 per share versus $0.04 per share in prior year<\/p>\n<p>Quiksilver, Inc. (ZQK 5.16, +0.53, +11.45%)  today announced operating results for the second fiscal quarter ended April 30, 2010. Consolidated net revenues from continuing operations for the second quarter of fiscal 2010 decreased 5% to $468.3 million from $494.2 million in the second quarter of fiscal 2009. Pro-forma consolidated income from continuing operations for the second quarter of fiscal 2010 was $15.7 million, or $0.11 per share, compared to $6.6 million, or $0.05 per share, for the second quarter of fiscal 2009. Pro-forma income for the second quarter of fiscal 2010 excludes $2.9 million in restructuring charges, consisting primarily of severance pay, as well as a non-cash charge of $5.2 million for incremental stock compensation expense related to the appreciation in value of shares of company stock granted to Kelly Slater during the quarter following stockholder approval. These charges were partially offset by a gain of $1.3 million on the sale of the Raisins swimwear trademarks. Including these amounts, income from continuing operations was $8.8 million, or $0.06 per share, compared to $4.9 million, or $0.04 per share, for the second quarter of fiscal 2009. A reconciliation of GAAP results to pro-forma results is included in the accompanying tables. Net revenues and the income from continuing operations for all periods exclude the results of the Rossignol wintersports business, which was sold in November 2008 and is reported as discontinued operations.<\/p>\n<p>Robert B. McKnight, Jr., Chairman of the Board, Chief Executive Officer and President of Quiksilver, Inc., commented, &#8220;We&#8217;re very pleased to again deliver financial results that exceeded our prior expectations. Even as the global economies exhibit inconsistent signs of recovery, it&#8217;s clear that the bold steps we&#8217;ve taken over the past several quarters to improve our operations and to stabilize our financial structure have made us a much stronger company. With inventories well-managed and great products in the market, we are well positioned to deliver improved financial performance in the future.&#8221;<\/p>\n<p>Second Quarter Financial Highlights:<\/p>\n<p>&#8212; Pro-forma Adjusted EBITDA was $62.4 million compared to $45.4 million in the second quarter of fiscal 2009 despite a 5% revenue decline.<\/p>\n<p>&#8212; Gross margin improved 600 basis points to 53.2% compared to 47.2% in the second quarter of fiscal 2009 led by a 970 basis point improvement in the Americas.<\/p>\n<p>&#8212; Operating income in Europe, the company&#8217;s most profitable region, was 18.8% of revenues as gross margin improved 320 basis points to 59.9% from 56.7% in the second quarter of fiscal 2009.<\/p>\n<p>&#8212; Net debt at April 30, 2010, was $733 million, reduced by $201 million compared to $934 million at April 30, 2009.<\/p>\n<p>Net revenues in the Americas decreased 13% during the second quarter of fiscal 2010 to $199.7 million from $230.0 million in the second quarter of fiscal 2009. As measured in U.S. dollars and reported in the financial statements, European net revenues decreased 1% during the second quarter of fiscal 2010 to $208.7 million from $210.5 million in the second quarter of fiscal 2009. In constant currency, European segment net revenues decreased 5% compared to the prior year. As measured in U.S. dollars and reported in the financial statements, Asia\/Pacific net revenues increased 12% to $58.6 million in the second quarter of fiscal 2010 from $52.3 million in the second quarter of fiscal 2009. In constant currency, Asia\/Pacific segment net revenues decreased 17% compared to the prior year. Please refer to the accompanying tables in order to better understand the impact of foreign currency on revenue trends in our Europe and Asia\/Pacific segments.<\/p>\n<p>Consolidated inventories decreased 26% to $226.4 million at April 30, 2010 from $307.7 million at April 30, 2009. Consolidated trade accounts receivable decreased 19% to $333.3 million at April 30, 2010 from $411.0 million at April 30, 2009.<\/p>\n<p>The company reduced its total debt to approximately $878 million and had approximately $155 million of availability under its credit lines in addition to approximately $145 million of unrestricted cash at the end of the second quarter.<\/p>\n<p>Addressing its outlook for continuing operations, the company stated that based on current trends, third quarter revenues are expected to be down in the low teens on a percentage basis compared to the same quarter a year ago and that it expects to generate earnings per share on a diluted basis in the low-single-digit cents range. The company also indicated that it now expects Pro-forma Adjusted EBITDA for the full-year fiscal 2010 to be at the high-end of its previously stated range of 20 to 25% above fiscal 2009.<\/p>\n<p>About Quiksilver:<\/p>\n<p>Quiksilver, Inc. (ZQK 5.16, +0.53, +11.45%)  is the world&#8217;s leading outdoor sports lifestyle company, which designs, produces and distributes a diversified mix of branded apparel, footwear, accessories, snowboards and related products. The company&#8217;s apparel and footwear brands represent a casual lifestyle for young-minded people that connect with its boardriding culture and heritage.<\/p>\n<p>The reputation of Quiksilver&#8217;s brands is based on outdoor action sports. The company&#8217;s Quiksilver, Roxy, DC, Lib Tech and Hawk brands are synonymous with the heritage and culture of surfing, skateboarding and snowboarding.<\/p>\n<p>The company&#8217;s products are sold in over 90 countries in a wide range of distribution, including surf shops, skate shops, snow shops, its proprietary Boardriders Club shops and other company-owned retail stores, other specialty stores and select department stores. Quiksilver&#8217;s corporate and Americas&#8217; headquarters are in Huntington Beach, California, while its European headquarters are in St. Jean de Luz, France, and its Asia\/Pacific headquarters are in Torquay, Australia.<\/p>\n<p>Forward looking statements:<\/p>\n<p>This press release contains forward-looking statements including but not limited to statements regarding the company&#8217;s revenue guidance, diluted earnings per share guidance, pro-forma adjusted EBITDA guidance and other future activities. These forward-looking statements are subject to risks and uncertainties, and actual results may differ materially. Please refer to Quiksilver&#8217;s SEC filings for more information on the risk factors that could cause actual results to differ materially from expectations, specifically the sections titled &#8220;Risk Factors&#8221; and &#8220;Forward-Looking Statements&#8221; in Quiksilver&#8217;s Annual Report on Form 10-K and Quarterly Reports on Form 10-Q.<\/p>\n<p>NOTE: For further information about Quiksilver, Inc., you are invited to take a look at our world at www.quiksilver.com, www.roxy.com, www.dcshoes.com, www.lib-tech.com and www.hawkclothing.com.<\/p>\n<pre style=\"display:inline\">                                                    C\n                            ONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)\n                                                                        Three Months Ended April 30,\n                                                                   --------------------------------------\nIn thousands, except per share amounts                                      2                   2\n                                                                           010                 009\n                                                                   ---------------     ---------------\nRevenues, net                                                         $ 468,289           $ 494,173\nCost of goods sold                                                      219,002             261,055\n                                                                        -------             -------\n   Gross profit                                                         249,287             233,118\nSelling, general and administrative expense                             213,416             202,589\n                                                                        -------             -------\nOperating income                                                         35,871              30,529\nInterest expense                                                         21,039              13,552\nForeign currency (gain) loss                                             (4,614 )             1,926\nOther (income) expense                                                       (5 )               172\n                                                                        ------- ----        -------\nIncome before provision for income taxes                                 19,451              14,879\nProvision for income taxes                                                9,419               9,528\n                                                                        -------             -------\nIncome from continuing operations                                        10,032               5,351\nIncome (loss) from discontinued operations                                  602              (2,132 )\n                                                                        -------             ------- ----\nNet income                                                               10,634               3,219\nLess: net income attributable to non-controlling interest                (1,210 )              (406 )\n                                                                        ------- ----        ------- ----\nNet income attributable to Quiksilver, Inc.                           $   9,424           $   2,813\n                                                                   ==== =======        ==== =======\nI                                                                     $    0.07           $    0.04\nncome per share from continuing operations attributable to\nQuiksilver, Inc.\n                                                                   ==== ======= ====   ==== ======= ====\nI                                                                     $    0.00           $   (0.02 )\nncome (loss) per share from discontinued operations attributable\nto Quiksilver, Inc.\n                                                                   ==== ======= ====   ==== ======= ====\nNet income per share attributable to Quiksilver, Inc.                 $    0.07           $    0.02\n                                                                   ==== =======        ==== =======\nI                                                                     $    0.06           $    0.04\nncome per share from continuing operations attributable to\nQuiksilver, Inc., assuming dilution\n                                                                   ==== ======= ====   ==== ======= ====\nI                                                                     $    0.00           $   (0.02 )\nncome (loss) per share from discontinued operations attributable\nto Quiksilver, Inc., assuming dilution\n                                                                   ==== ======= ====   ==== ======= ====\nN                                                                     $    0.06           $    0.02\net income per share attributable to Quiksilver, Inc., assuming\ndilution\n                                                                   ==== ======= ====   ==== ======= ====\nWeighted average common shares outstanding                              128,090             127,324\n                                                                        =======             =======\nW                                                                       145,376             128,091\neighted average common shares outstanding, assuming dilution\n                                                                   ==== ======= ====   ==== ======= ====\nAmounts attributable to Quiksilver, Inc.:\nIncome from continuing operations                                     $   8,822           $   4,945\nIncome (loss) from discontinued operations                                  602              (2,132 )\n                                                                        -------             ------- ----\nNet income                                                            $   9,424           $   2,813\n                                                                   ==== =======        ==== =======\n<\/pre>\n<pre style=\"display:inline\">                                                     C\n                             ONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)\n                                                                          Six Months Ended April 30,\n                                                                    ---------------------------------------\nIn thousands, except per share amounts                                       2                   2\n                                                                            010                 009\n                                                                    ---------------     ----------------\nRevenues, net                                                          $ 901,026           $  937,451\nCost of goods sold                                                       429,590              497,170\n                                                                         -------             --------\n   Gross profit                                                          471,436              440,281\nSelling, general and administrative expense                              416,576              409,407\n                                                                         -------             --------\nOperating income                                                          54,860               30,874\nInterest expense                                                          42,912               27,706\nForeign currency (gain) loss                                              (6,593 )              3,356\nOther expense (income)                                                             --            (402 )\n                                                                    ------------------       -------- ----\nIncome before provision for income taxes                                  18,541                  214\nProvision for income taxes                                                13,093               60,109\n                                                                         -------             --------\nIncome (loss) from continuing operations                               $   5,448           $  (59,895 )\nIncome (loss) from discontinued operations                                   678             (130,696 )\n                                                                         -------             -------- ----\nNet income (loss)                                                          6,126             (190,591 )\nLess: net income attributable to non-controlling interest                 (2,056 )             (1,022 )\n                                                                         ------- ----        -------- ----\nNet income (loss) attributable to Quiksilver, Inc.                     $   4,070           $ (191,613 )\n                                                                    ==== =======        ==== ======== ====\nI                                                                      $    0.03           $    (0.48 )\nncome (loss) per share from continuing operations attributable to\nQuiksilver, Inc.\n                                                                    ==== ======= ====   ==== ======== ====\nI                                                                      $    0.01           $    (1.03 )\nncome (loss) per share from discontinued operations attributable\nto Quiksilver, Inc.\n                                                                    ==== ======= ====   ==== ======== ====\nN                                                                      $    0.03           $    (1.51 )\net income (loss) per share attributable to Quiksilver, Inc.\n                                                                    ==== ======= ====   ==== ======== ====\nI                                                                      $    0.02           $    (0.48 )\nncome (loss) per share from continuing operations attributable to\nQuiksilver, Inc., assuming dilution\n                                                                    ==== ======= ====   ==== ======== ====\nI                                                                      $    0.00           $    (1.03 )\nncome (loss) per share from discontinued operations attributable\nto Quiksilver, Inc., assuming dilution\n                                                                    ==== ======= ====   ==== ======== ====\nN                                                                      $    0.03           $    (1.51 )\net income (loss) per share attributable to Quiksilver, Inc.,\nassuming dilution\n                                                                    ==== ======= ====   ==== ======== ====\nWeighted average common shares outstanding                               127,875              127,157\n                                                                         =======             ========\nW                                                                              1                    1\neighted average common shares outstanding, assuming dilution              39,622               27,157\n                                                                    ==== ======= ====   ==== ======== ====\nA\nmounts attributable to Quiksilver, Inc.:\nIncome (loss) from continuing operations                               $   3,392           $  (60,917 )\nIncome (loss) from discontinued operations                                   678             (130,696 )\n                                                                         -------             -------- ----\nNet income (loss)                                                      $   4,070           $ (191,613 )\n                                                                    ==== =======        ==== ======== ====\n<\/pre>\n<pre style=\"display:inline\">                                                    C\n                                 ONSOLIDATED BALANCE SHEETS (Unaudited)\nI                                                                              A                A\nn thousands                                                                pril 30,         pril 30,\n                                                                             2010             2009\n                                                                        -------------    -------------\n                                                 ASSETS\nCurrent assets:\n   Cash and cash equivalents                                               $   145,329      $    74,052\n   Restricted cash                                                                  --           47,236\n                                                                                     3                4\n   Trade accounts receivable, less allowance for doubtful accounts of           33,267           10,971\n   $52,177 (2010) and $36,719 (2009)\n   Other receivables                                                            30,253           32,260\n   Inventories                                                                 226,419          307,735\n   Deferred income taxes - short-term                                           45,569           92,482\n   Prepaid expenses and other current assets                                    41,912           33,757\n   Current assets held for sale                                                    178            9,122\n                                                                             ---------        ---------\n      Total current assets                                                     822,927        1,007,615\nFixed assets, net                                                              220,586          228,918\nIntangibles, net                                                               141,397          142,792\nGoodwill                                                                       322,096          304,991\nOther assets                                                                    71,334           42,059\nDeferred income taxes - long-term                                               54,259           13,803\n                                                                             ---------        ---------\n      Total assets                                                         $ 1,632,599      $ 1,740,178\n                                                                        ==== =========   ==== =========\n<\/pre>\n<pre style=\"display:inline\">                                             L\n                             IABILITIES &#38; STOCKHOLDERS' EQUITY\nCurrent liabilities:\n   Lines of credit                                    $    14,886         $   224,451\n   Accounts payable                                       137,354             169,075\n   Accrued liabilities                                     84,456              69,455\n   Current portion of long-term debt                       45,198             225,936\n   Income taxes payable                                     5,739              20,396\n   Current liabilities of assets held for sale                260               1,415\n                                                        ---------           ---------\n      Total current liabilities                           287,893             710,728\nLong-term debt                                            817,896             604,412\nOther long-term liabilities                                41,563              32,895\n                                                        ---------           ---------\n      Total liabilities                                 1,147,352           1,348,035\nStockholders' equity:\n   Common stock                                             1,355               1,310\n   Additional paid-in capital                             381,267             339,686\n   Treasury stock                                          (6,778 )            (6,778 )\n   Retained earnings (accumulated deficit)                  2,447              (1,194 )\n   Accumulated other comprehensive income                  97,462              53,585\n                                                        ---------           ---------\n      Total Quiksilver, Inc. stockholders' equity         475,753             386,609\n   Non-controlling interest                                 9,494               5,534\n                                                        ---------           ---------\n      Total stockholders' equity                          485,247             392,143\n                                                        ---------           ---------\n      Total liabilities &#38; stockholders' equity        $ 1,632,599         $ 1,740,178\n                                                    === =========       === =========\n<\/pre>\n<pre style=\"display:inline\">I\nnformation related to operating segments is as follows\n(unaudited):\n                                                    T\n                                       hree Months Ended April 30,\n                                 ------------------------------\n      In thousands                        2                   2\n                                         010                 009\n                                 ---------------     ---------------\n      Revenues, net:\n        Americas                    $ 199,733           $ 229,990\n        Europe                        208,708             210,498\n        Asia\/Pacific                   58,645              52,299\n        Corporate operations            1,203               1,386\n                                      -------             -------\n                                    $ 468,289           $ 494,173\n                                 ==== =======        ==== =======\n      Gross Profit:\n        Americas                    $  92,997           $  84,895\n        Europe                        125,108             119,447\n        Asia\/Pacific                   31,400              28,838\n        Corporate operations             (218 )               (62 )\n                                      ------- ----        ------- ----\n                                    $ 249,287           $ 233,118\n                                 ==== =======        ==== =======\n      SG&#38;A Expense:\n        Americas                    $  81,191           $  89,021\n        Europe                         85,960              79,060\n        Asia\/Pacific                   32,259              26,317\n        Corporate operations           14,006               8,191\n                                      -------             -------\n                                    $ 213,416           $ 202,589\n                                 ==== =======        ==== =======\n      Operating Income (Loss):\n        Americas                    $  11,806           $  (4,126 )\n        Europe                         39,148              40,387\n        Asia\/Pacific                     (859 )             2,521\n        Corporate operations          (14,224 )            (8,253 )\n                                      ------- ----        ------- ----\n                                    $  35,871           $  30,529\n                                 ==== =======        ==== =======\n<\/pre>\n<pre style=\"display:inline\">                                                  S\n                                      ix Months Ended April 30,\n                                 --------------------------\n      In thousands                       2                 2\n                                        010               009\n                                 -------------     -------------\n      Revenues, net:\n        Americas                   $ 386,694         $ 433,403\n        Europe                       386,585           392,196\n        Asia\/Pacific                 125,697           109,889\n        Corporate operations           2,050             1,963\n                                     -------           -------\n                                   $ 901,026         $ 937,451\n============================================       === =======\n      Gross Profit:\n        Americas                   $ 174,012         $ 160,561\n        Europe                       229,361           220,213\n        Asia\/Pacific                  68,443            59,539\n        Corporate operations            (380 )             (32 )\n                                     ------- ---       ------- ---\n                                   $ 471,436         $ 440,281\n============================================       === =======\n      SG&#38;A Expense:\n        Americas                   $ 157,552         $ 181,027\n        Europe                       171,764           157,825\n        Asia\/Pacific                  63,636            53,233\n        Corporate operations          23,624            17,322\n                                     -------           -------\n                                   $ 416,576         $ 409,407\n============================================       === =======\n      Operating Income (Loss):\n        Americas                   $  16,460         $ (20,466 )\n        Europe                        57,597            62,388\n        Asia\/Pacific                   4,807             6,306\n        Corporate operations         (24,004 )         (17,354 )\n                                     ------- ---       ------- ---\n                                   $  54,860         $  30,874\n============================================       === =======\n<\/pre>\n<pre style=\"display:inline\">                                                 G\n                                  AAP TO PRO-FORMA RECONCILIATION\n                                                 (\n                                            Unaudited)\n                                                                                   T\n                                                                           hree Months Ended\n                                                                               April 30,\n                                                                    -----------------------\nIn thousands, except per share amounts                                      2               2\n                                                                           010             009\n                                                                    -------------     ----------\nI                                                                     $   8,822         $   4,945\nncome from continuing operations attributable to Quiksilver, Inc.\nR                                                                         2,870             1,669\nestructuring charges, net of tax of $20 (2010) and $559 (2009)\nStock compensation expense                                                5,240                --\nGain from sale of Raisins trademarks                                     (1,252 )              --\n                                                                        ------- ---   ------------\nPro-forma income from continuing operations                           $  15,680         $   6,614\n                                                                    === =======       === =======\nP                                                                     $    0.12         $    0.05\nro-forma income per share from continuing operations\n                                                                    === ======= ===   === =======\nP                                                                     $    0.11         $    0.05\nro-forma income per share from continuing operations, assuming\ndilution\n                                                                    === ======= ===   === =======\nWeighted average common shares outstanding                              128,090           127,324\n                                                                        =======           =======\nW                                                                       145,376           128,091\neighted average common shares outstanding, assuming dilution\n                                                                    === ======= ===   === =======\n<\/pre>\n<pre style=\"display:inline\">                                                                               S\n                                                                        ix Months Ended\n                                                                           April 30,\n                                                                  ------------------\nIn thousands, except per share amounts                                  2             2\n                                                                       010           009\n                                                                  ---------     ---------\nI                                                                 $   3,392     $ (60,917 )\nncome (loss) from continuing operations attributable to\nQuiksilver, Inc.\nR                                                                     5,847         7,772\nestructuring charges, net of tax of $107 (2010) and $559 (2009)\nStock compensation expense                                            5,240              --\nGain from sale of Raisins trademarks                                 (1,252 )            --\nEffect of U.S. tax valuation allowance                                     --      50,778\n                                                                  ------------    -------\nP                                                                 $  13,227     $  (2,367 )\nro-forma income (loss) from continuing operations\n                                                                  = ======= =   = ======= =\nP                                                                 $    0.10     $   (0.02 )\nro-forma loss per share from continuing operations\n                                                                  = ======= =   = ======= =\nP                                                                 $    0.09     $   (0.02 )\nro-forma loss per share from continuing operations, assuming\ndilution\n                                                                  = ======= =   = ======= =\nWeighted average common shares outstanding                          127,875       127,157\n                                                                    =======       =======\nW                                                                   139,622       127,157\neighted average common shares outstanding, assuming dilution\n                                                                  = ======= =   = ======= =\n<\/pre>\n<pre style=\"display:inline\">                                                  A\n                     DJUSTED EBITDA and PRO-FORMA ADJUSTED EBITDA RECONCILIATION\n                                                  (\n                                             Unaudited)\n                                                                                      T\n                                                                              hree Months Ended\n                                                                                  April 30,\n                                                                       ------------------------\nIn thousands                                                                  2               2\n                                                                             010             009\n                                                                       ------------    ------------\n                                                                            $  8,822        $  4,945\n  Income from continuing operations attributable to Quiksilver, Inc.\n  Provision for income taxes                                                   9,419           9,528\n  Interest expense                                                            21,039          13,552\n  Depreciation and amortization                                               13,453          13,435\n  Non-cash stock-based compensation expense                                    8,003           1,665\n                                                                              ------          ------\n  Adjusted EBITDA                                                           $ 60,736        $ 43,125\n  Restructuring and other special charges                                      1,638           2,228\n                                                                              ------          ------\n  Pro-forma Adjusted EBITDA                                                 $ 62,374        $ 45,353\n                                                                       ====== ======   ====== ======\n<\/pre>\n<pre style=\"display:inline\">                                                                          S\n                                                                   ix Months Ended\n                                                                      April 30,\n                                                             --------------------\nIn thousands                                                      2              2\n                                                                 010            009\n                                                             ---------    -----------\n                                                              $   3,392    $ (60,917 )\n  Income (loss) from continuing operations attributable to\n  Quiksilver, Inc.\n  Provision for income taxes                                     13,093       60,109\n  Interest expense                                               42,912       27,706\n  Depreciation and amortization                                  27,023       26,738\n  Non-cash stock-based compensation expense                      10,135        4,372\n                                                                -------      -------\n  Adjusted EBITDA                                             $  96,555    $  58,008\n  Restructuring and other special charges                         4,702        8,331\n                                                                -------      -------\n  Pro-forma Adjusted EBITDA                                   $ 101,257    $  66,339\n                                                             == =======   == =======\n<\/pre>\n","protected":false},"excerpt":{"rendered":"<p>Quiksilver shares jumped 13.4% to $5.23 in after hours trading after the company announced improved profit and stronger outlook, according to a story in the Wall Street Journal. For the quarter ended April 30, Quiksilver posted a profit of $9.4 million, or 6 cents a share, up from $2.8 million, or 2 cents a share, [&hellip;]<\/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":[10,12],"tags":[],"_links":{"self":[{"href":"https:\/\/www.boardistan.com\/index.php?rest_route=\/wp\/v2\/posts\/16140"}],"collection":[{"href":"https:\/\/www.boardistan.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.boardistan.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.boardistan.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.boardistan.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=16140"}],"version-history":[{"count":4,"href":"https:\/\/www.boardistan.com\/index.php?rest_route=\/wp\/v2\/posts\/16140\/revisions"}],"predecessor-version":[{"id":16181,"href":"https:\/\/www.boardistan.com\/index.php?rest_route=\/wp\/v2\/posts\/16140\/revisions\/16181"}],"wp:attachment":[{"href":"https:\/\/www.boardistan.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=16140"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.boardistan.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=16140"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.boardistan.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=16140"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}