Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - QUIKSILVER INC | d900471d8k.htm |
Exhibit 99.1
Quiksilver, Inc. and subsidiaries
Summary of Restated Fiscal Year 2014 Financial Results
Preliminary and unaudited, continuing operations
in $USD millions
The following tables provide updated financial information for each quarter of fiscal 2014 to present adjustments to previously reported information as a result of correcting the identified revenue cutoff errors disclosed in Quiksilver’s Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on March 17, 2015, as well as for the correction of the impairment charge related to the sale of Quiksilver’s equity stake in Surfdome Shop, Ltd., originally recorded in the fourth quarter of fiscal year 2014. All amounts below are presented based on Quiksilver’s current reporting for continuing operations and discontinued operations.
| For the period ended: | January 31, 2014 | April 30, 2014 | July 31, 2014 | October 31, 2014 | ||||||||||||||||||||||||||||
| As Reported | As Restated | As Reported | As Restated | As Reported | As Restated | As Reported | As Restated | |||||||||||||||||||||||||
| Selected balance sheet data: |
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| Trade accounts receivable |
338.7 | 331.1 | 351.6 | 343.8 | 317.6 | 308.1 | 319.8 | 311.0 | ||||||||||||||||||||||||
| Inventories |
360.2 | 365.1 | 304.6 | 309.6 | 331.0 | 337.2 | 278.8 | 284.5 | ||||||||||||||||||||||||
| Assets held for sale, net of current portion |
no change | no change | no change | 3.0 | 5.4 | |||||||||||||||||||||||||||
| Income taxes receivable/payable |
no change | no change | 1.5 | 1.6 | 1.2 | 1.1 | ||||||||||||||||||||||||||
| Current portion of assets held for sale (liabilities) |
no change | no change | no change | 12.6 | 13.3 | |||||||||||||||||||||||||||
| Accumulated deficit |
(260.5 | ) | (263.2 | ) | (313.5 | ) | (316.3 | ) | (533.7 | ) | (537.0 | ) | (585.3 | ) | (587.4 | ) | ||||||||||||||||
| Americas: Identifiable assets |
581.4 | 578.7 | 544.3 | 541.5 | 522.3 | 519.0 | 467.9 | 464.8 | ||||||||||||||||||||||||
| EMEA: Identifiable assets |
no change | no change | no change | 510.9 | 513.3 | |||||||||||||||||||||||||||
| Selected quarterly income statement data: |
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| Revenues, net |
392.6 | 394.9 | 397.1 | 396.9 | 380.0 | 378.2 | 400.7 | 401.4 | ||||||||||||||||||||||||
| Gross margin |
199.8 | 200.6 | 194.4 | 194.3 | 181.7 | 181.1 | 187.0 | 187.2 | ||||||||||||||||||||||||
| Operating loss |
(4.8 | ) | (4.0 | ) | (18.2 | ) | (18.3 | ) | (202.1 | ) | (202.7 | ) | (28.4 | ) | (28.2 | ) | ||||||||||||||||
| Loss from continuing operations |
(22.7 | ) | (21.9 | ) | (37.8 | ) | (37.9 | ) | (217.8 | ) | (218.4 | ) | (49.5 | ) | (49.3 | ) | ||||||||||||||||
| Loss from discontinued operations |
no change | no change | no change | (2.6 | ) | (0.8 | ) | |||||||||||||||||||||||||
| Net income/(loss) attributable to Quiksilver, Inc. |
15.4 | 16.2 | (53.1 | ) | (53.2 | ) | (220.1 | ) | (220.7 | ) | (51.6 | ) | (50.5 | ) | ||||||||||||||||||
| Net income/(loss) per share attributable to Quiksilver, Inc. |
$ | 0.09 | $ | 0.10 | $ | (0.31 | ) | $ | (0.31 | ) | $ | (1.29 | ) | $ | (1.29 | ) | $ | (0.30 | ) | $ | (0.30 | ) | ||||||||||
| Americas segment net revenue |
173.2 | 175.5 | 186.4 | 186.2 | 191.4 | 189.6 | 172.5 | 173.2 | ||||||||||||||||||||||||
| Wholesale channel net revenue |
236.4 | 238.7 | 286.4 | 286.2 | 235.2 | 233.4 | 279.9 | 280.6 | ||||||||||||||||||||||||
| Quiksilver brand net revenue |
163.1 | 163.9 | 166.7 | 166.6 | 142.0 | 141.4 | 156.1 | 156.3 | ||||||||||||||||||||||||
| Roxy brand net revenue |
117.3 | 118.1 | 120.2 | 120.1 | 118.5 | 117.9 | 124.2 | 124.4 | ||||||||||||||||||||||||
| DC brand net revenue |
102.2 | 103.0 | 103.0 | 102.9 | 108.8 | 108.2 | 112.5 | 112.7 | ||||||||||||||||||||||||
| Apparel net revenue |
304.9 | 306.4 | 282.7 | 282.6 | 269.1 | 267.9 | 316.9 | 317.4 | ||||||||||||||||||||||||
| Footwear net revenue |
87.7 | 88.5 | 114.5 | 114.4 | 110.9 | 110.3 | 83.7 | 83.9 | ||||||||||||||||||||||||