0001193125-13-358377.txt : 20130905 0001193125-13-358377.hdr.sgml : 20130905 20130905161206 ACCESSION NUMBER: 0001193125-13-358377 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 20130905 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20130905 DATE AS OF CHANGE: 20130905 FILER: COMPANY DATA: COMPANY CONFORMED NAME: QUIKSILVER INC CENTRAL INDEX KEY: 0000805305 STANDARD INDUSTRIAL CLASSIFICATION: MEN'S & BOYS' FURNISHINGS, WORK CLOTHING, AND ALLIED GARMENTS [2320] IRS NUMBER: 330199426 STATE OF INCORPORATION: DE FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-14229 FILM NUMBER: 131080567 BUSINESS ADDRESS: STREET 1: 15202 GRAHAM STREET CITY: HUNTINGTON BEACH STATE: CA ZIP: 92649 BUSINESS PHONE: 714-889-2200 MAIL ADDRESS: STREET 1: 15202 GRAHAM STREET CITY: HUNTINGTON BEACH STATE: CA ZIP: 92649 8-K 1 d594229d8k.htm FORM 8-K Form 8-K

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 8-K

 

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):

September 5, 2013

 

 

Quiksilver, Inc.

(Exact name of registrant as specified in its charter)

 

 

 

Delaware   001-14229   33-0199426
(State or other jurisdiction of incorporation)   (Commission File Number)   (IRS Employer Identification Number)
15202 Graham Street, Huntington Beach, CA
   92649
(Address of principal executive offices)   (Zip Code)

Registrant’s telephone number, including area code:

(714) 889-2200

(Former name or former address, if changed since last report)

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

 

Item 2.02 Results of Operations and Financial Condition.

On September 5, 2013, Quiksilver, Inc. issued a press release announcing its financial results for the three and nine months ended July 31, 2013. The press release is attached hereto as Exhibit 99.1.

In addition to Quiksilver’s GAAP financial information, the press release furnished with this report as Exhibit 99.1 reports pro forma income (loss), pro forma income (loss) per share, adjusted EBITDA, pro forma adjusted EBITDA, and constant currency measures, all of which are considered non-GAAP financial measures. Quiksilver believes these non-GAAP financial measures are useful to investors as they provide consistency and comparability with its past financial reports, as well as useful information to enable investors to perform additional analyses of past, present and future operating performance and as a supplemental means to evaluate Quiksilver’s operations. These non-GAAP financial measures should not be considered a substitute for financial information presented in accordance with GAAP, and may be different from non-GAAP or other pro forma measures used by other companies.

The information in this Form 8-K and Exhibit 99.1 shall not be deemed filed for purposes of Section 18 of Securities Exchange Act of 1934, as amended (the “Exchange Act”) or otherwise subject to the liability of that section, and, shall not be incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

The following exhibit is being furnished herewith:

 

Exhibit No.

   

Exhibit Title or Description

99.1    Press Release dated September 5, 2013, issued by Quiksilver, Inc.

 

2

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

Dated: September 5, 2013  

Quiksilver, Inc.

(Registrant)

  By:  

/s/ Richard Shields

   

Richard Shields

Chief Financial Officer

INDEX TO EXHIBITS

 

Exhibit No.

   

Exhibit Title or Description

99.1    Press Release, dated September 5, 2013, issued by Quiksilver, Inc.

 

4

EX-99.1 2 d594229dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

 

LOGO

 

   Contact:    Robert Jaffe
      Investor Relations
      424-288-4098
      zqk@quiksilver.com

Quiksilver Reports Fiscal 2013 Third Quarter Financial Results

—Company Continues to Drive Efficiencies; SG&A Down Significantly—

Huntington Beach, California, September 5, 2013—Quiksilver, Inc. (NYSE:ZQK) today announced operating results for the fiscal 2013 third quarter ended July 31, 2013.

“Our third quarter results reflect progress on our path toward improving operating efficiencies,” said Andy Mooney, President and Chief Executive Officer of Quiksilver, Inc. “Pro-forma adjusted EBITDA increased by $4 million, selling, general and administrative expenses were reduced by $9 million and we continued to right-size our organization worldwide. In addition, our EMEA region returned to sales growth, and our global e-commerce channel and emerging markets contributed meaningful revenue increases. While global net revenues were down for our DC and Quiksilver brands, we believe that the product development plans we have in place will deliver improved sales over time.

“We are pleased with the advancements on our Profit Improvement Plan. We completed assembling our senior management team, refinanced debt to extend maturities and increase liquidity, reduced headcount, narrowed our athletes and events roster, began re-engineering supply chain processes and continued to close underperforming retail stores. Our plan is on track and we remain confident that our initiatives will lead to improved efficiency and profitability.”

Please refer to the accompanying tables for a reconciliation of GAAP results to certain non-GAAP results, including pro-forma income/(loss), pro-forma income/(loss) per share attributable to Quiksilver, Inc., adjusted EBITDA and pro-forma adjusted EBITDA, for the third quarter and nine months ended July 31, 2013 and 2012, net revenues in historical and constant currency, and a definition of our emerging markets.

Fiscal 2013 Third Quarter Review:

The following comparisons refer to the third quarter of fiscal 2013 versus the third quarter of fiscal 2012.

Net revenues were $496 million compared with $512 million, and were down 3%, or $14 million, in constant currency.

 

  •   Americas net revenues decreased 6% to $268 million from $286 million, and were down 6% in constant currency.

 

  •   EMEA net revenues increased 6% to $164 million from $154 million, and were up 3% in constant currency.

 

  •   APAC net revenues decreased 12% to $63 million from $72 million, and were down 1% in constant currency.

Gross margin was in line with last year at 49.4% of net revenues compared with 49.5%, with gross margin declines on DC brand sales in the Americas wholesale channel, largely offset by gross margin improvement in the EMEA wholesale channel.

LOGO

Quiksilver, Inc. Reports Fiscal 2013 Third Quarter Financial Results

September 5, 2013

Page 2 of 3

 

SG&A decreased $9 million to $217 million from $226 million, primarily due to reduced expenses related to compensation, athletes and events, and administrative costs.

Non-cash asset impairments were $2.2 million compared with $0.1 million.

Foreign currency loss was $4.1 million versus foreign currency gain of $2.2 million.

Net income attributable to Quiksilver, Inc. was $2 million, or $0.01 per diluted share, compared with $13 million, or $0.07 per diluted share.

Pro-forma income, which excludes the after-tax impact of restructuring charges, non-cash asset impairments and non-cash interest charges from net income attributable to Quiksilver, Inc., was $18 million and $17 million, or $0.10 per diluted share in both years.

Pro-forma Adjusted EBITDA increased $4 million to $56 million from $52 million.

Fiscal 2013 Q3 Net Revenue Highlights:

Net revenues (in constant currency) by brand and channel for the third quarter of fiscal 2013 compared with the third quarter of fiscal 2012 were as follows.

Brands (constant currency):

 

  •   Quiksilver decreased 10% to $172 million;

 

  •   Roxy increased 1% to $130 million; and,

 

  •   DC decreased 1% to $166 million.

Distribution channels (constant currency):

 

  •   Wholesale revenues decreased 6% to $345 million;

 

  •   Retail revenues increased 1% to $120 million. Third quarter same-store sales in company-owned retail stores increased 2% on a global basis. Company-owned retail stores totaled 562; and,

 

  •   E-commerce revenues grew 33% to $31 million.

Emerging markets generated net revenue growth of 21% in constant currency.

About Quiksilver:

Quiksilver, Inc., one of the world’s leading outdoor sports lifestyle companies, designs, produces and distributes branded apparel, footwear and accessories. The company’s apparel and footwear brands, inspired by a passion for outdoor action sports, represent a casual lifestyle for young-minded people who connect with its boardriding culture and heritage. The company’s Quiksilver, Roxy, and DC brands have authentic roots and heritage in surf, snow and skate. The company’s products are sold in more than 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, select department stores and through various e-commerce channels. Quiksilver’s corporate headquarters are in Huntington Beach, California.

LOGO

Quiksilver, Inc. Reports Fiscal 2013 Third Quarter Financial Results

September 5, 2013

Page 3 of 3

 

Forward-looking statements:

This press release contains forward-looking statements including, but not limited to, statements regarding management’s expectations for improved sales, efficiency and profitability in the future. These forward-looking statements are subject to risks and uncertainties, and actual results may differ materially. Quiksilver undertakes no obligation to update these statements, which are made only as of the date of this press release. For the factors that could cause actual results to differ materially from expectations, please refer to Quiksilver’s SEC filings and specifically the sections titled “Risk Factors,” “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Forward-Looking Statements” in Quiksilver’s Annual Report on Form 10-K and Quarterly Reports on Form 10-Q.

* * * * *

NOTE: For further information about Quiksilver, Inc., please visit our website at www.quiksilverinc.com. We also invite you to explore our brand sites, www.quiksilver.com, www.roxy.com and www.dcshoes.com.

FINANCIAL TABLES FOLLOW

QUIKSILVER, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

 

     Three months ended     Nine months ended  
In thousands, except per share amounts    July 31,     July 31,  
     2013     2012     2013     2012  

Revenues, net

    $ 495,764      $ 512,439      $ 1,385,530      $ 1,454,273   

Cost of goods sold

      250,989        258,951        709,912        730,686   
  

 

 

    

 

 

    

 

 

    

 

 

  

Gross profit

      244,775        253,488        675,618        723,587   

Selling, general and administrative expense

      216,579        225,788        660,042        680,213   

Asset impairments

      2,152        141        10,652        556   
  

 

 

    

 

 

    

 

 

    

 

 

  

Operating income

      26,044        27,559        4,924        42,818   

Interest expense

      20,195        14,834        50,991        45,464   

Foreign currency loss/(gain)

      4,074        (2,242 )      4,629        (4,701 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Income/(loss) before (benefit)/provision for income taxes

      1,775        14,967        (50,696 )      2,055   

(Benefit)/provision for income taxes

      (49 )      2,508        10,322        14,913   
  

 

 

    

 

 

    

 

 

    

 

 

  

Net income/(loss)

      1,824        12,459        (61,018 )      (12,858 ) 

Less: net loss/(income) attributable to non-controlling interest

      247        151        (435 )      (2,257 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Net income/(loss) attributable to Quiksilver, Inc.

    $ 2,071      $ 12,610      $ (61,453 )    $ (15,115 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Net income/(loss) per share attributable to Quiksilver, Inc.:

         

Basic

    $ 0.01      $ 0.08      $ (0.37 )    $ (0.09 ) 

Diluted

    $ 0.01      $ 0.07      $ (0.37 )    $ (0.09 ) 

Weighted average common shares outstanding:

         

Basic

      167,624        164,518        166,735        163,930   

Diluted

      190,568        173,899        166,735        163,930   

QUIKSILVER, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS (UNAUDITED)

 

In thousands    July 31, 2013     July 31, 2012  

ASSETS

     

Current Assets

     

Cash and cash equivalents

    $ 62,383      $ 81,903   

Restricted cash

      409,167        —     

Trade accounts receivable (net of allowance of $59,593 and $54,586, respectively)

      418,189        398,522   

Other receivables

      24,980        31,444   

Income taxes receivable

      2,779        —     

Inventories

      399,162        391,052   

Deferred income taxes—short-term

      28,086        14,691   

Prepaid expenses and other current assets

      35,819        32,678   
  

 

 

    

 

 

  

Total Current Assets

      1,380,565        950,290   

Fixed assets, net

      227,997        233,842   

Intangible assets, net

      138,384        136,745   

Goodwill

      272,417        258,815   

Other assets

      54,561        48,267   

Deferred income taxes—long-term

      118,603        99,125   
  

 

 

    

 

 

  

Total Assets

    $ 2,192,527      $ 1,727,084   
  

 

 

    

 

 

  

LIABILITIES AND EQUITY

     

Current Liabilities

     

Lines of credit

    $ —        $ 15,032   

Accounts payable

      238,311        233,523   

Accrued liabilities

      107,001        111,140   

Current portion of long-term debt

      43,153        44,640   

Debt to be redeemed

      409,167        —     

Income taxes payable

      —          3,652   
  

 

 

    

 

 

  

Total Current Liabilities

      797,632        407,987   

Long-term debt, net of current portion

      807,094        723,772   

Other long-term liabilities

      34,976        32,249   
  

 

 

    

 

 

  

Total Liabilities

      1,639,702        1,164,008   

Equity

     

Common stock

      1,712        1,687   

Additional paid-in capital

      567,601        539,124   

Treasury stock

      (6,778 )      (6,778 ) 

Accumulated deficit

      (104,774 )      (47,680 ) 

Accumulated other comprehensive income

      75,659        66,976   
  

 

 

    

 

 

  

Total Quiksilver, Inc. Stockholders’ Equity

      533,420        553,329   

Non-controlling interest

      19,405        9,747   
  

 

 

    

 

 

  

Total Equity

      552,825        563,076   
  

 

 

    

 

 

  

Total Liabilities and Equity

    $ 2,192,527      $ 1,727,084   
  

 

 

    

 

 

  

QUIKSILVER, INC. AND SUBSIDIARIES

INFORMATION RELATED TO OPERATING SEGMENTS (UNAUDITED)

 

     Three months ended     Nine months ended  
In thousands    July 31,     July 31,  
     2013     2012     2013     2012  

Revenues, net:

         

Americas

    $ 267,997      $ 286,136      $ 682,984      $ 712,519   

EMEA

      163,796        154,076        500,160        518,504   

APAC

      63,356        71,623        200,132        220,242   

Corporate operations

      615        604        2,254        3,008   
  

 

 

    

 

 

    

 

 

    

 

 

  
     495,764        512,439        1,385,530        1,454,273   

Gross Profit:

         

Americas

    $ 114,327      $ 126,101      $ 287,882      $ 311,738   

EMEA

      97,161        88,136        284,011        298,905   

APAC

      32,432        39,258        103,343        113,361   

Corporate operations

      855        (7 )      382        (417 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  
     244,775        253,488        675,618        723,587   

SG&A Expense:

         

Americas

    $ 78,752      $ 92,781      $ 251,825      $ 270,669   

EMEA

      88,845        80,862        253,055        250,160   

APAC

      33,881        37,747        108,843        114,988   

Corporate operations

      15,101        14,398        46,319        44,396   
  

 

 

    

 

 

    

 

 

    

 

 

  
     216,579        225,788        660,042        680,213   

Asset Impairments:

         

Americas

    $ 1,086      $ 141      $ 8,029      $ 556   

EMEA

      1,066        —          2,623        —     

APAC

      —          —          —          —     

Corporate operations

      —          —          —          —     
  

 

 

    

 

 

    

 

 

    

 

 

  
     2,152        141        10,652        556   

Operating Income/(Loss):

         

Americas

    $ 34,489      $ 33,179      $ 28,028      $ 40,513   

EMEA

      7,250        7,274        28,333        48,745   

APAC

      (1,449 )      1,511        (5,500 )      (1,627 ) 

Corporate operations

      (14,246 )      (14,405 )      (45,937 )      (44,813 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  
     26,044        27,559        4,924        42,818   

Definition of Emerging Markets:

The Company’s references to emerging markets in this press release refer to net revenues generated in Brazil, Mexico, Korea, China, Indonesia, Taiwan and Russia, collectively.

QUIKSILVER, INC. AND SUBSIDIARIES

GAAP TO PRO-FORMA RECONCILIATION (UNAUDITED)

 

     Three months ended      Nine months ended  
In thousands, except per share amounts    July 31,      July 31,  
     2013      2012      2013     2012  

Net income/(loss) attributable to Quiksilver, Inc.

    $ 2,071       $ 12,610       $ (61,453 )    $ (15,115 ) 

Restructuring and other special charges, net of tax of $2,406, $334, $3,031, and $1,133, respectively

      10,767         3,950         20,417        9,192   

Non-cash asset impairments, net of tax of $49, $0, $741 and $32, respectively

      2,103         141         9,911        524   

Non-cash interest charges, net of tax of $0 for all periods

      3,179         —           3,179        —     
  

 

 

     

 

 

     

 

 

    

 

 

  

Pro-forma income/(loss)

      18,120         16,701         (27,946 )      (5,399 ) 

Pro-forma income/(loss) per share attributable to Quiksilver, Inc.:

           

Basic

    $ 0.11       $ 0.10       $ (0.17 )    $ (0.03 ) 

Diluted

    $ 0.10       $ 0.10       $ (0.17 )    $ (0.03 ) 

Weighted average common shares outstanding:

           

Basic

      167,624         164,518         166,735        163,930   

Diluted

      190,568         173,899         166,735        163,930   

QUIKSILVER, INC. AND SUBSIDIARIES

ADJUSTED EBITDA & PRO-FORMA ADJUSTED EBITDA RECONCILIATION (UNAUDITED)

 

     Three months ended      Nine months ended  
In thousands    July 31,      July 31,  
     2013     2012      2013     2012  

Net income/(loss) attributable to Quiksilver, Inc.

    $ 2,071      $ 12,610       $ (61,453 )    $ (15,115 ) 

(Benefit)/provision for income taxes

      (49 )      2,508         10,322        14,913   

Interest expense

      20,195        14,834         50,991        45,464   

Depreciation and amortization

      12,991        12,312         38,018        39,437   

Non-cash stock-based compensation expense

      4,972        4,872         16,195        17,272   

Non-cash asset impairments

      2,152        141         10,652        556   
  

 

 

    

 

 

     

 

 

    

 

 

  

Adjusted EBITDA

      42,332        47,277         64,725        102,527   

Restructuring and other special charges

      13,293        4,283         23,131        10,325   
  

 

 

    

 

 

     

 

 

    

 

 

  

Pro-forma Adjusted EBITDA

      55,625        51,560         87,856        112,852   

Definition of Adjusted EBITDA and Pro-forma Adjusted EBITDA:

Adjusted EBITDA is defined as net income/(loss) attributable to Quiksilver, Inc. before (i) interest expense, (ii) (benefit)/provision for income taxes, (iii) depreciation and amortization, (iv) non-cash stock-based compensation expense and (v) non-cash asset impairments. Pro-forma Adjusted EBITDA is defined as Adjusted EBITDA excluding restructuring and other special charges (including, but not limited to, reserves and other charges associated with restructuring activities, non-operating charges for gains and losses on lease exit activities, as well as severance and other employee termination costs as a result of downsizing and reorganization). Adjusted EBITDA and Pro-forma Adjusted EBITDA are not defined under generally accepted accounting principles (“GAAP”), and may not be comparable to similarly titled measures reported by other companies. We use Adjusted EBITDA and Pro-forma Adjusted EBITDA, along with other GAAP measures, as measures of profitability because Adjusted EBITDA and Pro-forma Adjusted EBITDA compare our performance on a consistent basis by removing from our operating results the impact of our capital structure, the effect of operating in different tax jurisdictions, the impact of our asset base, which can differ depending on the book value of assets, the accounting methods used to compute depreciation and amortization, the existence or timing of asset impairments, the effect of non-cash stock-based compensation expense and restructuring and other special charges. We believe EBITDA is useful to investors as it is a widely used measure of performance and the adjustments we make to EBITDA provide further clarity on our profitability. We remove the effect of non-cash stock-based compensation from our earnings which can vary based on share price, share price volatility and the expected life of the equity instruments we grant. In addition, this stock-based compensation expense does not result in cash payments by us. We remove the effect of asset impairments from Adjusted EBITDA for the same reason that we remove depreciation and amortization as it is part of the non-cash impact of our asset base. We also remove from Pro-forma Adjusted EBITDA the impact of certain reserves and charges associated with restructuring activities, non-operating charges for gains and losses on lease exit activities, as well as severance and other employee termination costs as these costs are not typically part of normal, day-to-day operations. Adjusted EBITDA and Pro-forma Adjusted EBITDA have limitations as profitability measures in that they do not include the interest expense on our debts, our provisions for income taxes, the effect of our expenditures for capital assets and certain intangible assets, the effect of non-cash stock-based compensation expense, the effect of asset impairments and the effect of restructuring and other special charges.

SUPPLEMENTAL EXCHANGE RATE INFORMATION

(Unaudited)

In order to better understand growth rates in our operating segments, we make reference to constant currency. Constant currency reporting improves visibility into actual growth rates as it adjusts for the effect of changing foreign currency exchange rates from period to period. Constant currency is calculated by taking the ending foreign currency exchange rate (for balance sheet items) or the average foreign currency exchange rate (for income statement items) used in translation for the current period and applying that same rate to the prior period. The following table presents revenues by segment in both historical currency and constant currency for the third quarter ended July 31, 2013 and 2012 (in thousands):

 

     Americas     EMEA     APAC     Corporate      Total  

Historical currency (as reported):

            

July 31, 2013

    $ 267,997      $ 163,796      $ 63,356      $ 615       $ 495,764   

July 31, 2012

      286,136        154,076        71,623        604         512,439   

Percentage (decrease)/increase

      -6 %      6 %      -12 %         -3 % 

Constant currency (current year exchange rates):

            

July 31, 2013

      267,997        163,796        63,356        615         495,764   

July 31, 2012

      285,570        159,760        64,039        622         509,991   

Percentage (decrease)/increase

      -6 %      3 %      -1 %         -3 % 
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