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):
January 13, 2014
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 January 13, 2014, Quiksilver, Inc. posted to its investor relations website quarterly and annual financial information for each of fiscal year 2013 and 2012 with respect to the continuing operations of each of its operating segments. The financial information is attached hereto as Exhibit 99.1.
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 |
Exhibit Title or Description | |
| 99.1 | Quiksilver, Inc. and Subsidiaries – Continuing Operations Information Related to Operating Segments (Unaudited) | |
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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: January 13, 2014 | Quiksilver, Inc. (Registrant) | |||||
| By: | /s/ Richard Shields | |||||
| Richard Shields | ||||||
| Chief Financial Officer | ||||||
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INDEX TO EXHIBITS
| Exhibit |
Exhibit Title or Description | |
| 99.1 | Quiksilver, Inc. and Subsidiaries – Continuing Operations Information Related to Operating Segments (Unaudited). | |
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Exhibit 99.1
QUIKSILVER, INC. AND SUBSIDIARIES - CONTINUING OPERATIONS
INFORMATION RELATED TO OPERATING SEGMENTS (UNAUDITED)
| Fiscal year ended | ||||||||||||||||||||||||||||||||||||||||
| In thousands | Q1 | Q2 | Q3 | Q4 | October 31, | |||||||||||||||||||||||||||||||||||
| 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||||||||
| Revenues, net: |
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| Americas |
$ | 182,637 | $ | 200,966 | $ | 226,301 | $ | 218,936 | $ | 261,191 | $ | 277,589 | $ | 223,204 | $ | 263,228 | $ | 893,333 | $ | 960,719 | ||||||||||||||||||||
| EMEA |
156,174 | 158,516 | 156,466 | 188,720 | 150,589 | 145,723 | 168,317 | 179,032 | 631,546 | 671,991 | ||||||||||||||||||||||||||||||
| APAC |
72,695 | 74,474 | 63,581 | 73,338 | 62,769 | 71,349 | 83,025 | 86,357 | 282,070 | 305,518 | ||||||||||||||||||||||||||||||
| Corporate operations |
683 | 746 | 956 | 1,658 | 615 | 604 | 1,367 | 613 | 3,621 | 3,621 | ||||||||||||||||||||||||||||||
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| $ | 412,189 | $ | 434,702 | $ | 447,304 | $ | 482,652 | $ | 475,164 | $ | 495,265 | $ | 475,913 | $ | 529,230 | $ | 1,810,570 | $ | 1,941,849 | |||||||||||||||||||||
| Gross Profit: |
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| Americas |
$ | 78,121 | $ | 84,487 | $ | 90,772 | $ | 95,556 | $ | 109,513 | $ | 120,151 | $ | 91,882 | $ | 108,167 | $ | 370,288 | $ | 408,361 | ||||||||||||||||||||
| EMEA |
91,734 | 97,368 | 84,314 | 105,834 | 90,905 | 84,075 | 91,222 | 89,652 | 358,175 | 376,929 | ||||||||||||||||||||||||||||||
| APAC |
39,236 | 38,110 | 31,523 | 35,761 | 32,259 | 39,161 | 40,856 | 43,296 | 143,874 | 156,328 | ||||||||||||||||||||||||||||||
| Corporate operations |
682 | 110 | (1,155 | ) | (520 | ) | 855 | (7 | ) | (288 | ) | 118 | 94 | (299 | ) | |||||||||||||||||||||||||
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| $ | 209,773 | $ | 220,075 | $ | 205,454 | $ | 236,631 | $ | 233,532 | $ | 243,380 | $ | 223,672 | $ | 241,233 | $ | 872,431 | $ | 941,319 | |||||||||||||||||||||
| SG&A Expense: |
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| Americas |
$ | 85,187 | $ | 86,249 | $ | 83,877 | $ | 85,265 | $ | 76,920 | $ | 89,828 | $ | 73,752 | $ | 88,008 | $ | 319,736 | $ | 349,350 | ||||||||||||||||||||
| EMEA |
77,215 | 82,693 | 75,843 | 80,100 | 83,027 | 77,442 | 88,261 | 82,480 | 324,346 | 322,715 | ||||||||||||||||||||||||||||||
| APAC |
37,192 | 37,231 | 37,735 | 39,961 | 33,838 | 37,724 | 37,624 | 42,229 | 146,389 | 157,145 | ||||||||||||||||||||||||||||||
| Corporate operations |
16,745 | 17,599 | 14,473 | 12,399 | 15,101 | 14,398 | 20,767 | 14,644 | 67,086 | 59,040 | ||||||||||||||||||||||||||||||
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| $ | 216,339 | $ | 223,772 | $ | 211,928 | $ | 217,725 | $ | 208,886 | $ | 219,392 | $ | 220,404 | $ | 227,361 | $ | 857,557 | $ | 888,250 | |||||||||||||||||||||
| Asset Impairments: |
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| Americas |
$ | 1,621 | $ | — | $ | 5,322 | $ | 415 | $ | 1,086 | $ | 141 | $ | 1,182 | $ | 4,711 | $ | 9,211 | $ | 5,267 | ||||||||||||||||||||
| EMEA |
1,547 | — | 10 | — | 1,066 | — | 381 | 560 | 3,004 | 560 | ||||||||||||||||||||||||||||||
| APAC |
— | — | — | — | — | — | 112 | 1,407 | 112 | 1,407 | ||||||||||||||||||||||||||||||
| Corporate operations |
— | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
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| $ | 3,168 | $ | — | $ | 5,332 | $ | 415 | $ | 2,152 | $ | 141 | $ | 1,675 | $ | 6,678 | $ | 12,327 | $ | 7,234 | |||||||||||||||||||||
| Operating Income/(Loss): |
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| Americas |
$ | (8,687 | ) | $ | (1,762 | ) | $ | 1,573 | $ | 9,876 | $ | 31,507 | $ | 30,182 | $ | 16,948 | $ | 15,448 | $ | 41,341 | $ | 53,744 | ||||||||||||||||||
| EMEA |
12,972 | 14,675 | 8,461 | 25,734 | 6,812 | 6,633 | 2,580 | 6,612 | 30,825 | 53,654 | ||||||||||||||||||||||||||||||
| APAC |
2,044 | 879 | (6,212 | ) | (4,200 | ) | (1,579 | ) | 1,437 | 3,120 | (340 | ) | (2,627 | ) | (2,224 | ) | ||||||||||||||||||||||||
| Corporate operations |
(16,063 | ) | (17,489 | ) | (15,628 | ) | (12,919 | ) | (14,246 | ) | (14,405 | ) | (21,055 | ) | (14,526 | ) | (66,992 | ) | (59,339 | ) | ||||||||||||||||||||
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| $ | (9,734 | ) | $ | (3,697 | ) | $ | (11,806 | ) | $ | 18,491 | $ | 22,494 | $ | 23,847 | $ | 1,593 | $ | 7,194 | $ | 2,547 | $ | 45,835 | ||||||||||||||||||