Discontinued Operations

3 Months Ended

Jan. 31, 2014

Discontinued Operations And Disposal Groups [Abstract]

Discontinued Operations

15. Discontinued Operations

One of the elements of the Company’s multi-year Profit Improvement Plan involves divesting or exiting certain non-core businesses. In November 2013, the Company completed the sale of Mervin for $58 million, subject to a final working capital adjustment. In January 2014, the Company completed the sale of substantially all of the assets of Hawk for $19 million. These transactions resulted in an after-tax gain of approximately $38 million during the first quarter of fiscal 2014, which is included in income from discontinued operations in the table below. Additionally, the Company continues to pursue strategic alternatives for Surfdome. Each of the Company’s Mervin, Hawk and Surfdome businesses were classified as “held for sale” as of October 31, 2013 and are presented as discontinued operations in the accompanying consolidated financial statements for all periods presented. The operating results of discontinued operations for the first quarters of fiscal 2014 and 2013 are as follows:

	First Quarter Ended January 31,
In thousands	2014		2013
Revenues, net	$	20,162	$	18,829
Income before income taxes		48,094		900
Provision for income taxes		10,477		275
Income from discontinued operations		37,617		625
Less: net loss/(income) attributable to non- controlling interest		103		(186	)
Income from discontinued operations attributable to Quiksilver, Inc.	$	37,720	$	439

The components of major assets and liabilities held for sale at January 31, 2014 and October 31, 2013 are as follows:

	January 31,		October 31,
In thousands	2014		2013
Assets:
Receivables, net	$	369	$	24,229
Inventories Inventories		12,865		25,915
Goodwill		16,821		16,109
Other		7,336		9,388
	$	37,391	$	75,641
Liabilities:
Accounts payable	$	6,706	$	13,039
Accrued liabilities		2,369		3,381
Other		1,577		1,719
	$	10,652	$	18,139

Total assets held for sale as of January 31, 2014 and October 31, 2013 by geographical segment was as follows:

	January 31,		October 31,
In thousands	2014		2013
Americas	$	—	$	27,398
EMEA		37,391		47,588
APAC		—		655
	$	37,391	$	75,641