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):
March 26, 2015
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) |
Registrants 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 March 26, 2015, Quiksilver, Inc. (the Company) posted to its investor relations website selected quarterly fiscal year 2014 balance sheet data and income statement data, in each case to present adjustments to previously reported information as a result of correcting the identified revenue cutoff errors disclosed in the Companys 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 Companys sale of its equity stake in Surfdome Shop, Ltd., originally recorded in the fourth quarter of fiscal year 2014. All of the amounts included in the posted financial information are presented based on the Companys current reporting for continuing operations and discontinued operations. 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 | Corrected Fiscal Year 2014 Financial Information (Preliminary and unaudited, continuing operations) |
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: March 26, 2015 | Quiksilver, Inc. | |||||
(Registrant) | ||||||
By: | /s/ Richard Shields | |||||
Richard Shields | ||||||
Chief Financial Officer |
3
INDEX TO EXHIBITS
Exhibit |
Exhibit Title or Description | |
99.1 | Corrected Fiscal Year 2014 Financial Information (Preliminary and unaudited, continuing operations) |
4
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 Quiksilvers 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 Quiksilvers equity stake in Surfdome Shop, Ltd., originally recorded in the fourth quarter of fiscal year 2014. All amounts below are presented based on Quiksilvers 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: |
||||||||||||||||||||||||||||||||
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: |
||||||||||||||||||||||||||||||||
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 |