Quiksilver Q2 profit up, revenue down
Quiksilver (NYSE: ZQK) said second-quarter net income rose sharply on stronger margins and one-time adjustments that made up a drop in revenue.
For the quarter ended April 30, net income was $9.4 million, or $0.07 per share, compared to $2.8 million, or $0.02 per share, for the same quarter last year.
Adjusting for discontinued operations, restructuring charges and other one-time items, the company earned $0.11 per share. A year earlier, it earned $0.05 per share.
Revenue fell 5 percent to $468.3 million.
The company has tightened its inventory and said it had higher margins during the quarter.
It had $744 million in debt at the end of the quarter, $201 million less than a year earlier.
Quiksilver said it expects its third-quarter revenue to fall by a percentage in the low teens compared with a year earlier, and it expects net income per share of less than a nickel.
Outdoor Channel to cut jobs
Outdoor Channel Holdings (Nasdaq: OUTD) said it plans to cut about 30 percent of its production services staff to improve profitability. It did not specify how many jobs would be cut.
Outdoor Channel had a total of about 222 employees as of the end of 2009, according to a filing with the SEC.
It plans to take a charge of about $300,000 in the second quarter.
Garmin gets approval to move HQ
Following approval from the Grand Court of the Cayman Islands, Garmin (Nasdaq: GRMN) said it expects to move its place of incorporation from the Cayman Islands to Switzerland by the end of the month.
Garmin follows a number of other companies that are moving out of Caribbean offshore financial havens. Its operational headquarters are in Olathe, Kan.
Garmin has said its footprint in Europe has "grown considerably" in recent years, and a Swiss office could make it easier to buy or partner with European companies.
The company expects the move to be effective before the U.S. stock market opens on June 28.
Amer Sports issues bond
Amer Sports, parent of Arc’Teryx and Salomon, said it will issue a EUR 150 million bond targeted at domestic and international investors. This five-year bond carries an annual fixed rate coupon of 5.375 percent, it added.
The proceeds of the offering will be used for refinancing and general corporate purposes.
Nordea Markets and Pohjola Bank acted as bookrunners for the transaction.
S&P boosts outlook for Collective Brands
Standard & Poor's Ratings Services boosted its outlook for Collective Brands (NYSE: PSS), saying the company improved its performance for the past year.
The ratings agency boosted its outlook to "positive" from "stable" and maintained its "B+" corporate rating for the company, which is the parent of Saucony and Hind.
--Compiled by Wendy Geister
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