Outdoor financials: Quiksilver reverses year-ago loss in Q2, gets $150 million term loan; plus Deckers, Cabela's, Jarden

Quiksilver reversed a year-ago loss in Q2, Deckers' board approved a stock repurchase program, Cabela's said it renewed a funding facility, and Jarden stockholders approved all three agenda proposals at its annual meeting of stockholders.

Quiksilver reverses year-ago loss in Q2, gets $150 million term loan

Quiksilver (NYSE: ZQK) swung into the black profit-wise, reversing a year-ago loss, which included hefty costs related to the now-discontinued Rossignol operations. The company also said it negotiated a $150 million term loan and $200 million line of credit to improve its liquidity.

Profit for the quarter ended April 30 totaled $2.8 million, or $0.02 per share, compared with a loss last year of $206.2 million, or $1.59 per share, which included losses from the discontinued Rossignol operations of $244.9 million.

Excluding one-time items, including a $1.7 million severance charge, net income totaled $0.05 per share in the latest period.

Revenue fell 17 percent to $494.2 million from $596.3 million last year.

"With customers proceeding cautiously in this uncertain market, orders for the second half are building more slowly than in past periods and we continue to look for opportunities to streamline the business and improve profitability," CEO Robert McKnight said in a statement.

Looking forward, third-quarter revenue is expected to be down in the mid-teen percentage range.

Quiksilver also received a $150 million, five-year term loan from private equity firm Rhone. It said the deal will allow it to refocus its attention on its core Quiksilver, Roxy and DC brands and improving profitability. As part of the deal, Quiksilver will appoint two directors designated by Rhone to its board.

Quiksilver also refinanced its credit facility in the form of a new three-year, $200 million asset-based facility from Bank of American and GE Capital.

Deckers' board approves stock repurchase program

Deckers Outdoor (Nasdaq: DECK), parent of Teva, Ugg, Simple and Ahnu, said its board of directors approved the repurchase of up to $50 million of the company's common stock in the open market or in privately negotiated transactions.

It noted that the program doesn't obligate the company to acquire any particular amount of common stock and the program may be suspended at any time at its discretion. The purchases will be funded from available working capital.

Also, during its annual stockholders meeting, shareholders re-elected the eight directors nominated, all of whom were then serving as directors of the company.

They also ratified the appointment of KPMG LLP as the company’s independent registered public accounting firm for 2009. In addition, the stockholders approved a proposal to amend the company’s Restated Certificate of Incorporation to increase the number of authorized shares of common stock of the company to 50 million from 20 million shares.

Cabela's renews funding facility

Cabela's (NYSE: CAB) said Wachovia Bank, National Association has renewed its $225 million commitment under an outstanding series of variable funding notes issued by Cabela's Credit Card Master Note Trust. The commitment is for one year.

Jarden stockholders approve agenda proposals

At its annual meeting of stockholders, Jarden (NYSE: JAH) said attendees approved all three proposals put forth, including the re-election of Martin E. Franklin, Rene-Pierre Azria and Michael S. Gross to serve on the board of directors for a term of three years; the adoption of the 2009 stock incentive plan; and the appointment of PricewaterhouseCoopers as the company's independent registered public accounting firm.

Jarden is the parent of Coleman, K2 and Marmot, among others

--Compiled by Wendy Geister

For more information about any public company on this page or its financial reports, as well as to view stock prices updated every 15 minutes, visit the SNEWS® Stock Market Updates. Click on: www.snewsnet.com/cgi-bin/snews/stock_report.html.


Outdoor financials: Quiksilver secures $200 million loan, plus Jarden, Forzani

Quiksilver secures $200 million loan Quiksilver (NYSE: ZQK) has secured a $200 million asset-based credit facility, which will be used for working capital needs. GE Capital, Corporate Retail Finance acted as collateral agent and GE Capital Markets served as co-lead arranger. ...read more

Outdoor financials: Quiksilver’s Q4 loss widens, plus Jarden

Quiksilver’s Q4 loss widens Less revenue and several one-time charges caused Quiksilver’s (NYSE: ZQK) fourth-quarter loss to grow from a year earlier. For the quarter ended Oct. 31, it posted a loss of $22.1 million, or $0.14 per share, compared with a loss of $1.8 million, or a ...read more

Outdoor financials: Quiksilver to eliminate 200 positions as part of $40 million cost-saving plan, plus Eddie Bauer, Deckers, Cabela's

Quiksilver to eliminate 200 positions as part of $40 million cost-saving plan Quiksilver (NYSE: ZQK) said it is enacting cost-savings measures to reduce expenses in the Americas region by more than 10 percent -- about $40 million annually -- impacting nearly all functional areas ...read more

Outdoor financials: Merrell drives Wolverine's Q2 sales, plus Outdoor Channel, Quiksilver, Cabela's

Merrell drives Wolverine's Q2 salesSecond-quarter earnings for Wolverine World Wide (NYSE: WWW) jumped 21 percent from last year, driven by double-digit sales of its Merrell outdoor shoes. Net income rose to $13.3 million, or $0.22 cents per share, from $11 million, or $0.18 ...read more

Outdoor financials: Prana acquires Scapegoat and Timberland net loss widens in Q2, plus K2, Jarden, Garmin buys Italian distributor, Sport Chalet, VF, Cabela's, Liz Claiborne, Big 5

Prana acquires Scapegoat technical outerwearPrana has acquired Scapegoat, a technical outerwear manufacturer that launched its first line in January 2007. The line will now be called Scapegoat by prAna. Scapegoat founders Jason Olden and Eric Lyon and prAna. Prana acquired the ...read more

Outdoor financials: Jump in Deckers' Q4 earnings trounce analyst forecasts, plus West Marine, Exel Inc. shows dramatic losses, Liz Claiborne/Prana, VF, Jarden, Outdoor Channel, Amer Sports, Cabela's

Jump in Deckers' Q4 earnings trounce analyst forecastsDeckers Outdoor (Nasdaq: DECK), parent of Teva, Ugg and Simple, said its fourth-quarter profit rose 95 percent -- significantly beating analyst expectations -- as sales rose and margins widened. Quarterly earnings increased to ...read more

Outdoor financials: Quiksilver reports wider Q2 loss, plus Garmin, Johnson Outdoors, VF Corp., Collective Brands

Quiksilver reports wider Q2 loss Quiksilver (NYSE:ZQK) reported a wider loss in its second quarter due to a higher shortfall from discontinued operations. For the quarter ended April 30, the company recorded a loss of $206.2 million, or $1.59 per share, compared with a loss of ...read more

Outdoor financials: Quiksilver narrows Q1 loss, plus West Marine, Hibbett, Jarden

Quiksilver narrows Q1 loss Quiksilver (NYSE: ZQK) said its net loss for the first quarter narrowed as the company took “bold steps” over the past several quarters to improve its operations. It posted a loss of $5.4 million, or $0.04 per share, compared with a loss of $194.4 ...read more

Outdoor financials: Phoenix Footwear reports Q4 loss, plus Jarden, Eddie Bauer, Quiksilver

Phoenix Footwear reports Q4 lossPhoenix Footwear Group (Amex: PXG) swung to a loss in the fourth quarter as revenue declined. The company said it defaulted on financial covenants. Quarterly loss totaled $23.4 million, or $2.95 per share, from a profit of $71,000, or a penny per ...read more