Quiksilver’s Q4 loss grows amidst slow sales
The fourth-quarter net loss for Quiksilver (NYSE: ZQK) widened as it took a hefty charge and coped with slowing sales.
For the three months ended Oct. 31, Quiksilver recorded a net loss of $1.78 million, or $0.01 a share, compared with a net loss of $955,000, or $0.01 a share, in the year-ago quarter.
Results included a $22.3 million in restructuring and retail store impairment charges that was partially offset by a tax adjustment of $3.3 million.
The loss from continuing operations, including the special items, was $15.7 million, or $0.12 per share, compared with a loss of $13.8 million, or $0.11 a share, in the fourth quarter of 2008.
Consolidated net revenue totaled $538.7 million, down 11 percent from $606.9 million a year ago.
"Our fourth quarter was very challenging as retailers bought conservatively for the holiday season and traffic in our own retail stores remained sluggish through October," said Robert McKnight, chairman, president and CEO, in a statement.
Net revenues for the FY ‘09 decreased 13 percent to $1.98 billion compared to $2.26 billion in fiscal 2008. Full year pro-forma income from continuing operations for fiscal 2009, adjusted to exclude restructuring and impairment charges and tax credits, was $4.6 million or $0.04 per share.
Its loss for fiscal 2009 was $73.2 million or $0.58 per share, compared to income of $65.5 million or $0.51 per share in fiscal 2008.
For the first quarter, Quiksilver forecast a 7 percent decline in revenue and a loss of $0.12 to $0.15 per share.
Cabela's adopts new bylaws for board
Cabela's (NYSE: CAB) said it has amended its bylaws to require a majority vote when electing directors.
Under the new standard, each nominee for election to the board must receive a majority of votes cast in order to be elected. The new standard replaces the company's plurality standard, which mandated that nominees receiving the most votes would be elected regardless of whether those votes constituted a majority of the shares voted at the meeting.
The company said the changes are intended to ensure sound corporate governance and generate better results for shareholders.
--Compiled by Wendy Geister
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