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

Quiksilver secured a $200 million asset-based credit facility, which will be used for working capital needs, while an analyst added Jarden to a preferred stocks list, and Forzani reported a slight rise in back-to-school sales.
Author:
Updated:
Original:

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.

"GE’s ability to commit a significant amount of capital helped to provide us with the liquidity we desired," said Joe Scirocco, CFO for Quiksilver, in a statement. "Also, their in-depth retail finance knowledge enabled us to quickly complete this transaction, which was integral to our ability to simultaneously execute other financing transactions both in the U.S. and in Europe."



Analyst adds Jarden to preferred stocks list


Goldman Sachs added Jarden Corp. (NYSE: JAH), parent of Coleman, Marmot and K2, to a list of preferred stocks, saying strong and healthy sales are imminent.

Analyst Michael Kelter added the stock to his buy list with a $42 price target on the stock, up $10 -- meaning shares have room to climb 56.5 percent from the Sept. 22 close of $26.84.

Kelter wrote in a client note that sales should turn positive in coming quarters and advised investors to buy the shares heading in to third-quarter earnings. He noted that the fourth quarter is a "key inflection point" when sales growth will likely turn positive after softness in recent periods during the recession.

Kelter expects Jarden management will offer "bullish" commentary about the fourth quarter and 2010 during its Oct. 28 earnings call, which will likely send the shares higher.



Forzani reports slight rise in back-to-school sales


The Forzani Group (TSX: FGL) said consolidated same-store sales for the back-to-school period increased 0.1 percent compared to the same time last year.

Compared to last year, its corporate same-store sales were down 1.6 percent and its franchise same-store sales were up 3.8 percent for the seven weeks ended Sept. 20.

"These results suggest an improvement from the corporate results reported in our second quarter press release and were, for the most part, expected due to the later return to school in certain corporate markets," said Bob Sartor, Forzani's CEO, in a statement.

The Forzani Group is Canada's largest national retailer of sporting goods with retail banners that include Sport Chek, Coast Mountain Sports, Sport Mart and The Fitness Source.

--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.

Related

Outdoor financials: Crocs secures $30 million loan, plus Big 5

Crocs secures $30 million loan Crocs (Nasdaq: CROX) said it has entered into a new asset-backed revolving credit facility with PNC Bank, a member of The PNC Financial Services Group. The agreement provides for up to $30 million in revolving loan and will be used for working ...read more

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

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 ...read more

Outdoor financials: Quiksilver president resigns, may attempt Rossignol buyout, plus Jarden, Kellwood, Wolverine, Dick's, GSI Commerce

Quiksilver president resigns, may attempt Rossignol buyout Bernard Mariette has resigned as president of Quiksilver (NYSE: ZQK) to pursue other interests and is reportedly looking to buy the company's Rossignol unit. Chairman and CEO Robert McKnight will take the president title. ...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: Eddie Bauer shares drop 50 percent on bankruptcy rumors, plus Quiksilver, Cabela's, Forzani

Eddie Bauer shares drop 50 percent on bankruptcy rumors Shares of Eddie Bauer Holdings (Nasdaq: EBHI) plunged 50 percent, falling $0.25 to close at $0.24, as rumors flew about a potential bankruptcy announcement. Various reports, including articles from Bloomberg News and the ...read more

Outdoor financials: Sun Capital takes Kellwood bid to shareholders, plus Quiksilver, Under Armour, Dick's Sporting Goods, Jarden, Cabela's, Hibbett Sports, Crocs

Sun Capital takes Kellwood bid to shareholders Investment firm Sun Capital Securities Group said it is now taking its $542.3 million cash bid offer for Kellwood (NYSE: KWD) straight to the company's shareholders. Kellwood has already rejected Sun Capital's overtures twice in ...read more

Outdoor financials: Quiksilver upgraded by Moody’s, plus Jarden

Quiksilver upgraded by Moody’s Moody's Investors Service raised its rating on Quiksilver (NYSE: ZQK) one notch after the company exchanged new stock for debt. Moody's raised Quiksilver's default-probability rating and corporate family rating to "B2" from "B3." It also boosted ...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

Outdoor financials: Analyst lowers estimates on Deckers, plus Quiksilver, West Marine, Forzani

Analyst lowers estimates on Deckers Susquehanna analyst Christopher Svezia lowered his share price target and 2009 earnings estimates on Deckers Outdoor Corp. (Nasdaq: DECK), parent of Teva, Ugg and Simple, amidst the current weak retail environment. In a client note, he wrote ...read more