Outdoor financials: West Marine narrows Q4 loss, plus Outdoor Channel, Garmin, Suunto names president

West Marine narrows Q4 loss, Outdoor Channel posts 88.1 percent increase in Q4 revenue, Garmin to move incorporation to Switzerland and new Suunto president named.
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West Marine narrows Q4 loss

West Marine (Nasdaq: WMAR) reported a $12.8 million fourth-quarter net loss – but a considerable improvement over the $29 million it lost during the same period in 2008.

For the quarter ended Jan. 2, the loss was $0.57 per share compared with a $1.31 per share loss in 2008.

Revenue was down 6.4 percent to $103.9 million from the $111.1 million the company reported in the same period of 2008. Same-store sales were down 4.8 percent in the fourth quarter.

For the full year, the company reported a $12.4 million net profit versus a $38.8 million loss in 2008. It made $0.55 per share for the year, compared with a loss of $1.76 per share in 2008.

Net revenues were $588.4 million -- down 6.8 percent from 2008’s $631.3 million -- primarily due to a decline of 3.6 percent in comparable store sales.

CEO Geoff Eisenberg said in a statement that the company improved its finances last year despite a tough year for the boating industry. Boat use started to recover in some areas of the country during the year, he said.

Outdoor Channel posts 88.1 percent increase in Q4 revenue

Outdoor Channel Holdings (Nasdaq: OUTD) reported increases in total revenues of 88.1 percent and 60.7 percent, respectively, for the fourth quarter and FY ’09 due largely to the acquisition of Winnercomm.

Total revenues amounted to $27.0 million for the 2009 fourth quarter, compared with $14.4 million in the corresponding period a year ago. Advertising revenue for the quarter decreased 4.3 percent to $9.5 million from $10.0 million in the prior-year period.

Net income was $0.6 million, or $0.02 per diluted share, compared with net income of $0.5 million, or $0.02 per diluted share, in the prior-year period.

For full year 2009, total revenues were $86.9 million, compared with $54.1 million in the prior year. Advertising revenues decreased 6.1 percent to $34.3 million compared to $36.6 million in the prior year.

Its net loss was $0.3 million, or $0.01 per diluted share, compared to a net income of $2.4 million, or $0.09 per diluted share, for the prior-year period.

Garmin to move incorporation to Switzerland

Garmin (Nasdaq: GRMN) said its board of directors approved a move of incorporation from the Cayman Islands to Switzerland. The company will ask shareholders to vote in favor of the proposed change on May 20.

Garmin follows a number of other companies that are moving out of Caribbean offshore financial havens.

Garmin said its footprint in Europe has "grown considerably" in recent years.

"The Swiss office will provide a base for expansion of certain corporate functions in Europe and a more favorable structure from which it would be possible to acquire or partner with European businesses," said Min Kao, chairman and CEO, in a statement.

If passed, the company expects the move to be effective on June 27.

Separately, Garmin also approved an annual cash dividend of $1.50, a one-time increase from $0.75. The dividend is payable to shareholders of record on April 15 and will be paid on April 30.

New Suunto president named

Amer Sports reported that Mikko Moilanen has been named president of its Suunto brand, starting March 17. Former president Juha Pinomaa has resigned for undisclosed reasons.

Moilanen has been working for Suunto as director of products and services since the beginning of the year. Previously, he was at Nokia and held several international leadership positions for 17 years. Amer Sports said he has a wide experience from product and portfolio management to the creation of high-quality products and services.

Moilanen will also be a member of the Amer Sports executive board, representing the sports instruments business area.

--Compiled by Wendy Geister

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