Skullcandy, Inc. (Nasdaq:SKUL), reiterated its net sales and earnings outlook for 2011. As previously outlined in the Company’s third quarter 2011 earnings release dated November 3, 2011, the Company expects 2011 net sales to increase 44% to approximately $231.0 million from $160.6 million in 2010.
The Company expects 2011 diluted earnings per share of approximately $0.78 based on diluted weighted average shares outstanding of approximately 23.7 million compared to a loss of $0.69 per share in 2010 based on diluted weighted average shares outstanding of 14.0 million. Diluted earnings per share for 2011 will include $3.6 million of one-time after-tax expenses recorded in the third quarter. These one-time expenses were recognized in connection with the closing of the Company’s initial public offering and relate to the securities purchase and redemption agreement. Excluding these one-time expenses in the third quarter, the Company expects adjusted diluted earnings per share for 2011 to be approximately $0.93 based on diluted weighted average shares outstanding of approximately 23.7 million.
As a reminder, the Company will be presenting at the 14th Annual ICR XChange Conference held at the Fontainebleau Hotel in Miami Beach, Florida on Thursday, January 12, 2012 at 11:05 am Eastern Standard Time. Jeremy Andrus, President and CEO, and Mitch Edwards, Chief Financial Officer, will host the presentation and meet with investors.
About Skullcandy, Inc. – Skullcandy is a leading audio brand that reflects the collision of the music, fashion and action sports lifestyles. The Skullcandy brand and distinctive logo symbolize youth and rebellion and embody the company’s motto “Every revolution needs a soundtrack.” Skullcandy headphones feature the distinctive Skullcandy sound and leading-edge design. Skullcandy products are currently sold in the United States, as well as in more than 70 countries around the world and through its websites.
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Post Written By: Ed Liston
Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht.
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