Quiksilver, Inc. Reports Fiscal 2011 Third Quarter Financial Results
Revenues of $503 million grew 14% compared to Q3 last year
Company earns Pro-forma Adjusted EBITDA of $53 million
Company unites with city of Long Beach to run Quiksilver Pro New York after Hurricane Irene
Quiksilver, Inc. (NYSE:ZQK) announced operating results for the third fiscal quarter ended July 31, 2011. Revenues grew 14% to $503.3 million as compared to $441.5 million in the third quarter of fiscal 2010. Consolidated gross profit of $255.1 million increased 11% compared to $230.7 million in the third quarter a year ago. The company earned Pro-forma Adjusted EBITDA of $52.7 million compared to $53.5 million earned in the third quarter of fiscal 2010. Pro-forma income from continuing operations was $10.4 million, or $0.06 per share, compared to $12.5 million, or $0.08 per share, in the third quarter of fiscal 2010. The company did not record any pro-forma adjustments for the third quarter of fiscal 2011, therefore income from continuing operations was also $10.4 million, or $0.06 per share, compared to $8.2 million, or $0.05 per share, in the third quarter a year ago.
Robert B. McKnight, Jr., Chairman of the Board, Chief Executive Officer and President of Quiksilver, Inc., commented, �We�re pleased with our solid third quarter financial results and feel increasingly positive about our product offerings and the strength of our brands, which are resonating with consumers around the world despite global economic pressures. We�re seeing continued strong growth in emerging and developing markets while our category expansion initiatives are delivering good initial returns, consistent with our longer-term plans.�
McKnight continued, �And after working closely with city officials over the past few days, we�ve determined that the Quiksilver Pro New York surf contest should and will move forward in an appropriate manner given the impact of Hurricane Irene on the city and residents of Long Beach. We�re eager to bring the world�s best surfers as well as a great surf event to the New York area and in particular to Long Beach, which has an incredible surfing tradition and spirit.�
Quiksilver, Inc. is the world�s leading outdoor sports lifestyle company, which designs, produces and distributes a diversified mix of branded apparel, footwear, accessories, snowboards and related products. The company�s apparel and footwear brands represent a casual lifestyle for young-minded people that connect with its boardriding culture and heritage.
The reputation of Quiksilver�s brands is based on outdoor action sports. The company�s Quiksilver, Roxy, DC, Lib Tech and Hawk brands are synonymous with the heritage and culture of surfing, skateboarding and snowboarding.
More about ZQK at www.quiksilver.com
With VoIP (Voice over Internet Protocol) technology, communication can take place computer-to-computer using �soft phones� or VoIP software, a VoIP service provider, and a broadband connection. When communicating via PC, users should invest in a quality soundcard and a headset for the best sound quality. VoIP can also work via landline phones using Analog Telephone Adapters (ATAs) connected directly to an Internet connection, which is the most popular option. Lastly, IP phones, or hard phones, have an Ethernet port that directly communicates with a VoIP server, a VoIP gateway or another VoIP phone. They can be used independently, without a PC.
Crown Equity Holdings Inc. (OTC:CRWE) is pleased to announce that it has entered into a joint venture to deploy VoIP (Voice over Internet Protocol) technology delivering voice, video and data services to residential and commercial customers. The joint venture company is Crown Tele Services Inc. which was a wholly-owned subsidiary of Crown Equity Holdings Inc. Crown Equity Holdings Inc. will own fifty percent (50%) interest in the joint venture.
Crown Tele Services is a leading provider of communications services. Our network utilizes blazing fast fiber optic channels throughout the world with our engineers devoted to guaranteeing the highest quality and reliability possible. Crown Tele Services goal is to provide the client affordable, world class communication solutions without giving up popular features like call waiting, call forwarding, toll free, voice mail and more.
At Crown Tele Services, our mission is to create lifelong relationships through customer satisfaction. How? By offering communications solutions designed to fit your business needs while saving you a ton of money. Here at Crown Tele Services, we’re able to offer features to the small business owner previously only available to large enterprise corporations.
Crown Equity Holdings Inc., together with its digital network, currently provides electronic media services specializing in online publishing, which brings together targeted audiences and advertisers.
Crown Equity Holdings Inc. offers internet media-driven advertising services, which covers and connects a range of marketing specialties, as well as search engine optimization for clients interested in online media awareness.
For more information, please visit: http://www.crownequityholdings.com
Liquidity Services, Inc. (NASDAQ:LQDT), which provides leading corporations, public sector agencies and buying customers the world’s most transparent, innovative and effective online marketplaces and integrated services for surplus assets, announced it has agreed to acquire the consumer goods remarketing business of Jacobs Trading Company (Jacobs Trading) for $140 million plus potential performance-based consideration. Jacobs Trading is a privately held provider of remarketing and reverse logistics solutions with an over 20-year track record of service excellence to Walmart and other leading Fortune 500 retailers and consumer goods manufacturers. The acquisition, which will be financed with a combination of cash, a seller note and Liquidity Services common stock, is expected to close in the first quarter of Liquidity Services� fiscal year 2012 and is subject to regulatory approval, other customary closing conditions and post-closing price adjustments related to working capital items.
Liquidity Services, Inc. provides leading corporations, public sector agencies and buying customers the world’s most transparent, innovative and effective online marketplaces and integrated services for surplus assets.
Ciena Corporation (NASDAQ:CIEN), the network specialist, announced unaudited financial results for its fiscal third quarter ended July 31, 2011. For the fiscal third quarter 2011, Ciena reported revenue of $435.3 million. On the basis of generally accepted accounting principles (GAAP), Ciena’s net loss for the fiscal third quarter 2011 was $(31.5) million, or $(0.33) per common share, which compares to a GAAP net loss of $(109.9) million, or $(1.18) per common share, for the fiscal third quarter 2010. Ciena’s adjusted (non-GAAP) net income for the fiscal third quarter 2011 was $8.3 million, or $0.08 per common share, which compares to an adjusted (non-GAAP) net loss of $(8.0) million, or $(0.09) per common share, for the fiscal third quarter 2010.
Ciena Corporation provides communications networking equipment, software, and services that support the transport, switching, aggregation, and management of voice, video, and data traffic.
United Community Financial Corp. (NASDAQ:UCFC), holding company of The Home Savings and Loan Company, announced that Home Savings has entered into an agreement to sell four of its western-most branches to Croghan Colonial Bank (�Croghan�), a subsidiary of Croghan Bancshares, Inc. Croghan, headquartered in Fremont, Ohio, will acquire the Home Savings branches located in Fremont, Clyde, Tiffin (Westgate) and downtown Tiffin, Ohio. In the transaction, Croghan will assume all of the deposit liabilities and buy the related fixed assets of the branches. Croghan will pay a premium of 4.0% (or approximately $4.5 million) on all non-jumbo, non-brokered and non-public deposits, which together represent all of the deposits at the branches.
United Community Financial Corp. operates as the holding company for The Home Savings and Loan Company of Youngstown, Ohio that provides consumer and business banking service in Ohio and western Pennsylvania.
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