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8-K - FORM 8-K - QUIKSILVER INC | d271820d8k.htm |
Exhibit 99.1
Company Contact: | Bruce Thomas | |
Vice President, Investor Relations | ||
Quiksilver, Inc. | ||
+1 (714) 889-2200 |
Quiksilver, Inc. Reports Fourth Quarter and Fiscal Year 2011 Results
| Fourth quarter revenues of $545 million grew 10% compared to Q4 last year |
| Full-year fiscal 2011 revenues grew 6% to $1.95 billion |
| Company earned pro-forma Adjusted EBITDA of $57 million for the quarter and $200 million for the full fiscal year |
Huntington Beach, California, December 15, 2011Quiksilver, Inc. (NYSE:ZQK) today announced operating results for the fourth fiscal quarter and full year ended October 31, 2011. Revenues grew 10% to $545.2 million as compared to $495.1 million in the fourth quarter of fiscal 2010 and grew 6% in constant currency. The company earned Pro-forma Adjusted EBITDA of $57.1 million in the quarter compared to $59.5 million earned in the fourth quarter of fiscal 2010. Pro-forma income from continuing operations was $10.8 million, or $0.06 per share, compared to $21.8 million, or $0.12 per share, in the fourth quarter of fiscal 2010. Pro-forma income for the fourth quarter of fiscal 2011 excludes $11.4 million of non-cash asset impairment charges, $8.0 million of restructuring costs and $76.6 million of income primarily related to the settlement of the companys French tax audit. Including these pro-forma adjustments, income from continuing operations was $67.9 million, or $0.38 per share, compared to a loss of $23.1 million, or $0.15 per share, in the fourth quarter a year ago. A reconciliation of GAAP results to pro-forma results is provided in the accompanying tables.
Consolidated net revenues for the full year of fiscal 2011 grew 6% to $1.95 billion compared to $1.84 billion in fiscal 2010 and grew 3% in constant currency. Pro-forma income from continuing operations for the full year of fiscal 2011 was $30.8 million, or $0.17 per share, and excludes a net $52.1 million of special charges. Of this amount, $86.0 million represents non-cash asset impairment charges, $18.7 million represents valuation allowances provided against deferred tax assets, $10.7 million represents the write-off of deferred debt issuance costs associated with previous financings and $5.9 million represents restructuring costs. These charges were partially offset by $69.3 million of income related to the tax settlement in the fourth quarter. Including these amounts, loss from continuing operations was $21.3 million, or $0.13 per share, compared to $11.5 million, or $0.09 per share, for the full year of fiscal 2010. A reconciliation of GAAP results to pro-forma results is provided in the accompanying tables.
Robert B. McKnight, Jr., Chairman of the Board, Chief Executive Officer and President of Quiksilver, Inc., commented, Were pleased to report another quarter of solid financial results and we exit 2011 in great shape to deliver improved performance in 2012 in line with our long-term plans. We made investments in fiscal 2011 to deliver better products from each of our brands, but we are most encouraged by the performance of our Roxy brand, which continues to gain traction in the marketplace and whose revenue performance compared to prior periods has improved steadily in each of the past five quarters. Additionally, despite particularly challenging consumer environments in parts of Europe and Australasia, we continue to see solid growth in our emerging and developing markets around the world.
Net revenues in the Americas increased 13% during the fourth quarter of fiscal 2011 to $249.8 million from $221.8 million in the fourth quarter of fiscal 2010. As measured in U.S. dollars and reported in the financial statements, European net revenues increased 11% during the fourth quarter of fiscal 2011 to $212.5 million from $190.7 million in the
Quiksilver, Inc. Reports Fourth Quarter and Fiscal Year 2011 Results
December 15, 2011
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fourth quarter a year ago. In constant currency, European segment net revenues increased 6% compared to the fourth quarter of fiscal 2010. As measured in U.S. dollars and reported in the financial statements, Asia/Pacific net revenues increased 2% during the fourth quarter of fiscal 2011 to $81.8 million from $80.4 million in the fourth quarter of fiscal 2010. In constant currency, Asia/Pacific segment net revenues decreased 7% compared to the fourth quarter a year ago. Please refer to the accompanying tables in order to better understand the impact of foreign currency exchange rates on revenue trends in the European and Asia/Pacific segments.
For the full year of fiscal 2011, net revenues in the Americas increased 8% to $914.4 million. As measured in U.S. dollars and reported in the financial statements, European net revenues increased 4% during the full year of fiscal 2011 to $761.1 million. In constant currency, European net revenues increased 1% compared to the prior year. As measured in U.S. dollars and reported in the financial statements, Asia/Pacific net revenues increased 5% to $272.5 million for the full year of fiscal 2011. In constant currency, Asia/Pacific net revenues decreased 8% compared to the prior year.
Consolidated inventories increased to $347.8 million at October 31, 2011 as compared to $268.0 million at October 31, 2010. Consolidated trade accounts receivable increased to $397.1 million at October 31, 2011 from $368.4 million at October 31, 2010.
Q4 Highlights
| The companys same store sales in its Americas region were up 16% compared to the same quarter a year ago, continuing a run of strong performance in company-owned stores. Additionally, fourth quarter same store sales in its European region turned positive for the first time in 6 fiscal quarters. |
| The companys Roxy brand continued to build momentum in the fourth quarter. Since refocusing the brand in the image of its original California surfing roots and making key changes within the brand management team, Roxy has delivered five consecutive quarters of continually improving revenue comparisons to prior year periods. |
| Legendary Quiksilver team rider Kelly Slater clinched his unprecedented 11th ASP World Surf Championship as he dominated this years tour by winning three events and earning Top 5 finishes in each of the nine events that counted toward his championship point total. |
About Quiksilver:
Quiksilver, Inc. (NYSE:ZQK) is the worlds leading outdoor sports lifestyle company, which designs, produces and distributes a diversified mix of branded apparel, footwear, accessories, snowboards and related products. The companys apparel and footwear brands represent a casual lifestyle for young-minded people that connect with its boardriding culture and heritage.
The reputation of Quiksilvers brands is based on outdoor action sports. The companys Quiksilver, Roxy, DC, Lib Tech and Hawk brands are synonymous with the heritage and culture of surfing, skateboarding and snowboarding.
Quiksilver, Inc. Reports Fourth Quarter and Fiscal Year 2011 Results
December 15, 2011
Page 3 of 11
The companys products are sold in over 90 countries in a wide range of distribution, including surf shops, skate shops, snow shops, its proprietary Boardriders Club shops and other company-owned retail stores, other specialty stores and select department stores. Quiksilvers corporate and Americas headquarters are in Huntington Beach, California, while its European headquarters are in St. Jean de Luz, France, and its Asia/Pacific headquarters are in Torquay, Australia.
Forward looking statements:
This press release contains forward-looking statements including but not limited to statements regarding the companys new growth initiatives and other future activities. These forward-looking statements are subject to risks and uncertainties, and actual results may differ materially. Please refer to Quiksilvers SEC filings for more information on the risk factors that could cause actual results to differ materially from expectations, specifically the sections titled Risk Factors and Forward-Looking Statements in Quiksilvers Annual Report on Form 10-K and Quarterly Reports on Form 10-Q.
* * * * *
NOTE: For further information about Quiksilver, Inc., you are invited to take a look at our world at
www.quiksilver.com, www.roxy.com, www.dcshoes.com, www.lib-tech.com and www.hawkclothing.com.
Quiksilver, Inc. Reports Fourth Quarter and Fiscal Year 2011 Results
December 15, 2011
Page 4 of 11
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
Three Months Ended October 31, | ||||||||
In thousands, except per share amounts | 2011 | 2010 | ||||||
Revenues, net |
$ | 545,201 | $ | 495,119 | ||||
Cost of goods sold |
262,124 | 230,040 | ||||||
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Gross profit |
283,077 | 265,079 | ||||||
Selling, general and administrative expense |
247,593 | 222,335 | ||||||
Asset impairments |
11,763 | 8,432 | ||||||
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Operating income |
23,721 | 34,312 | ||||||
Interest expense |
14,081 | 50,567 | ||||||
Foreign currency loss |
5,775 | 463 | ||||||
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Income (loss) before (benefit) provision for income taxes |
3,865 | (16,718 | ) | |||||
(Benefit) provision for income taxes |
(64,252 | ) | 5,244 | |||||
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Income (loss) from continuing operations |
$ | 68,117 | $ | (21,962 | ) | |||
Income from discontinued operations |
| 1,009 | ||||||
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Net income (loss) |
$ | 68,117 | $ | (20,953 | ) | |||
Less: net income attributable to non-controlling interest |
(219 | ) | (1,107 | ) | ||||
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Net income (loss) attributable to Quiksilver, Inc. |
$ | 67,898 | $ | (22,060 | ) | |||
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Income (loss) per share from continuing operations attributable to Quiksilver, Inc. |
$ | 0.42 | $ | (0.15 | ) | |||
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Income per share from discontinued operations attributable to Quiksilver, Inc. |
$ | | $ | 0.01 | ||||
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Net income (loss) per share attributable to Quiksilver, Inc. |
$ | 0.42 | $ | (0.14 | ) | |||
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Income (loss) per share from continuing operations attributable to Quiksilver, Inc., assuming dilution |
$ | 0.38 | $ | (0.15 | ) | |||
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Income per share from discontinued operations attributable to Quiksilver, Inc., assuming dilution |
$ | | $ | 0.01 | ||||
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Net income (loss) per share attributable to Quiksilver, Inc., assuming dilution |
$ | 0.38 | $ | (0.14 | ) | |||
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Weighted average common shares outstanding |
163,117 | 158,379 | ||||||
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Weighted average common shares outstanding, assuming dilution |
179,742 | 158,379 | ||||||
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Amounts attributable to Quiksilver, Inc.: |
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Income (loss) from continuing operations |
$ | 67,898 | $ | (23,069 | ) | |||
Income from discontinued operations |
| 1,009 | ||||||
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Net income (loss) |
$ | 67,898 | $ | (22,060 | ) | |||
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Quiksilver, Inc. Reports Fourth Quarter and Fiscal Year 2011 Results
December 15, 2011
Page 5 of 11
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
Fiscal Year Ended October 31, | ||||||||
In thousands, except per share amounts | 2011 | 2010 | ||||||
Revenues, net |
$ | 1,953,061 | $ | 1,837,620 | ||||
Cost of goods sold |
929,227 | 870,372 | ||||||
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Gross profit |
1,023,834 | 967,248 | ||||||
Selling, general and administrative expense |
895,949 | 832,066 | ||||||
Asset impairments |
86,373 | 11,657 | ||||||
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Operating income |
41,512 | 123,525 | ||||||
Interest expense |
73,808 | 114,109 | ||||||
Foreign currency gain |
(111 | ) | (5,917 | ) | ||||
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(Loss) income before (benefit) provision for income taxes |
(32,185 | ) | 15,333 | |||||
(Benefit) provision for income taxes |
(14,315 | ) | 23,433 | |||||
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Loss from continuing operations |
$ | (17,870 | ) | $ | (8,100 | ) | ||
Income from discontinued operations |
| 1,830 | ||||||
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Net loss |
$ | (17,870 | ) | $ | (6,270 | ) | ||
Less: net income attributable to non-controlling interest |
(3,388 | ) | (3,414 | ) | ||||
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Net loss attributable to Quiksilver, Inc. |
$ | (21,258 | ) | $ | (9,684 | ) | ||
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Loss per share from continuing operations attributable to Quiksilver, Inc. |
$ | (0.13 | ) | $ | (0.09 | ) | ||
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Income per share from discontinued operations attributable to Quiksilver, Inc. |
$ | | $ | 0.01 | ||||
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Net loss per share attributable to Quiksilver, Inc. |
$ | (0.13 | ) | $ | (0.07 | ) | ||
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Loss per share from continuing operations attributable to Quiksilver, Inc., assuming dilution |
$ | (0.13 | ) | $ | (0.09 | ) | ||
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Income per share from discontinued operations attributable to Quiksilver, Inc., assuming dilution |
$ | | $ | 0.01 | ||||
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Net loss per share attributable to Quiksilver, Inc., assuming dilution |
$ | (0.13 | ) | $ | (0.07 | ) | ||
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Weighted average common shares outstanding |
162,430 | 135,334 | ||||||
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Weighted average common shares outstanding, assuming dilution |
162,430 | 135,334 | ||||||
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Amounts attributable to Quiksilver, Inc.: |
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Loss from continuing operations |
$ | (21,258 | ) | $ | (11,514 | ) | ||
Income from discontinued operations |
| 1,830 | ||||||
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Net loss |
$ | (21,258 | ) | $ | (9,684 | ) | ||
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Quiksilver, Inc. Reports Fourth Quarter and Fiscal Year 2011 Results
December 15, 2011
Page 6 of 11
Information related to operating segments is as follows (unaudited):
Three Months Ended October 31, |
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In thousands | 2011 | 2010 | ||||||
Revenues, net: |
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Americas |
$ | 249,788 | $ | 221,754 | ||||
Europe |
212,522 | 190,692 | ||||||
Asia/Pacific |
81,843 | 80,377 | ||||||
Corporate operations |
1,048 | 2,296 | ||||||
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$ | 545,201 | $ | 495,119 | |||||
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Gross Profit: |
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Americas |
$ | 117,575 | $ | 106,643 | ||||
Europe |
121,644 | 114,788 | ||||||
Asia/Pacific |
42,973 | 44,026 | ||||||
Corporate operations |
885 | (378 | ) | |||||
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$ | 283,077 | $ | 265,079 | |||||
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SG&A Expense: |
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Americas |
$ | 104,804 | $ | 87,167 | ||||
Europe |
89,999 | 92,159 | ||||||
Asia/Pacific |
38,988 | 35,403 | ||||||
Corporate operations |
13,802 | 7,606 | ||||||
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$ | 247,593 | $ | 222,335 | |||||
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Asset Impairments: |
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Americas |
$ | 3,426 | $ | 6,747 | ||||
Europe |
1,331 | 1,685 | ||||||
Asia/Pacific |
7,006 | | ||||||
Corporate operations |
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$ | 11,763 | $ | 8,432 | |||||
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Operating Income (Loss): |
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Americas |
$ | 9,345 | $ | 12,729 | ||||
Europe |
30,314 | 20,944 | ||||||
Asia/Pacific |
(3,021 | ) | 8,623 | |||||
Corporate operations |
(12,917 | ) | (7,984 | ) | ||||
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$ | 23,721 | $ | 34,312 | |||||
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Quiksilver, Inc. Reports Fourth Quarter and Fiscal Year 2011 Results
December 15, 2011
Page 7 of 11
Information related to operating segments (continued):
Fiscal Year Ended October 31, |
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In thousands | 2011 | 2010 | ||||||
Revenues, net: |
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Americas |
$ | 914,406 | $ | 843,078 | ||||
Europe |
761,100 | 728,952 | ||||||
Asia/Pacific |
272,479 | 260,578 | ||||||
Corporate operations |
5,076 | 5,012 | ||||||
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$ | 1,953,061 | $ | 1,837,620 | |||||
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Gross Profit: |
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Americas |
$ | 425,607 | $ | 390,249 | ||||
Europe |
453,727 | 436,088 | ||||||
Asia/Pacific |
144,815 | 141,197 | ||||||
Corporate operations |
(315 | ) | (286 | ) | ||||
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$ | 1,023,834 | $ | 967,248 | |||||
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SG&A Expense: |
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Americas |
$ | 360,921 | $ | 324,683 | ||||
Europe |
340,387 | 340,138 | ||||||
Asia/Pacific |
147,949 | 128,207 | ||||||
Corporate operations |
46,692 | 39,038 | ||||||
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$ | 895,949 | $ | 832,066 | |||||
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Asset Impairments: |
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Americas |
$ | 3,891 | $ | 8,686 | ||||
Europe |
1,331 | 1,785 | ||||||
Asia/Pacific |
81,151 | 1,186 | ||||||
Corporate operations |
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$ | 86,373 | $ | 11,657 | |||||
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Operating Income (Loss): |
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Americas |
$ | 60,795 | $ | 56,880 | ||||
Europe |
112,009 | 94,165 | ||||||
Asia/Pacific |
(84,285 | ) | 11,804 | |||||
Corporate operations |
(47,007 | ) | (39,324 | ) | ||||
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$ | 41,512 | $ | 123,525 | |||||
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Quiksilver, Inc. Reports Fourth Quarter and Fiscal Year 2011 Results
December 15, 2011
Page 8 of 11
GAAP TO PRO-FORMA RECONCILIATION (Unaudited)
Three Months Ended October 31, | ||||||||
In thousands, except per share amounts | 2011 | 2010 | ||||||
Income (loss) from continuing operations attributable to Quiksilver, Inc. |
$ | 67,898 | $ | (23,069 | ) | |||
Non-cash asset impairment charges, net of tax of $328 (2011) and $556 (2010) |
11,435 | 7,876 | ||||||
Restructuring charges, net of tax of $0 (2011) and $658 (2010) |
8,038 | 2,612 | ||||||
Effect of Asia/Pacific tax valuation allowance |
(7,266 | ) | | |||||
FIN 48 tax adjustment |
(69,285 | ) | | |||||
Non-cash interest charges, net of tax of $0 (2011 and 2010) |
| 34,419 | ||||||
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Pro-forma income from continuing operations |
$ | 10,820 | $ | 21,838 | ||||
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Pro-forma income per share from continuing operations |
$ | 0.07 | $ | 0.14 | ||||
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Pro-forma income per share from continuing operations, assuming dilution |
$ | 0.06 | $ | 0.12 | ||||
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Weighted average common shares outstanding |
163,117 | 158,379 | ||||||
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Weighted average common shares outstanding, assuming dilution |
179,742 | 177,020 | ||||||
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Fiscal Year Ended October 31, | ||||||||
In thousands, except per share amounts | 2011 | 2010 | ||||||
Loss from continuing operations attributable to Quiksilver, Inc. |
$ | (21,258 | ) | $ | (11,514 | ) | ||
Non-cash asset impairment charges, net of tax of $328 (2011) and $1,172 (2010) |
86,045 | 10,485 | ||||||
Effect of Asia/Pacific tax valuation allowance |
18,714 | | ||||||
Non-cash interest charges, net of tax of $4,618 (2011) and $0 (2010) |
10,691 | 34,419 | ||||||
Restructuring charges, net of tax of $0 (2011) and $929 (2010) |
5,920 | 10,224 | ||||||
FIN 48 tax adjustment |
(69,285 | ) | | |||||
Stock compensation expense |
| 5,240 | ||||||
Gain from sale of Raisins trademarks |
| (1,252 | ) | |||||
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Pro-forma income from continuing operations |
$ | 30,827 | $ | 47,602 | ||||
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Pro-forma income per share from continuing operations |
$ | 0.19 | $ | 0.35 | ||||
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Pro-forma income per share from continuing operations, assuming dilution |
$ | 0.17 | $ | 0.31 | ||||
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Weighted average common shares outstanding |
162,430 | 135,334 | ||||||
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Weighted average common shares outstanding, assuming dilution |
182,049 | 151,954 | ||||||
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Quiksilver, Inc. Reports Fourth Quarter and Fiscal Year 2011 Results
December 15, 2011
Page 9 of 11
ADJUSTED EBITDA and PRO-FORMA ADJUSTED EBITDA RECONCILIATION
(Unaudited)
Three Months Ended October 31, | ||||||||
In thousands | 2011 | 2010 | ||||||
Income (loss) from continuing operations attributable to Quiksilver, Inc. |
$ | 67,898 | $ | (23,069 | ) | |||
(Benefit) provision for income taxes |
(64,252 | ) | 5,244 | |||||
Interest expense |
14,081 | 50,567 | ||||||
Depreciation and amortization |
15,105 | 13,646 | ||||||
Non-cash stock-based compensation expense |
4,498 | 1,417 | ||||||
Non-cash asset impairments |
11,763 | 8,432 | ||||||
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Adjusted EBITDA |
$ | 49,093 | $ | 56,237 | ||||
Restructuring charges |
8,038 | 3,270 | ||||||
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Pro-forma Adjusted EBITDA |
$ | 57,131 | $ | 59,507 | ||||
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Twelve Months Ended October 31, | ||||||||
In thousands | 2011 | 2010 | ||||||
Loss from continuing operations attributable to Quiksilver, Inc. |
$ | (21,258 | ) | $ | (11,514 | ) | ||
(Benefit) provision for income taxes |
(14,315 | ) | 23,433 | |||||
Interest expense |
73,808 | 114,109 | ||||||
Depreciation and amortization |
55,259 | 53,861 | ||||||
Non-cash stock-based compensation expense |
14,414 | 12,831 | ||||||
Non-cash asset impairments |
86,373 | 11,657 | ||||||
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Adjusted EBITDA |
$ | 194,281 | $ | 204,377 | ||||
Restructuring and other special charges |
5,920 | 9,901 | ||||||
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Pro-forma Adjusted EBITDA |
$ | 200,201 | $ | 214,278 | ||||
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Definition of Adjusted EBITDA:
Adjusted EBITDA is defined as income (loss) from continuing operations attributable to Quiksilver, Inc. before (i) interest expense, (ii) income tax expense, (iii) depreciation and amortization, (iv) non-cash stock-based compensation expense and (v) asset impairments. Adjusted EBITDA is not defined under generally accepted accounting principles (GAAP), and it may not be comparable to similarly titled measures reported by other companies. We use Adjusted EBITDA, along with other GAAP measures, as a measure of profitability because Adjusted EBITDA helps us to compare our performance on a consistent basis by removing from our operating results the impact of our capital structure, the effect of operating in different tax jurisdictions, the impact of our asset base, which can differ depending on the book value of assets, the accounting methods used to compute depreciation and amortization, the existence or timing of asset impairments and the effect of non-cash stock-based compensation expense. We believe EBITDA is useful to investors as it is a widely used measure of performance and the adjustments we make to EBITDA provide further clarity on our profitability. We remove the effect of non-cash stock-based compensation from our earnings which can vary based on share price, share price volatility and the expected life of the equity instruments we grant. In addition, this stock-based compensation expense does not result in cash payments by us. We remove the effect of asset impairments from Adjusted EBITDA for the same reason that we remove depreciation and amortization as it is part of the impact
Quiksilver, Inc. Reports Fourth Quarter and Fiscal Year 2011 Results
December 15, 2011
Page 10 of 11
of our asset base. Adjusted EBITDA has limitations as a profitability measure in that it does not include the interest expense on our debts, our provisions for income taxes, the effect of our expenditures for capital assets and certain intangible assets, the effect of non-cash stock-based compensation expense and the effect of asset impairments.
SUPPLEMENTAL EXCHANGE RATE INFORMATION
(Unaudited)
In order to better understand growth rates in our foreign operating segments, we make reference to constant currency. Constant currency reporting improves visibility into actual growth rates as it adjusts for the effect of changing foreign currency exchange rates from period to period. Constant currency is calculated by taking the ending foreign currency exchange rate (for balance sheet items) or the average foreign currency exchange rate (for income statement items) used in translation for the current period and applying that same rate to the prior period. Our European segment is translated into constant currency using euros and our Asia/Pacific segment is translated into constant currency using Australian dollars as these are the primary functional currencies of each operating segment. As such, this methodology does not account for movements in individual currencies within a segment (for example, non-euro currencies within our European segment and Japanese yen within our Asia/Pacific segment). A constant currency translation methodology that accounts for movements in each individual currency could yield a different result compared to using only euros and Australian dollars. The following table presents revenues by segment in both historical currency and constant currency for the three months ended October 31, 2010 and 2011 (in thousands):
Americas | Europe | Asia/Pacific | Corporate | Total | ||||||||||||||||
Historical currency (as reported) |
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October 31, 2010 |
$ | 221,754 | $ | 190,692 | $ | 80,377 | $ | 2,296 | $ | 495,119 | ||||||||||
October 31, 2011 |
249,788 | 212,522 | 81,843 | 1,048 | 545,201 | |||||||||||||||
Percentage increase |
13 | % | 11 | % | 2 | % | 10 | % | ||||||||||||
Constant currency (current year exchange rates) |
||||||||||||||||||||
October 31, 2010 |
$ | 221,754 | $ | 200,451 | $ | 88,272 | $ | 2,296 | $ | 512,773 | ||||||||||
October 31, 2011 |
249,788 | 212,522 | 81,843 | 1,048 | 545,201 | |||||||||||||||
Percentage increase (decrease) |
13 | % | 6 | % | (7 | %) | 6 | % |
Quiksilver, Inc. Reports Fourth Quarter and Fiscal Year 2011 Results
December 15, 2011
Page 11 of 11
The following table presents revenues by segment in both historical currency and constant currency for the fiscal years ended October 31, 2010 and 2011 (in thousands):
Americas | Europe | Asia/Pacific | Corporate | Total | ||||||||||||||||
Historical currency (as reported) |
||||||||||||||||||||
October 31, 2010 |
$ | 843,078 | $ | 728,952 | $ | 260,578 | $ | 5,012 | $ | 1,837,620 | ||||||||||
October 31, 2011 |
914,406 | 761,100 | 272,479 | 5,076 | 1,953,061 | |||||||||||||||
Percentage increase |
8 | % | 4 | % | 5 | % | 6 | % | ||||||||||||
Constant currency (current year exchange rates) |
||||||||||||||||||||
October 31, 2010 |
$ | 843,078 | $ | 753,557 | $ | 294,815 | $ | 5,012 | $ | 1,896,462 | ||||||||||
October 31, 2011 |
914,406 | 761,100 | 272,479 | 5,076 | 1,953,061 | |||||||||||||||
Percentage increase (decrease) |
8 | % | 1 | % | (8 | %) | 3 | % |
CONSOLIDATED SELECTED BALANCE SHEET INFORMATION (Unaudited)
October 31, | ||||||||
In thousands | 2011 | 2010 | ||||||
Cash and cash equivalents |
$ | 109,753 | $ | 120,593 | ||||
Trade accounts receivable, net |
397,089 | 368,428 | ||||||
Inventories |
347,757 | 268,037 | ||||||
Lines of credit and long-term debt |
747,686 | 728,773 |