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Where's the bottom on this? News was very conflicting in my opinion.
yeah they are..their stock has done nothing but go down since they went public, doesn't mean buyout, it just means they don't know what they're doing...proof is their really bad conference call
(see what I did there...I showed proof to my claim)
That's my point. This quarter was there biggest in revenue. Also international sales and that video game headset company performed amazing.
So why would they only talk about packaging on just the normal headphones?
They only focused on the negative.
Why would a CEO do that when the pps has continually declined.
These guys are not stupid.
I did, it was terrible....nothing but packaging and how much this company is going to lose going forward.
Market value is now equal to owners equity of skull.
Did u listen to the conference call?
I've heard buyout rumors for months now (always from people who know nothing) if there wasn't one at $6, then $5 isn't going to make a difference.
BTW trying to tank a stock by talking about how much it going to suck in the future isn't a good idea.
BUY OUT coming?
What's crazy is the stock was up 12% after hours when the numbers were released.
I listened to the CEO on the conference call purposely tank the stock for some reason.
I believe he was trying to tank the stock so the buyout looks better in the eyes of shareholders. we shall see in next couple weeks hopefully.
I'm in. Down 21% with increased sales. A risk I'm willing to take.
Hmmmmmmm............
Just remember what happened to Groupon Last week, dropped 25% , CEO left, now a week later trading back to pre earnings. I think we are gonna have a major short squeeze for 2 days.....AFFL was one that ran like a raped ape today under similar reasons
I love panic sellers
That's my normal style lol, I spotted this one early, checked the chart, and started pumpin it on stocktwits. I negated a lot of profit by holding into earnings, lets see what I can do to get outta this haha, as long as it's moving!
I think you just got pretty much the bottom price. Those .90's were idiots selling, not too many people willing to be the ones to create the new all-time low lmao
Just bought some at $6.03 good price it's been trading in that range and higher for 3 months..bargain pruce for mr to start out..any pullbacks I will average down if needed
Exactly....I do not know where it's going until I read the 10q and previous k's I will find out.lol tgat is a red flag to me in my opinion. Sales were up..everything looked good but something wrong with revs? Anyway I have to read the financials when I have the time.good luck here...I jz heard this ticjer brought up on a financial show then they didn't report on it
Got 1500 under $6. Waking up with the bid.
Yea, the news is very confusing, like you said. Fundamentals and earnings are not my thing, my buddy does that part. I play the intraday charts, and this chart was primed and ready to have a rocketship taped to its back.
I'm with you bud, letting the dust settle. How come they predict a loss? It's their worst Q right, in general. Where's the money going?
I will look to buy on any pullbacks wanna see what happens tomorrow after people digest the news.
Cheaper the better, right? I'm about to buy these 590s
I'm still holding a few that I was planning on holding, since @ 4:00 "good" news was leaked. No way am I selling here, I turned my $1500 loss on ING into a $0 loss, SKUL is at all time lows, the company didn't say they are going bankrupt. They make money, unlike Pandora... lol.
I hope you did...news out was very confusing and that drop was absolutely rudiculous.
Just cause I'm bullish on a stock don't mean I don't take profits.... WEEEEEE!!!!!
Congrats..$6 after hours!!!! Lol Weeeeeeee!
http://seekingalpha.com/article/874891-is-skullcandy-positioning-itself-as-a-takeover-target
I really liked this article and really hope it happens. It's true that this company does amazing and the pps just continually gets hammered.
Private buyout is the solution.
Google him, he left Vizio to come to Skullcandy why would he do that? He has setup deals in the past and is the reason for SKULs expansion into Europe with the ties he has over there
What makes you say that?
They have something planned then, Kyle wescoat is a smart man
They canceled it apparently. Damn the mgmt sucks on SKUL, luckily we are already at the bottom.
That sucks, no buy back news?
Bad guidance......
Conference Call happened.
They are going to change packaging a bit.
Redesigning packaging again.
1st quarter 2013 will be at a loss and very low in revenue is what he said.
Lots of good things, but these were mentioned that were probably the reason for the decline.
He did say the other 3 quarters will be expected to incline.
Wtf happened ah price?
I'm holding this one ill easily double or triple my money, I hope you're thinking the same
This was an easy one, even with all the bashing, you cant forget that chart LOL! Sadly the company neglected the PPS last year, but it's good for us today :)
Yes the cc could send it even higher lol lets see what happens after that
This is awesome, i'm so excited. Is anyone going to be on the conference call listening. I wish they had it live, I could get there in 45 minutes.
And hopefully someone addresses the share buyback. Then this would be a crazy week following.
Best of luck to everyone.
7.43 ah!!!!!!!
KABOOM $7.48 AH, CONGRATS TO US!!!!
Skullcandy Announces Record Fourth Quarter and 2012 Net Sales
Have you read the article yet. Sounds great to me.
Earnings leak then
GRRREEEENNNN. There was some crazy crazy buying going on at the end of day. The last 3 minutes looked like everyone was trying to jump in.
If we hit 1.4 Million, that will be double the average volume.
1.2 mil now :)
Very nice accumulation going on.
over a million shares traded
Yup, and earnings have show growth, checking Google trends to get a feel for Q4 2012:
http://www.google.com/trends/explore#q=%22skullcandy%20headphones%22&date=9%2F2010%2031m&cmpt=q
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Fourth quarter Results
"2013 was a year of tremendous positive change geared toward executing our turnaround strategy. We now have a clear long-term vision for transforming Skullcandy and Astro Gaming into the most innovative brands in audio through obsessing about our consumers, disruptive technologies, and creative branding," said Hoby Darling, President and Chief Executive Officer of Skullcandy. "The year was capped off by a strong fourth quarter performance focused on reinforcing our brand ethos and positioned the business for long-term success. The great work the team has done establishing a new direction for the Company speaks volumes about our people and our culture and the foundation we are building. With our five key growth pillars established and a clear understanding of our consumer, where we will innovate and focus, and a segmented distribution strategy, it is now about executing. We are confident we can achieve our vision of being a global audio leader while delivering profitable growth, increased shareholder value and living by our core values."
Net sales in the fourth quarter of 2013 decreased 28.4% to
Gross profit in the fourth quarter of 2013 decreased 30.0% to
Selling, general and administrative (SG&A) expenses in the fourth quarter of 2013 decreased 4.8% to
Certain reclassifications have been made to the Company's 2012 results to conform to the 2013 presentation to better reflect where certain costs should be presented in the statement of operations. For this reason, tooling depreciation and warranty related expenses are being included in cost of goods sold for all comparable periods.
Net income attributable to the fourth quarter of 2013 was
Balance Sheet Highlights
As of December 31, 2013, cash and cash equivalents totaled
2014 First Quarter and Full Year Financial Outlook
For the first quarter of 2014, the Company currently forecasts net sales to increase between 5% to 7% over 2013 levels and net loss on a GAAP fully-diluted basis to be between (
For the full year 2014, the Company currently forecasts net sales to increase in the mid to high single digit percentage range over 2013 levels and net income on a GAAP fully-diluted basis to be between
Call Information
A conference call to discuss the fourth quarter of 2013 results is scheduled for today, March 6, 2014, at 4:30 PM Eastern Time / 2:30 PM Mountain Time. A broadcast of the call will be available on the Company's website, www.skullcandy.com. Analysts and investors can participate in the live call by dialing (877) 705-6003 or (201) 493-6725. A replay of the conference call will be available until 11:59 p.m. ET on March 13, 2014 and can be accessed by dialing (877) 870-5176 or (858) 384-5517 and entering conference ID number 13576848.
About Skullcandy, Inc.
Skullcandy is the original lifestyle and performance audio brand inspired by the creativity and irreverence of youth culture. Skullcandy designs, markets and distributes audio and gaming headphones and other accessory related products under the Skullcandy, Astro Gaming and 2XL by Skullcandy brands. Skullcandy was launched in 2003 and quickly became one of the world's most distinct audio brands by bringing unique technology, color, character and performance to an otherwise monochromatic space; helping to revolutionize the audio arena by introducing headphones, earbuds and other audio and wireless lifestyle products that possess unmistakable style and exceptional performance. The Company's products are sold and distributed through a variety of channels in the U.S. and approximately 80 countries worldwide. Visit skullcandy.com, or join us at facebook.com/skullcandy or on Twitter @skullcandy.
Forward-Looking Statements
Certain statements in this press release and oral statements made from time to time by representatives of the Company are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In particular, statements regarding the Company's anticipated future financial and operating results and any other statements about the Company's future expectations, beliefs or prospects expressed by management are forward-looking statements. These forward-looking statements are based on management's current expectations and beliefs, but they involve a number of risks and uncertainties that could cause actual results or events to differ materially from those indicated by such forward-looking statements. Important factors that could cause actual results to differ materially from expectations are disclosed under the "Risk Factors" section of the 2012 10-K filed with the Securities and Exchange Commission ("SEC") on March 13, 2013 and in any subsequent reports the Company files with the SEC. Readers are urged not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The Company does not undertake any obligation to update or alter any forward-looking statements, whether as a result of new information, future events or otherwise
Non-GAAP Measures
Non-GAAP adjusted net income and non-GAAP adjusted fully diluted earnings per share, for the periods presented, represents diluted net income per share excluding the impact of severance expenses associated with the departure of the Company's former Chief Executive Officer, exit costs associated with the office closure in
-Financial Tables Follow-
SKULLCANDY, INC. | ||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | ||||
(in thousands of dollars, except share and per share information) | ||||
(unaudited) | ||||
Three Months Ended December 31, | Twelve Months Ended December 31, | |||
2013 | 2012 | 2013 | 2012 | |
Net sales | $ 72,249 | $ 100,970 | $ 210,092 | $ 297,686 |
Cost of goods sold | 40,817 | 56,046 | 116,958 | 158,253 |
Gross profit | 31,432 | 44,924 | 93,134 | 139,433 |
Selling, general and administrative expenses | 25,951 | 27,261 | 98,129 | 97,948 |
Income (loss) from operations | 5,481 | 17,663 | (4,995) | 41,485 |
Other (income) expense | 74 | (139) | 517 | 453 |
Interest expense | 42 | 186 | 382 | 641 |
Income (loss) before income taxes and noncontrolling interests | 5,365 | 17,616 | (5,894) | 40,391 |
Income tax expense (benefit) | 1,686 | 6,183 | (2,882) | 14,574 |
Net income (loss) | 3,679 | 11,433 | (3,012) | 25,817 |
Net income (loss) attributable to noncontrolling interests | 110 | (30) | 24 | (63) |
Net income (loss) attributable to Skullcandy, Inc. | $ 3,569 | $ 11,463 | $ (3,036) | $ 25,880 |
Net income (loss) per common share attributable to Skullcandy, Inc. | ||||
Basic | $ 0.13 | $ 0.42 | $ (0.11) | $ 0.94 |
Diluted | 0.13 | 0.41 | (0.11) | 0.92 |
Weighted average common shares outstanding | ||||
Basic | 27,777,909 | 27,593,290 | 27,740,945 | 27,405,017 |
Diluted | 28,079,543 | 27,848,927 | 27,740,945 | 27,980,983 |
SKULLCANDY, INC. | ||
CONDENSED CONSOLIDATED BALANCE SHEETS | ||
(in thousands of dollars) | ||
(unaudited) | ||
As of December 31, | ||
2013 | 2012 | |
Assets | ||
Current assets: | ||
Cash and cash equivalents | $ 38,835 | $ 19,345 |
Accounts receivable, net | 57,549 | 76,307 |
Inventories | 40,284 | 41,567 |
Prepaid expenses and other current assets | 4,663 | 5,604 |
Deferred taxes | 4,695 | 2,943 |
Total current assets | 146,026 | 145,766 |
Property and equipment, net | 10,021 | 16,000 |
Intangibles | 10,979 | 12,481 |
Goodwill | 13,867 | 13,867 |
Deferred financing fees | 224 | 161 |
Total assets | $ 181,117 | $ 188,275 |
Liabilities and stockholders' equity | ||
Current liabilities: | ||
Accounts payable | $ 16,564 | $ 22,887 |
Accrued liabilities | 22,838 | 21,047 |
Bank line of credit | — | — |
Total current liabilities | 39,402 | 43,934 |
Deferred taxes | — | 2,219 |
Commitments and contingencies | ||
Stockholders' equity: | ||
Preferred stock, par value | — | — |
Common stock, par value | 3 | 3 |
Treasury stock, 4,826,402 shares at cost at December 31, 2013 and 2012 | (43,294) | (43,294) |
Additional paid-in capital | 131,428 | 128,676 |
Accumulated other comprehensive income (loss) | (171) | (22) |
Retained earnings | 53,183 | 56,218 |
Total Skullcandy stockholders' equity | 141,149 | 141,581 |
Noncontrolling interests | 566 | 541 |
Total stockholders' equity | 141,715 | 142,122 |
Total liabilities and stockholders' equity | $ 181,117 | $ 188,275 |
SKULLCANDY, INC. | |||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | |||
(in thousands of dollars) | |||
(unaudited) | |||
Year Ended December 31, | |||
2013 | 2012 | 2011 | |
Operating activities | |||
Net income (loss) | $ (3,012) | $ 25,816 | $ 18,621 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Depreciation and amortization | 9,428 | 6,220 | 2,031 |
Loss on disposal of property and equipment | 2,187 | 7 | 123 |
Provision for doubtful accounts | 1,312 | 3,617 | 333 |
Deferred income taxes | (4,927) | (355) | 805 |
Noncash interest expense | 177 | 241 | 6,643 |
Stock-based compensation expense | 3,632 | 6,563 | 5,243 |
Changes in operating assets and liabilities, net of effects of acquisitions: | |||
Accounts receivable | 17,305 | (29,287) | (4,219) |
Inventories | 1,140 | 2,433 | (13,966) |
Prepaid expenses and other | 1,504 | 2,679 | (4,633) |
Accounts payable | (6,338) | (343) | 7,616 |
Accrued liabilities | 1,048 | (4,049) | 10,206 |
Net cash provided by operating activities | 23,456 | 13,542 | 28,803 |
Investing activities | |||
Purchase of property and equipment | (4,111) | (10,475) | (7,559) |
Purchase of intangible assets | (20) | (244) | (31) |
Business acquisitions | — | — | (29,462) |
Net cash used in investing activities | (4,131) | (10,719) | (37,052) |
Financing activities | |||
Net borrowings (repayments) on bank line of credit | — | (9,884) | (919) |
Repayment of long-term debt | — | — | (46,780) |
Debt issuance costs | (241) | — | — |
Proceeds from issuance of common stock, net of issuance costs | 174 | — | 69,902 |
Capital contribution by joint venture partner | — | — | 600 |
Proceeds from exercise of stock options and warrants | — | 2,366 | 1,140 |
Income tax benefit related to exercise of stock options | (92) | 705 | 1,171 |
Net cash provided by (used in) financing activities | (159) | (6,813) | 25,114 |
Effect of exchange rate changes on cash and cash equivalents | 324 | 33 | (25) |
Net increase (decrease) in cash and cash equivalents | 19,490 | (3,957) | 16,840 |
Cash and cash equivalents, beginning of year | 19,345 | 23,302 | 6,462 |
Cash and cash equivalents, end of year | $ 38,835 | $ 19,345 | $ 23,302 |
Supplemental cash flow information: | |||
Cash paid for interest | $ 1 | $ 184 | $ 6,700 |
Cash paid for income tax | 7,042 | 15,112 | 3,842 |
SKULLCANDY, INC. | ||||
SEGMENT INFORMATION | ||||
(unaudited) | ||||
The | ||||
Three Months Ended December 31, | Twelve Months Ended December 31, | |||
2013 | 2012 | 2013 | 2012 | |
Net sales | ||||
| $ 57,577 | $ 82,650 | $ 160,041 | $ 250,262 |
International | 14,672 | 18,320 | 50,051 | 47,424 |
Consolidated | 72,249 | 100,970 | 210,092 | 297,686 |
Gross profit | ||||
| 25,335 | 36,655 | 70,188 | 115,712 |
International | 6,097 | 8,269 | 22,946 | 23,721 |
Consolidated | 31,432 | 44,924 | 93,134 | 139,433 |
Income (loss) from operations | ||||
| 5,200 | 14,701 | (9,057) | 31,870 |
International | 570 | 2,963 | 4,062 | 9,615 |
Consolidated | $ 5,770 | $ 17,664 | $ (4,995) | $ 41,485 |
SKULLCANDY, INC. | ||||
RECONCILIATION OF NET INCOME (LOSS) TO NON-GAAP ADJUSTED NET INCOME (LOSS) | ||||
(in thousands of dollars) | ||||
(unaudited) | ||||
Three Months Ended December 31, | Twelve months ended December 31, | |||
2013 | 2012 | 2013 | 2012 | |
Net income (loss) | $ 3,679 | $ 11,433 | $ (3,012) | $ 25,816 |
Net income (loss) attributable to noncontrolling interests | 110 | (30) | 24 | (63) |
Severance-related expenses, net of tax benefit (1) | — | — | 776 | — |
Legal and settlement expenses associated with litigation, net of tax benefit (2) | — | — | — | 418 |
Legal and settlement expenses associated with patent litigation, net of tax benefit (3) | — | 427 | — | 435 |
Bad debt expense associated with bankruptcy filing of a major retail customer, net of tax benefit (4) | — | 1,263 | — | 1,263 |
Exit costs associated with office closure (5) | 88 | — | 1,407 | — |
Non-GAAP adjusted net income (loss) | $ 3,657 | $ 13,153 | $ (853) | $ 27,995 |
(1) This item is recorded in selling, general and administrative expenses in the Condensed Consolidated Statements of Operations. It is reflected in the schedule above net of tax benefit of | ||||
(2) This item is recorded in selling, general and administrative expenses in the Condensed Consolidated Statements of Operations. It is reflected in the schedule above net of tax benefit of | ||||
(3) This item is recorded in selling, general and administrative expenses in the Consolidated Statements of Operations. It is reflected in the schedule above net of tax benefit of | ||||
(4) This item is recorded in selling, general and administrative expenses in the Consolidated Statements of Operations. It is reflected in the schedule above note of tax benefit of | ||||
(5) This item is recorded in selling, general and administrative expenses in the Condensed Consolidated Statements of Operations. It is reflected in the schedule above net of tax benefit of |
SKULLCANDY, INC. | ||||
RECONCILIATION OF DILUTED EARNINGS (LOSS) PER SHARE - GAAP TO DILUTED EARNINGS (LOSS) PER SHARE - NON-GAAP | ||||
(unaudited) | ||||
Three months ended December 31, | Twelve months ended December 31, | |||
2013 | 2012 | 2013 | 2012 | |
Diluted earnings (loss) per share - GAAP | $ 0.13 | $ 0.41 | $ (0.11) | $ 0.92 |
Severance-related expenses, net of tax benefit | — | — | 0.03 | — |
Legal and settlement expenses associated with litigation, net of tax benefit | — | — | — | 0.01 |
Legal and settlement expenses associated with patent litigation, net of tax benefit | — | 0.01 | — | 0.02 |
Bad debt expense associated with bankruptcy filing of a major retail customer, net of tax benefit | — | 0.05 | — | 0.05 |
Exit costs associated with office closure | — | — | 0.05 | — |
Diluted earnings (loss) per share - non-GAAP | $ 0.13 | $ 0.47 | $ (0.03) | $ 1.00 |
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