Skullcandy Reiterates 2011 Outlook Ahead of the 14th Annual ICR XChange Conference
January 10 2012 - 8:30AM
Skullcandy, Inc. (Nasdaq:SKUL), today 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.
The audio portion of the presentation will be webcast live at
www.skullcandy.com under the Investor Relations section. An
archived replay will be available two hours after the conclusion of
the live event.
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.
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, the
Company's future expectations, beliefs or prospects, domestically
or internationally, 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,
including, but not limited to, the Company's ability to extend the
recognition and reputation of its brand in Europe, to continue to
develop innovative and popular products, to respond to changes in
consumer preferences, to grow its international business and other
factors that are detailed in the Company's registration statement
on Form S-1, including the Risk Factors contained in the Company's
registration statement, which is available at www.sec.gov. 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.
CONTACT: Media:
Alecia Pulman
203-682-8200
Alecia.Pulman@icrinc.com
Investors:
John Rouleau
203-682-8200
John.Rouleau@icrinc.com
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