Skullcandy, Inc. (NASDAQ:SKUL), which creates world-class audio
experiences through its Skullcandy® and Astro Gaming® brands, today
announced financial results for the fourth quarter and year ended
December 31, 2015.
Fourth quarter 2015 reported results versus the same
quarter a year ago
- Net sales: $96.1 million vs. $96.8 million, (up 2% currency
neutral)
- Gross margin: 40.3% vs. 43.3%, down 300 basis points (down 180
basis points currency neutral)
- SG&A: $30.2 million vs. $31.1 million, down 3%, as a
percent of net sales: 31% vs. 32%
- Operating income: $8.5 million vs. $10.8 million, down $2.3
million (down 7% currency neutral)
- Diluted earnings per share $0.21 vs $0.26 (down 7% currency
neutral)
Twelve months ended 2015 reported results versus twelve
months ended 2014
- Net sales: $266.3 million vs. $247.8 million, up 7% (up 10%
currency neutral)
- Gross margin: 41.3% vs. 44.6%, down 330 basis points (down 220
basis points currency neutral)
- SG&A: $100.9 million vs. $98.8 million, up 2%, as a percent
of net sales: 38% vs. 40%
- Operating income: $9.0 million vs. $11.8 million, down $2.8
million (up 4% currency neutral)
- Diluted earnings per share $0.20 vs $0.27 (up 9% currency
neutral)
“We delivered another year of solid growth fueled by our
successful product innovation, demand creation and distribution
strategies. Importantly, retail sell-through of both the Skullcandy
and Astro brands, which is the truest measure of consumer demand,
exceeded sell-in and outpaced the rest of their respective markets
according to NPD. Skullcandy’s performance highlights were strong
sales of our new wireless headphones, proving that we can be a
leader in this burgeoning category, and the fact that the brand was
#1 in terms of units sold for the second consecutive year according
to NPD. Astro had an explosive fourth quarter to cap a great
year for the brand. Astro has quickly emerged as a more significant
piece of our business with a long runway for growth thanks to the
brand’s authentic positioning with elite gamers and strong industry
fundamentals,” said Skullcandy President and CEO, Hoby Darling.
“We are certainly disappointed that our strong sell-through
performances didn’t translate into better top and bottom line
results in the fourth quarter,” continued Darling. “While the U.S.
audio headphone market was unexpectedly down in the fourth quarter,
and we are still working to improve certain international markets,
we remain cautiously optimistic about our near-term growth
prospects and feel very good about our long-term growth,
particularly for our gaming and wireless businesses based on recent
market share gains and a strong pipeline of innovative new
products.”
Fourth Quarter 2015 Review
Net sales in the fourth quarter of 2015 decreased 0.8% to $96.1
million from $96.8 million in the same quarter a year ago, or an
increase of 2% on a currency neutral basis. Domestic (U.S.) net
sales increased 3% to $72.7 million from $70.6 million in the same
quarter a year ago, due to increased sales of gaming products,
partially offset by declines in wired audio products as the result
of challenging market conditions. International (Non U.S.) net
sales decreased 11% to $23.3 million from $26.3 million in the same
quarter a year ago, or flat on a currency neutral basis, primarily
due to decreased sales of gaming and audio products in Australia
and China, offset by increased sales of gaming products in
Europe.
Gross profit in the fourth quarter of 2015 decreased 8% to $38.7
million from $41.9 million in the same quarter a year ago, or a
decrease of 2% on a currency neutral basis. Gross margin decreased
to 40.3% in the fourth quarter of 2015 from 43.3% in the same
quarter a year ago primarily due to a product mix shift towards
lower margin wireless and gaming products and approximately 120
basis points of negative foreign currency effects.
SG&A expenses in the fourth quarter of 2015 decreased 3% to
$30.2 million from $31.1 million in the same quarter a year ago.
The decrease in SG&A expenses is primarily due to decreases in
personnel related expenses, partially offset by increases in demand
creation spend, research and innovation investments, and increased
bad debt expense, primarily associated with our largest China
distributor. As a percentage of net sales, SG&A expenses
decreased 70 basis points to 31% as compared to 32% in the same
quarter a year ago.
Operating income in the fourth quarter of 2015 was $8.5 million
compared to $10.8 million in the same quarter a year ago. This
decrease in operating income is due to lower gross margins,
partially offset by decreased SG&A expenses.
Net income in the fourth quarter of 2015 was $6.1 million, or
$0.21 per diluted share, based on 28.6 million weighted average
diluted common shares outstanding. Net income in the same quarter a
year ago was $7.4 million, or $0.26 per diluted share, based on
28.8 million weighted average diluted common shares outstanding. On
a currency neutral basis, net income was down 7%. Excluding the
$1.6 million charge related to a China distributor, diluted
earnings per share was $0.26.
Full Year 2015 Review
Net sales in the twelve months ended 2015 increased 7% to $266.3
million from $247.8 million in the prior year, or an increase of
10% on a currency neutral basis. Domestic (U.S.) net sales
increased 9% to $190.9 million from $174.7 million in the prior
year, due to a product mix shift towards higher priced audio and
gaming products, partially offset by declines in wired audio
products. International (Non U.S.) net sales increased 3% to $75.4
million from $73.1 million in the prior year, or an increase of 12%
on a currency neutral basis, International net sales increased
primarily due to increased sales of both gaming and audio products
in Europe, and audio sales in Japan and to a lesser extent Canada.
International net sales were partially offset by foreign currency
effects which led to a decrease in average selling price.
Gross profit in the twelve months ended of 2015 decreased 1% to
$109.9 million from $110.6 million in the prior year, or an
increase of 5% on a currency neutral basis. Gross margin decreased
to 41.3% in the twelve months ended 2015 from 44.6% in the prior
year primarily due to approximately 110 basis points of negative
foreign currency effects combined with a product mix shift towards
generally lower margin wireless and gaming products, partially
offset by minimal decreases in freight related expenses.
SG&A expenses in the twelve months ended 2015 increased 2%
to $100.9 million from $98.8 million in the prior year. The
increase in SG&A expenses is primarily due to increased bad
debt expense of $1.6 million related to a China distributor,
marketing, demand creation and innovation expenses, partially
offset by decreases in personnel related expenses. As a percentage
of net sales, SG&A expenses decreased 200 basis points to 37.9%
as compared to 39.9% in the prior year.
Operating income in the twelve months ended 2015 was $9.0
million compared to $11.8 million in the prior year. This decrease
in operating income is due to flat fourth quarter net sales, a
lower gross margin percentage and increased SG&A expenses.
Net income in the twelve months ended 2015 was $5.9 million, or
$0.20 per share, based on 28.8 million weighted average diluted
common shares outstanding. Net income in the prior year was $7.6
million, or $0.27 per diluted share, based on 28.6 million weighted
average diluted common shares outstanding. On a currency neutral
basis, diluted earnings per share was up 9%.
*"Currency neutral basis," assumes the foreign exchange rates in
effect for the three months ended December 31, 2015 were in
effect for the three months ended December 31, 2014 and that
neither period receives the effect of foreign currency related
income or expense. See the supplemental financial information for
additional information regarding currency neutral basis.
Balance Sheet Highlights
Net Book Value increased $6.6 million to $160.1 million as of
December 31, 2015 from $153.5 million as of December 31, 2014.
Working Capital, as defined by Current Assets minus Current
Liabilities, increased by $8.6 million to $125.0 million as of
December 31, 2015 from $116.4 million as of December 31, 2014.
Inventories, net decreased 24% to $41.7 million as of
December 31, 2015 from $55.0 million as of December 31,
2014. As of December 31, 2015, cash, cash equivalents, and
short-term investments totaled $23.6 million compared to $36.6
million as of December 31, 2014. This decrease mostly reflects
the Company’s optional accelerated payment programs with certain
contract manufacturers that began during the second quarter of
2015. As a result, our accounts payable and accrued
liabilities decreased $14.1 million and $7.2 million from December
31, 2014 to December 31, 2015, respectively. While the
optional accelerated payment programs with certain contract
manufacturers resulted in a temporary decrease to our cash, cash
equivalents and short-term investment, we expect our cash and cash
equivalents to grow significantly in 2016. The Company continued to
have no outstanding debt.
2016 First Quarter and Full Year Financial
Outlook
For the first quarter of 2016 we expect the net sales change
versus prior year to be within a range of (4%) to flat and earnings
per share in a range of $(0.15) to $(0.17).
For the full year 2016, we expect net revenue growth versus
prior year of mid to high single digits and earnings per share in a
range of $0.24 to $0.28.
Call Information
A conference call to discuss the fourth quarter and year ended
December 31, 2015 results is scheduled for today, March 2, 2016, 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. In addition, a replay of the call will be
available shortly after the conclusion of the call and remain
available through March 19, 2016. To access the telephone replay,
listeners should dial (877) 870-5176 or (858) 384-5517 and
entering conference ID number 1361149.
About Skullcandy, Inc.
Skullcandy, Inc. creates world-class audio experiences through
its Skullcandy® and Astro Gaming® brands. Founded at the
intersection of music, sports, technology and creative culture,
Skullcandy brand creates world-class audio and gaming products for
the risk takers, innovators, and pioneers who inspire us all to
live life at full volume. From new innovations in the science of
sound and human potential, to collaborations with up-and-coming
musicians and athletes, Skullcandy lives by its mission to inspire
life at full volume through forward-thinking technologies and
ideas, and leading edge design and materialization. ASTRO Gaming
creates premium video gaming equipment for professional gamers,
leagues, and gaming enthusiasts. ASTRO Gaming was founded in the
pits of competitive gaming and has become synonymous with pinnacle
gaming experiences. Skullcandy and Astro Gaming products are sold
and distributed through a variety of channels around the world from
the Company’s global locations in Park City, San Francisco, London,
Tokyo, Zurich, Mexico City, and Shanghai, as well as through
partners in some of the most important culture, sports, and gaming
hubs in the world. The Skullcandy brand website can be found at
http://www.skullcandy.com. The Astro Gaming website can be found at
http://www.astrogaming.com.
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 2014 10-K filed with the
Securities and Exchange Commission ("SEC") on March 13, 2015 and
our 2015 10-Qs. Readers are urged not to place undue reliance on
these forward-looking statements, which speak only as of the date
thereof. 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.
SKULLCANDY,
INC. |
SUPPLEMENTAL
FINANCIAL INFORMATION |
(in thousands of
dollars) |
(unaudited) |
|
|
Three Months Ended December 31, |
|
|
|
|
|
2015 |
|
2014 |
|
% Change |
|
% Change Currency Neutral |
Net sales |
$ |
96,051 |
|
|
$ |
96,815 |
|
|
(0.8 |
)% |
|
2 |
% |
Gross profit |
38,684 |
|
|
41,916 |
|
|
(8 |
)% |
|
(3 |
)% |
Selling, general and
administrative expenses |
30,171 |
|
|
31,098 |
|
|
(3 |
)% |
|
(2 |
)% |
Income from
operations |
8,513 |
|
|
10,818 |
|
|
(21 |
)% |
|
(7 |
)% |
Net income attributable
to Skullcandy, Inc. |
$ |
6,096 |
|
|
$ |
7,382 |
|
|
(17 |
)% |
|
(7 |
)% |
Diluted earnings per
share |
$ |
0.21 |
|
|
$ |
0.26 |
|
|
(19 |
)% |
|
(7 |
)% |
|
Twelve Months Ended December 31, |
|
|
|
|
|
2015 |
|
2014 |
|
% Change |
|
% Change Currency Neutral |
Net sales |
$ |
266,316 |
|
|
$ |
247,812 |
|
|
7 |
% |
|
10 |
% |
Gross profit |
109,875 |
|
|
110,634 |
|
|
(1 |
)% |
|
5 |
% |
Selling, general and
administrative expenses |
100,903 |
|
|
98,847 |
|
|
2 |
% |
|
5 |
% |
Income from
operations |
8,972 |
|
|
11,787 |
|
|
(24 |
)% |
|
4 |
% |
Net income attributable
to Skullcandy, Inc. |
$ |
5,881 |
|
|
$ |
7,599 |
|
|
(23 |
)% |
|
10 |
% |
Diluted earnings per
share |
$ |
0.20 |
|
|
$ |
0.27 |
|
|
(26 |
)% |
|
9 |
% |
Skullcandy is a global company and reports financial information
in U.S. dollars in accordance with generally accepted accounting
principles in the United States (“GAAP”). Foreign currency exchange
rate fluctuations impact the amounts reported by Skullcandy from
translating its operating results into U.S. dollars, and from
entering various transactions denominated in different
currencies.
*These rate fluctuations can have a significant effect on
reported operating results. As a supplement to our reported
operating results, we present currency neutral financial
information, which is a non-GAAP financial measure. Currency
neutral financial information assumes a constant exchange rate
between the periods being compared for purposes of currency
translations into U.S. dollars (i.e., assumes the foreign exchange
rates used to determine results for the three and twelve months
ended December 31, 2015 apply to the period against which such
results are being compared). We use currency neutral
information to provide a framework to assess how our business
performed.
Certain amounts included in the calculations of currency neutral
operating results, which constitute non-GAAP measures, are subject
to management allocations and assumptions. The company believes the
presentation of information on currency neutral basis is helpful to
investors by making it easier to compare the company’s performance
in one period to that of another period without the variability
caused by fluctuations in currency exchange rates.
These currency neutral performance measures should be viewed in
addition to, and not in lieu of or superior to, our operating
performance measures calculated in accordance with GAAP. The
currency neutral information presented may not be comparable to
similarly titled measures reported by other companies.
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, |
|
2015 |
|
2014 |
|
2015 |
|
2014 |
Net sales |
$ |
96,051 |
|
|
$ |
96,815 |
|
|
$ |
266,316 |
|
|
$ |
247,812 |
|
Cost of goods sold |
57,367 |
|
|
54,899 |
|
|
156,441 |
|
|
137,178 |
|
Gross profit |
38,684 |
|
|
41,916 |
|
|
109,875 |
|
|
110,634 |
|
Selling, general and
administrative expenses |
30,171 |
|
|
31,098 |
|
|
100,903 |
|
|
98,847 |
|
Income from
operations |
8,513 |
|
|
10,818 |
|
|
8,972 |
|
|
11,787 |
|
Other expense |
434 |
|
|
790 |
|
|
1,578 |
|
|
1,560 |
|
Interest expense
(income) |
10 |
|
|
(11 |
) |
|
(2 |
) |
|
131 |
|
Income before income
taxes and non-controlling interest |
8,069 |
|
|
10,040 |
|
|
7,396 |
|
|
10,096 |
|
Income tax expense |
2,218 |
|
|
2,808 |
|
|
2,103 |
|
|
2,523 |
|
Net income |
5,851 |
|
|
7,232 |
|
|
5,293 |
|
|
7,573 |
|
Net loss attributable
to non-controlling interest |
(245 |
) |
|
(150 |
) |
|
(588 |
) |
|
(26 |
) |
Net income attributable to
Skullcandy, Inc. |
$ |
6,096 |
|
|
$ |
7,382 |
|
|
$ |
5,881 |
|
|
$ |
7,599 |
|
Net income per common share
attributable to Skullcandy, Inc. |
|
|
|
|
|
|
|
Basic |
$ |
0.21 |
|
|
$ |
0.26 |
|
|
$ |
0.21 |
|
|
$ |
0.27 |
|
Diluted |
$ |
0.21 |
|
|
$ |
0.26 |
|
|
$ |
0.20 |
|
|
$ |
0.27 |
|
Weighted average common
shares outstanding |
|
|
|
|
|
|
|
Basic |
28,534,447 |
|
|
28,201,479 |
|
|
28,415,066 |
|
|
28,058,603 |
|
Diluted |
28,642,970 |
|
|
28,774,238 |
|
|
28,828,758 |
|
|
28,570,472 |
|
SKULLCANDY,
INC. |
CONDENSED
CONSOLIDATED BALANCE SHEETS |
(in thousands of
dollars) |
(unaudited) |
|
|
|
December 31, 2015 |
|
December 31, 2014 |
Assets |
|
|
|
|
Current assets: |
|
|
|
|
Cash and cash equivalents |
|
$ |
23,030 |
|
|
$ |
21,623 |
|
Short-term investments |
|
543 |
|
|
15,010 |
|
Total cash, cash
equivalents, and short-term investments |
|
23,573 |
|
|
36,633 |
|
Accounts receivable,
net |
|
84,909 |
|
|
74,358 |
|
Inventories, net |
|
41,686 |
|
|
54,981 |
|
Prepaid expenses and other
current assets |
|
6,189 |
|
|
4,050 |
|
Current deferred tax
assets |
|
3,999 |
|
|
3,052 |
|
Total current assets |
|
160,356 |
|
|
173,074 |
|
Property and equipment,
net |
|
14,830 |
|
|
12,911 |
|
Intangibles |
|
7,433 |
|
|
8,814 |
|
Goodwill |
|
13,867 |
|
|
13,867 |
|
Deferred financing
fees |
|
31 |
|
|
41 |
|
Non-current deferred tax
assets |
|
923 |
|
|
3,459 |
|
Other non-current
assets |
|
250 |
|
|
— |
|
Total assets |
|
$ |
197,690 |
|
|
$ |
212,166 |
|
Liabilities and Stockholders’ Equity |
|
|
|
|
Current liabilities: |
|
|
|
|
Accounts payable |
|
$ |
13,216 |
|
|
$ |
27,309 |
|
Accrued liabilities |
|
21,931 |
|
|
29,161 |
|
Current deferred tax
liabilities |
|
190 |
|
|
184 |
|
Total current
liabilities |
|
35,337 |
|
|
56,654 |
|
Non-current deferred tax
liabilities |
|
1,148 |
|
|
1,418 |
|
Other non-current
liabilities |
|
1,117 |
|
|
557 |
|
Total liabilities |
|
37,602 |
|
|
58,629 |
|
Stockholders’ equity: |
|
|
|
|
Common stock |
|
3 |
|
|
3 |
|
Treasury stock |
|
(43,294 |
) |
|
(43,294 |
) |
Additional paid-in
capital |
|
137,535 |
|
|
136,132 |
|
Accumulated other
comprehensive loss |
|
(818 |
) |
|
(625 |
) |
Retained earnings |
|
66,662 |
|
|
60,781 |
|
Total stockholders’
equity |
|
160,088 |
|
|
152,997 |
|
Noncontrolling
interest |
|
— |
|
|
540 |
|
Total Skullcandy
stockholders’ equity |
|
160,088 |
|
|
153,537 |
|
Total liabilities and
Skullcandy stockholders’ equity |
|
$ |
197,690 |
|
|
$ |
212,166 |
|
SKULLCANDY,
INC. |
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS |
(in thousands of
dollars) |
(unaudited) |
|
|
Twelve Months Ended December 31, |
|
2015 |
|
2014 |
|
2013 |
Cash flows from
operating activities: |
|
|
|
|
|
Net income (loss) |
$ |
5,293 |
|
|
$ |
7,573 |
|
|
$ |
(3,011 |
) |
Adjustments to reconcile
net income (loss) to net cash provided by operating
activities: |
|
|
|
|
|
Depreciation of fixed assets and
amortization of intangible assets |
8,356 |
|
|
9,623 |
|
|
9,428 |
|
Loss on disposal of property and
equipment and intangible assets |
69 |
|
|
670 |
|
|
2,187 |
|
Provision for doubtful
accounts |
2,324 |
|
|
619 |
|
|
1,312 |
|
Deferred income taxes |
1,066 |
|
|
(210 |
) |
|
(4,927 |
) |
Non-cash interest expense |
10 |
|
|
188 |
|
|
177 |
|
Amortization of stock-based
compensation expense |
3,992 |
|
|
3,398 |
|
|
3,632 |
|
Foreign currency remeasurement
loss |
1,810 |
|
|
797 |
|
|
— |
|
Changes in operating
assets and liabilities, net of effects of acquisitions: |
|
|
|
|
|
Accounts receivable |
(14,161 |
) |
|
(18,113 |
) |
|
17,305 |
|
Inventories |
12,453 |
|
|
(15,183 |
) |
|
1,140 |
|
Prepaid expenses and other |
(2,995 |
) |
|
(112 |
) |
|
1,504 |
|
Accounts payable |
(13,055 |
) |
|
10,882 |
|
|
(6,339 |
) |
Accrued liabilities |
(8,480 |
) |
|
7,015 |
|
|
1,048 |
|
Net cash provided by
operating activities |
(3,318 |
) |
|
7,147 |
|
|
23,456 |
|
Investing
activities |
|
|
|
|
|
Purchase of property and
equipment |
(8,512 |
) |
|
(11,064 |
) |
|
(4,111 |
) |
Purchase of intangible
assets |
— |
|
|
— |
|
|
(20 |
) |
Purchase of short-term
investments |
— |
|
|
(15,010 |
) |
|
— |
|
Proceeds from sales of
short-term investments |
14,495 |
|
|
— |
|
|
— |
|
Net cash used in investing
activities |
5,983 |
|
|
(26,074 |
) |
|
(4,131 |
) |
Cash flows from
financing activities: |
|
|
|
|
|
Debt issuance costs |
— |
|
|
— |
|
|
(241 |
) |
Proceeds from exercise of
stock options |
359 |
|
|
2,128 |
|
|
174 |
|
Taxes paid related to net
share settlement of equity awards |
(489 |
) |
|
— |
|
|
— |
|
Income tax benefit
(detriment) from share based compensation |
69 |
|
|
(468 |
) |
|
(92 |
) |
Purchase of minority
interest |
(752 |
) |
|
— |
|
|
— |
|
Net cash provided by
financing activities |
(813 |
) |
|
1,660 |
|
|
(159 |
) |
Effect of exchange rate
changes on cash and cash equivalents |
(445 |
) |
|
55 |
|
|
324 |
|
Net decrease in cash and
cash equivalents |
1,407 |
|
|
(17,212 |
) |
|
19,490 |
|
Cash and cash equivalents,
beginning of period |
21,623 |
|
|
38,835 |
|
|
19,345 |
|
Cash and cash equivalents,
end of period |
$ |
23,030 |
|
|
$ |
21,623 |
|
|
$ |
38,835 |
|
Supplemental cash flow
information: |
|
|
|
|
|
Cash paid for
interest |
$ |
— |
|
|
$ |
— |
|
|
$ |
1 |
|
Cash paid for income
tax |
$ |
3,782 |
|
|
$ |
1,430 |
|
|
$ |
7,042 |
|
Supplemental non-cash
activities: |
|
|
|
|
|
Purchases of property and
equipment financed through accounts payable |
$ |
569 |
|
|
$ |
— |
|
|
$ |
— |
|
SKULLCANDY, INC.SEGMENT
INFORMATION(unaudited)
We manage our business in two segments which are comprised of
Domestic and International. The Domestic segment primarily consists
of Skullcandy and Astro Gaming product sales to customers in the
United States. The international segment primarily includes
Skullcandy product sales to customers in Europe, Asia, Canada,
Mexico (through the Company’s joint venture), and all other
geographic areas outside the United States that are served by the
Company’s International operations.
The tables below summarizes information about reportable
segments for the three and twelve months ended December 31,
2015 and 2014 (in thousands):
|
Three Months Ended December 31, |
|
|
|
|
|
2015 |
|
2014 |
|
$ Change |
|
% Change |
Net sales: |
|
|
|
|
|
|
|
Domestic |
$ |
72,734 |
|
|
$ |
70,560 |
|
|
$ |
2,174 |
|
|
3 |
% |
International |
23,317 |
|
|
26,255 |
|
|
(2,938 |
) |
|
(11 |
)% |
Total net sales |
$ |
96,051 |
|
|
$ |
96,815 |
|
|
$ |
(764 |
) |
|
(1 |
)% |
|
Three Months Ended December 31, |
|
|
|
|
|
2015 |
|
2014 |
|
$ Change |
|
% Change |
Gross profit: |
|
|
|
|
|
|
|
Domestic |
$ |
29,840 |
|
|
$ |
31,375 |
|
|
$ |
(1,535 |
) |
|
(5 |
)% |
International |
8,843 |
|
|
10,541 |
|
|
(1,698 |
) |
|
(16 |
)% |
Total gross profit |
$ |
38,683 |
|
|
$ |
41,916 |
|
|
$ |
(3,233 |
) |
|
(8 |
)% |
|
|
|
|
|
|
|
|
|
Three Months Ended December 31, |
|
|
|
|
|
2015 |
|
2014 |
|
Basis Point Change |
|
|
Gross margin %: |
|
|
|
|
|
|
|
Domestic |
41.0 |
% |
|
44.5 |
% |
|
(350 |
) |
|
|
International |
37.9 |
% |
|
40.1 |
% |
|
(220 |
) |
|
|
Total gross margin |
40.3 |
% |
|
43.3 |
% |
|
(300 |
) |
|
|
|
Twelve months ended December 31, |
|
|
|
|
|
2015 |
|
2014 |
|
$ Change |
|
% Change |
Net sales: |
|
|
|
|
|
|
|
Domestic |
$ |
190,926 |
|
|
$ |
174,663 |
|
|
$ |
16,263 |
|
|
9 |
% |
International |
75,390 |
|
|
73,149 |
|
|
2,241 |
|
|
3 |
% |
Total net sales |
$ |
266,316 |
|
|
$ |
247,812 |
|
|
$ |
18,504 |
|
|
7 |
% |
|
Twelve months ended December 31, |
|
|
|
|
|
2015 |
|
2014 |
|
$ Change |
|
% Change |
Gross profit: |
|
|
|
|
|
|
|
Domestic |
$ |
80,311 |
|
|
$ |
78,495 |
|
|
$ |
1,816 |
|
|
2 |
% |
International |
29,564 |
|
|
32,139 |
|
|
(2,575 |
) |
|
(8 |
)% |
Total gross profit |
$ |
109,875 |
|
|
$ |
110,634 |
|
|
$ |
(759 |
) |
|
(1 |
)% |
|
|
|
|
|
|
|
|
|
Twelve months ended December 31, |
|
|
|
|
|
2015 |
|
2014 |
|
Basis Point Change |
|
|
Gross margin %: |
|
|
|
|
|
|
|
Domestic |
42.1 |
% |
|
44.9 |
% |
|
(280 |
) |
|
|
International |
39.2 |
% |
|
43.9 |
% |
|
(470 |
) |
|
|
Total gross margin |
41.3 |
% |
|
44.6 |
% |
|
(330 |
) |
|
|
Investor Contact
ICR
Brendon Frey
203-682-8200
Brendon.Frey@icrinc.com
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