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Aaron Spatz is the writer of SEC Live Filings Digest, detailing the news of companies trading on U.S. stock exchanges. The Filings Digest is but one component of the greater website SEC Live, which specializes in making SEC filings easy to read, research, navigate, and much more.
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  • Quiksilver Earnings And Revenue Decline 0 comments
    Sep 6, 2013 9:44 AM | about stocks: ZQK

    Originally published at www.seclive.com

    Filing in Focus: Quiksilver 8-K, September 5, 2013

    Quiksilver Inc. (NYSE:ZQK) announced its financial results for the third quarter of fiscal year 2013, reporting revenue and earnings that significantly declined. Revenue decreased 3.3% to $495.8M while earnings decreased 84% to $2.1M. The significant decline is explained mostly to restructuring-related costs, asset write-downs, currency exchange loss, and other items this quarter. This same quarter last year the company had a gain of $2.2M due to currency exchange while this quarter it suffered a $4.1M loss due to currency exchange. The company, which sells its namesake brand as well as DC and Roxy, announced in May a plan to improve profitability, which involved some restructuring. President and CEO Andy Mooney remarked that the company is closing underperforming stores, reducing workforce, improving its supply-chain processes and costs, and refinancing debt.

    Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

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