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.