K•Swiss Inc. (NASDAQ: KSWS) today announced results for the
fourth quarter and year ended December 31, 2012.
Financial Results
Net loss for the fourth quarter of 2012 was $14,516,000, or
$0.41 per diluted share, compared with a net loss of $25,185,000,
or $0.71 per diluted share, for the prior-year period. Net loss for
the year ended December 31, 2012, was $34,779,000, or $0.98 per
diluted share, compared with a net loss of $70,471,000, or $1.98
per diluted share, for the year ended December 31, 2011.
For the fourth quarter of 2012, total worldwide revenues
decreased 17.8% to $41,230,000 compared with $50,163,000 in the
prior-year period. Domestic revenues decreased 31.4% to $14,011,000
in the fourth quarter, and international revenues decreased 8.5% to
$27,219,000 for the same period. Total worldwide revenues for 2012
decreased 17.0% to $222,851,000 from $268,357,000 for 2011.
Domestic revenues decreased 35.0% to $75,872,000 in 2012, and
international revenues decreased 3.0% to $146,979,000.
Futures Orders
Worldwide futures orders with start ship dates from January
through June 2013 increased 4.6% to $76,471,000 at December 31,
2012, from $73,138,000 the previous year. Domestic futures orders
increased 1.3% to $22,158,000 at December 31, 2012, from
$21,879,000 the previous year. International futures orders
increased 6.0% to $54,313,000 at December 31, 2012, from
$51,259,000 the previous year.
Proposed Merger with E.Land
On January 16, 2013, the Company entered into a definitive
agreement, which was unanimously approved by K•Swiss’ Board of
Directors, pursuant to which E.Land World will acquire all of the
outstanding common stock of K•Swiss for $4.75 per share in cash, or
a total equity value of approximately $170 million. The merger,
which is expected to close during the second quarter of 2013,
requires the approval of 80% of K•Swiss’ outstanding voting power
and applicable regulatory approvals in addition to other customary
closing conditions.
Additional Information about the Proposed Merger and Where to
Find It
In connection with the proposed merger, K•Swiss plans to file
with the Securities and Exchange Commission (the “SEC”) and furnish
to its stockholders a proxy statement. BEFORE MAKING ANY VOTING
DECISION, STOCKHOLDERS OF K•SWISS INC. ARE URGED TO READ THE PROXY
STATEMENT AND OTHER PROXY MATERIALS WHEN THEY BECOME AVAILABLE
BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED
MERGER AND RELATED MATTERS. Stockholders will be able to obtain
free copies of the proxy statement and other documents filed with
the SEC by K•Swiss through the website maintained by the SEC at
www.sec.gov, at the K•Swiss’ website at http://www.kswiss.com/customer/page/investors and
from K•Swiss by directing a written request to K•Swiss, 31248 Oak
Crest Drive, Westlake Village, CA 91361, Attention: Investor
Relations.
K•Swiss and its executive officers and directors may be deemed
to be participants in the solicitation of proxies from the
stockholders of K•Swiss in connection with the proposed merger.
Information about the interests of these executive officers and
directors in the transaction described herein will be included in
the proxy statement described above. Additional information
regarding these directors and executive officers is also included
in the Company’s Form 10-K, which is currently on file with the
SEC. This document is available free of charge at the SEC’s website
at www.sec.gov and from K•Swiss by contacting Investor Relations at
the address set forth above.
About K•Swiss
Founded more than forty years ago in Van Nuys, California,
K•Swiss introduced the first all-leather tennis shoe, the K•Swiss
“Classic” in 1966. Since its inception, K•Swiss has rooted itself
in California Sport with an aim to be the most inspiring and
innovative sports brand in the market. Today the Company offers
performance and lifestyle footwear and apparel for several
categories under its California Sports umbrella including Tennis
Heritage, California Fit (Running, Triathlon and Fitness) and
California Youth. K•Swiss also designs, develops and markets
footwear under the Palladium brand. For more information about
K•Swiss, visit www.kswiss.com.
Forward-Looking Statements
This press release contains “forward-looking statements” within
the meaning of the “safe harbor” provisions of the Private
Securities Litigation Reform Act of 1995 about the expected timing
for closing of the merger. These statements are based on the
current beliefs and expectations of K•Swiss’ management and are
subject to known and unknown risks and uncertainties, including,
but not limited to: (i) K•Swiss may be unable to obtain stockholder
approval as required for the merger; (ii) conditions to the closing
of the merger may not be satisfied or waived; (iii) the merger may
involve unexpected costs, liabilities or delays; (iv) the outcome
of any legal proceeding relating to the merger; (v) the ability and
timing to obtain required regulatory approvals; (vi) the occurrence
of any event, change or other circumstances that could give rise to
the termination of the merger agreement; and (vii) other risks to
consummation of the merger, including the risk that the merger will
not be consummated within the expected time period or at all. A
complete description of these factors, as well as others which
could affect the Company's business is set forth in the Company's
periodic filings, including its Form 10-K for the year ended
December 31, 2012, which is currently on file with the SEC. Readers
are cautioned not to place undue reliance on these forward-looking
statements. K•Swiss undertakes no obligation to publicly update any
forward-looking statement, whether as a result of new information,
future events, or otherwise.
K•Swiss
Inc. Consolidated Statements of Loss (In thousands, except loss
per share data)
Three Months Ended Year Ended
December 31, December 31, 2012 2011
2012 2011 (unaudited) Revenues
$
41,230 $ 50,163
$ 222,851 $ 268,357 Cost of
goods sold
27,949 37,322
145,726 175,735 Gross profit
13,281 12,841
77,125 92,622 Selling, general and
administrative expenses
25,864 33,006
107,895 153,626
Impairment of goodwill
- 2,986
- 2,986 Operating loss
(12,583 ) (23,151 )
(30,770 ) (63,990 )
Other income
- -
- 3,000 Interest (expense)/income,
net
(750 ) 124
(812 ) 219 Loss before income taxes and
discontinued operations
(13,333 ) (23,027 )
(31,582 ) (60,771 ) Income tax expense
1,183 1,847
3,197
3,751 Loss from continuing operations
(14,516
) (24,874 )
(34,779 ) (64,522 ) Loss from
discontinued operations, less applicable income tax
-
(311 )
- (5,949 ) Net
loss
$ (14,516 ) $ (25,185 )
$
(34,779 ) $ (70,471 ) Basic loss per share
$
(0.41 ) $ (0.71 )
$ (0.98 ) $
(1.98 ) Diluted loss per share
$ (0.41 ) $
(0.71 )
$ (0.98 ) $ (1.98 ) Weighted average
number of shares outstanding Basic
35,607 35,599
35,603 35,510 Diluted
35,607 35,599
35,603
35,510
K•Swiss Inc. Condensed Balance Sheets
(In thousands)
December 31, 2012 2011
ASSETS CURRENT ASSETS Cash and cash equivalents
$
42,711 $ 28,701 Restricted cash and cash equivalents and
restricted investments available for sale
200 22,602
Investments available for sale
- 2,057 Accounts receivable,
net
25,740 31,449 Inventories, net
69,343 90,380
Prepaid expenses and other current assets
2,934 4,927 Income
taxes receivable
- 770 Total
current assets
140,928 180,886 PROPERTY, PLANT AND
EQUIPMENT, NET
17,402 19,593 OTHER ASSETS Intangible assets
11,562 11,482 Deferred income taxes
2,308 2,914 Other
4,523 4,736 Total other assets
18,393 19,132
$
176,723 $ 219,611 LIABILITIES AND
STOCKHOLDERS' EQUITY CURRENT LIABILITIES Bank lines of credit
$ 998 $ 9,716 Current portion of long-term debt
152 250 Current portion of long-term capital leases
103 - Trade accounts payable
20,420 18,101 Accrued
income taxes payable
246 372 Current portion of contingent
purchase price
2,644 - Accrued liabilities
11,640 13,500 Total current liabilities
36,203 41,939 OTHER LIABILITIES Long-term debt
- 148
Long-term capital leases
190 - Contingent purchase price
- 3,739 Other liabilities
8,716
7,816 Total other liabilities
8,906 11,703
STOCKHOLDERS' EQUITY
131,614 165,969
$ 176,723 $ 219,611
K Swiss (NASDAQ:KSWS)
과거 데이터 주식 차트
부터 5월(5) 2024 으로 6월(6) 2024
K Swiss (NASDAQ:KSWS)
과거 데이터 주식 차트
부터 6월(6) 2023 으로 6월(6) 2024