Boston, MA 03\/07\/2014 (wallstreetpr) \u2013Skullcandy Inc. (NASDAQ:SKUL)<\/b> a designer and distributor of gaming headphones reported its fourth quarter results for the period ending December 31, 2013. The year saw the company employ a turnaround strategy that saw it launch innovative brands causing a fourth quarter strong performance.<\/p>\n
Fourth quarter results<\/b><\/p>\n
Skullcandy net sales<\/b><\/p>\n
Net sales for the fourth quarter dropped by 28.4% coming in at $72.2 million against $101 million reported for the same quarter the prior year. The drop in sales for the quarter was as a result of the company\u2019s decision to cut sales at the off price channel. North America sales consequently dropped from highs of $82.7 million reported in the same quarter the prior year to lows of $57.6 million, a drop of 30.3%.<\/p>\n
International net sales also plummeted by 19.9% from highs of $18.3 million reported in 2012 same quarter to lows of $14.7 million<\/p>\n
Gross profit<\/b><\/p>\n
Gross profit for the fourth quarter came in at $31.4 million a drop of 30% from the high of $44.9 million reported in F2012 same quarter. Gross margin also dropped slightly in the fourth quarter, coming in at 43.5% compared to the prior year\u2019s highof 44.9 million. The decrease in gross margin was as a result of increased sales returns and allowance expense as well.<\/p>\n
Operating expenses<\/b><\/p>\n
Skullcandy Selling, General and Administrative expenditure for the quarter dropped by 4.8% for the quarter, coming in at $26 million against highs of $27.3 million reported for the same quarter the prior year. These expenses included $1.5 million worth of marketing costs; these costs were later offset by a decrease in bad debts worth the same amount of $1.5 million.<\/p>\n
Net income<\/b><\/p>\n
Skullcandy net income for the fourth quarter trickled in at $3.6 million a drop from a high of $11.5 million reported for the same quarter the prior year<\/p>\n
Skullcandy cash balance<\/b><\/p>\n
Skullcandy cash and cash equivalent as of December 31, 2013 stood at an impressive $38.8 million against lows of $19.3 million as of December 31, 2012. Skullcandy accounts receivables dropped to $57.5 million as of December 31, 2013, from a high of $76.3 million as of December 31, 2012<\/p>\n
Q1 2014 Guidance<\/b><\/p>\n
Skullcandy expects net sales for the first quarter to increase by between 5% and 7% with a net loss on GAAP fully diluted basis of between $0.16 and $0.18 per share.<\/p>\n","protected":false},"excerpt":{"rendered":"
Boston, MA 03\/07\/2014 (wallstreetpr) \u2013Skullcandy Inc. (NASDAQ:SKUL) a designer and distributor of gaming headphones reported its fourth quarter results for the period ending December 31, […]<\/p>\n","protected":false},"author":12,"featured_media":16804,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"rop_custom_images_group":[],"rop_custom_messages_group":[],"rop_publish_now":"initial","rop_publish_now_accounts":{"twitter_2902945987_2902945987":""},"rop_publish_now_history":[],"rop_publish_now_status":"pending","footnotes":""},"categories":[260],"tags":[4962,4961,4960],"stock_ticker":[],"class_list":["post-16803","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-advancers","tag-nasdaqskul","tag-skullcandy-inc","tag-skullcandy-inc-nasdaqskul","entry"],"acf":[],"yoast_head":"\n