Outdoor financials: Crocs profits in 3Q with one-time tax gain, plus Backcountry.com
Crocs swung to a profit in the third quarter, and the parent of Backcountry.com posted a 2-percent increase for the third quarter.
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Crocs profits in 3Q with one-time tax gain
Crocs (Nasdaq: CROX) swung to a profit in the third quarter as it recorded a big one-time gain from taxes and sales rose slightly.
It said its quarterly results included a one-time $14.4 million tax benefit, a one-time $9.6 million gain from sales and $3.6 million in charges for write-downs, restructuring and charitable donations.
In the quarter that ended Sept. 30, the company earned $22.1 million, or $0.25 per share, compared to a loss of $148 million, or $1.79 per share, a year earlier. Excluding one-time items, it earned a penny per share.
Revenue rose 2 percent to $177.1 million from $174.2 million.
Crocs reported gains in retail, online and wholesale sales during the quarter.
Retail sales increased 39.6 percent to $53.9 million; Internet sales increased 61.0 percent to $16.1 million; and wholesale sales decreased 14.7 percent to $107.1 million.
In the fourth quarter, Crocs expects to generate between $110 million and $115 million in revenue, with a loss per diluted share between $0.20 and $0.15.
Backcountry.com parent posts higher Q3 revenue
Liberty Interactive Group (Nasdaq: LINTA), the business unit of Liberty Media that owns Backcountry.com, reported a 2-percent increase in group revenue for the third quarter.
Revenue for the quarter was $1.8 billion. It also posted an 11-percent increase in adjusted operating income before depreciation and amortization to $345 million.
For its e-commerce business, revenue was up 2 percent to $160 million and adjusted OIBDA by $2 million to $5 million. It said the increase in revenue was primarily driven by two small acquisitions made during 2008. Without that, revenue decreased 4 percent in the third quarter versus the prior year as the economic downturn continues to negatively impact the e-commerce businesses, it noted.
The company said there were no share repurchases of Liberty Interactive stock during the third quarter of 2009. Liberty has approximately $740 million remaining under its Liberty Interactive stock repurchase authorization, it added.
–Compiled by Wendy Geister
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