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Outdoor financials: Deckers shares hit all-time high, plus Crocs, Garmin, Cabela's, Amer Sports

Deckers shares hit all-time high, Crocs sued again over stock price drop, Garmin completes acquisition of Spanish distributor, Cabela's chairman buys shares, and Amer Sports exercise of 2002 warrants.

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Deckers shares hit all-time high

Shares of Deckers Outdoor (Nasdaq: DECK), parent of Teva, Uggs and Simple, reached an all-time high on Nov. 27, after an analyst initiated coverage on the company with a “Buy” rating.

Sterne Agee analyst Sam Poser said in a note to investors that he expects Deckers shares to rise at least 21 percent next year as the popularity of Uggs boots and shoes remains strong and Teva and Simple brands accelerate.

“We see the success of Ugg not as a fad, but as a reflection of the strong demand for luxury comfort footwear, with current styles, that are in limited supply,” he wrote.

Poser also noted that Deckers is growing internationally. “The international business, which has been dormant for the past few years, is beginning to accelerate, and 2008 should prove to be an exceptional year,” he wrote.

He expects international revenue will grow 50 percent in 2007, as the company improves its distribution and marketing. He expects earnings in the fourth quarter of $2.32 per share on revenue of $178.4 million.

Shares rose $10.67, or 8 percent, to close at $143.81, after earlier trading to an all-time high of $148.70. The stock had traded between $52.91 and $147.69 during the past year.

Crocs sued again over stock price drop

Three more class-action lawsuits have been filed against Crocs (Nasdaq: CROX), accusing executives of misleading shareholders about operations while selling off their own stock for at least $64 million.

The new lawsuits resemble other shareholder lawsuits that allege executives including CEO Ron Snyder and CFO Peter Case did not tell shareholders about overseas distribution problems that cost the company about $30 million in third-quarter sales.

The lawsuits say shareholders also did not learn until after the third quarter that inventory of Crocs shoes was building as sales began to slow due to cooler weather.

That news was revealed Oct. 31, when Crocs also reported sales that fell short of predictions, the lawsuit said. The next day, the company’s stock price dropped 36 percent to close at $47.74, the lawsuits said.

All suits were filed in the U.S. District Court for the District of Colorado by the law firms of Wolf Haldenstein Adler Freeman & Herz LLP, Kaplan Fox & Kilsheimer LLP and Schiffrin Barroway Topaz & Kessler LLP.

Garmin completes acquisition of Spanish distributor

Garmin Ltd. has completed the acquisition of Electronica Trepat S.A., the principal distributor of Garmin’s consumer products in Spain. Financial terms of the transaction were not released.

The company will be renamed Garmin Iberia S.A. and will retain its management, sales, marketing and supporting staff — approximately 60 people. It will continue operations at its current headquarters and warehouse facility located close to Barcelona.

Dr. Min Kao, chairman and CEO of Garmin Ltd., said in a statement, “The completion of our acquisition of Electronica Trepat is a further step in our ongoing strategy to strengthen Garmin’s presence in key European markets through vertical integration.”

Earlier in 2007, Garmin completed the acquisition of its distributors in France, Germany and Italy. Garmin has also signed a letter of intent to acquire its Danish distributor, and expects that acquisition to be completed in January 2008.

Cabela’s chairman buys shares

The chairman of Cabela’s (NYSE: CAB) bought 30,000 shares of common stock, according to a filing with the SEC. In a Form 4 filed with the SEC, Richard N. Cabela reported he bought the shares for $15.59 to $15.75 apiece.

Insiders file Form 4s with the SEC to report transactions in their companies’ shares. Open market purchases and sales must be reported within two business days of the transaction.

Amer Sports exercise of 2002 warrants

A total of 3,495 shares of Amer Sports have been subscribed for as a result of an exercise of its 2002 warrants. The corresponding increase in the company’s share capital amounting to EUR 13,980 (USD $20,678) was registered on Nov. 27. As a result of this increase, Amer Sports’ share capital now totals EUR 289.2 million (USD $427.8 million) and the total number of shares in issue is 72.3 million.

Shareholder rights commenced from the Nov. 27 registration date. The new shares were listed on the Helsinki Exchanges on Nov. 28. The share subscription period will end on Dec. 31.

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