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Quiksilver’s Q4 loss widens
Less revenue and several one-time charges caused Quiksilver’s (NYSE: ZQK) fourth-quarter loss to grow from a year earlier.
For the quarter ended Oct. 31, it posted a loss of $22.1 million, or $0.14 per share, compared with a loss of $1.8 million, or a penny per share, a year earlier.
Its fourth-quarter revenue fell 8 percent to $495.1 million from $538.7 million.
Excluding restructuring costs and other one-time items, the company reported net income from continuing operations of $0.12 per share, compared with $0.02 per share in last year’s fourth quarter.
The company said it reduced its debt significantly during the fourth quarter, partly by swapping some of its debt for equity. The move should help it seize growth opportunities in coming years, it added.
For the year, Quiksilver reported a net loss of $9.7 million, down from $192 million in fiscal 2009. Its revenue was $1.84 billion, compared with $1.98 billion in fiscal 2009.
Looking ahead, the company foresees a 5 percent drop in its first-quarter revenue.
Jarden declares dividend
Jarden Corp. (NYSE: JAH), parent of K2, Coleman and Marmot, declared a regular quarterly cash dividend of $0.0825 per share of the company’s common stock. It is payable on Jan. 31, 2011, to stockholders of record as of Jan. 3, 2011.
–Compiled by Wendy Geister
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