Ravell Call, Deseret News
PARK CITY — Skullcandy Inc., which makes headphones and other accessories emblazoned with a skull logo and went public in July, said Wednesday that its first-quarter net income rose 6 percent, topping analyst expectations.
Net income for the three months, which ended March, 31 rose to $1.1 million, or 4 cents per share, from $1 million, or 8 cents per share, last year. The difference in per share figures is due to a 42 percent jump in shares outstanding to 27.9 million during the quarter. Excluding costs related to litigation with Monster Cable Products that was settled in February, net income was 5 cents per share, a penny more than analysts expected, according to a poll by FactSet.
Revenue rose 48 percent to $53.3 million from $36 million last year. Analysts expected $44.2 million in revenue.
Looking forward, Skullcandy expects net income of $1.10 to $1.20 per share, excluding costs related to the litigation with Monster Cable. It predicts revenue of $280 million to $300 million.
Analysts expect net income of $1.15 per share on revenue of $288 million.
Skullcandy, based in Park City, Utah, makes fancy headphones, decorative iPod cases and T-shirts emblazoned with its skull logo sold in electronics, sporting goods and mobile phone stores, as well as by mass retailers such as Target and Best Buy. After its July IPO, it took a hit in March when the company's chief financial officer and general counsel resigned to "pursue other opportunities."
Shares fell $1.01, or 6.1 percent, to $15.64 during aftermarket trading, after closing the day up 25 cents at $16.65.
- Asian stocks mixed as markets await Brexit...
- Stocks, pound fall again due to UK vote...
- US economy grew at slightly faster 1.1...
- 'Avatar' mobile game landing ahead of film...
- US home prices climb in April; 7 cities set...
- Volkswagen settles emissions-cheating cases...
- How Amazon's Dash buttons can thwart smart...
- Nike co-founder Phil Knight retires from board
- Dickey's files federal lawsuit in... 9
- Stocks, pound fall again due to UK vote... 8
- Community leaders share growth... 5
- Gap between Salt Lake renters, owners... 3
- Volkswagen settles emissions-cheating... 3
- Allegiant Air adding flights from Provo... 3
- Tesla wants to be the ultimate... 2
- Millennials are sparking the next... 2