Quiksilver Upgraded To Buy Rating

SAN FRANCISCO, Aug. 29 — The following is being issued by First Security Van Kasper, a member of the National Association of Securities Dealers, CRD number 7665:

Jennifer Black, Apparel analyst at FS Van Kasper, has initiated coverage on Quiksilver, Inc. (NYSE: ZQK) ($15 3/8) with Buy Rating and 12-month price target of $27.

Below are direct quotations from Ms. Black’s research report:

We are initiating coverage on Quiksilver, Inc. with a Buy rating and EPS estimates of $1.37 for FY00 and $1.68 for FY01.

The company has implemented a number of impressive growth initiatives, which should drive strong top- and bottom-line improvements over the next few years.

Quiksilver has stood the test of time in a competitive specialty retail environment, and we expect it to continue doing so going forward.

In our view, this is a primary reason that Quiksilver has maintained its position as a major competitor in the “board and surf” apparel industry, and we believe that it is poised for a bright and successful future.

We are initiating coverage with a Buy rating, a FY00 EPS estimate of $1.37, and a 12-month price target of $27 or 16x our FY01 EPS estimate of $1.68.

First Security(R) Van Kasper is a private brokerage and investment banking firm. Since its founding in 1978 as Van Kasper & Company, the firm has been providing exceptional services and original investment advice to a select group of investors and businesses. The firm’s offices are located in San Francisco, Fresno, Los Angeles, San Diego, Newport Beach, San Jose, Sacramento, and Walnut Creek, California, as well as Phoenix, Arizona and New York City, New York.