Volcom Q1 Revenue Up 13 Percent

Following last week’s announcement that they will be acquired by French company PPR, Volcom reported that revenues for the first quarter were up 13% to to $87.1 million, compared with $77.4 million in the first quarter of 2010. The official statement from Volcom’s Investor Relations page follows:

picture-21

For the 2011 first quarter, total consolidated revenues increased 13% to $87.1 million, compared with $77.4 million in the first quarter of 2010. Total revenues in the company's U.S. segment were $50.3 million, compared with $48.2 million in the prior-year period. Total revenues in the company's Europe segment were $24.8 million, compared with $23.6 million in the same period in 2010. Total revenues in the company's Electric segment were $6.9 million, compared with $5.6 million in 2010. Total revenues in the company's Australia segment were $5.2 million.

Consolidated gross profit for the 2011 first quarter was $43.6 million, equal to 50% of total revenues, compared with $42.0 million, equal to 54.2% of total revenues, in the first quarter of 2010.

Selling, general and administrative expenses on a consolidated basis were $36.6 million in the 2011 first quarter versus $31.0 million in the comparable period in 2010.

Net income for the 2011 first quarter was $4.6 million, or $0.19 per diluted share, compared with $7.5 million, or $0.31 per diluted share, in the first quarter of 2010.