Costa Mesa-based Volcom announced today it had filed to go public on the Nasdaq stock exchange, to be listed by the ticker symbol VLCM. Rumors of the IPO had been floating around the industry for months and while some shrugged them off, others were busy scouring the cracks of their couches in anticipation of being able to buy a stake in the company.
Some may see the IPO as a natural evolution of the company, which has been steadily growing since its inception in 1991, but more recently has been on a sales-growth tear.
The company has reported its 2004 revenues at $113.2 million, compared to $76.3 million for 2003, and $57 million in 2002. 2004 revenues showed a 48.4-percent increase from the year before. Also of note is its 2004 net income, ringing in at $24.6 million compared to $14.3 million in 2003 and $7.6 million in 2002.
Wachovia Securities, D.A. Davidson & Co. and Piper Jaffray will be underwriting the IPO, which is reportedly worth up to $86 million. The company says it will use $20 million of net proceeds to pay off debt, and the rest for facility upgrades, marketing, advertising, and developing infrastructure in Europe. This could mean purchasing back some or all of the European licensees for the brand.
So how will a brand that prided itself for its