Quiksilver Announced Operating Results for The Fiscal 2012 Full Year

Quiksilver, Inc. announced operating results for the fiscal 2012 full year and fourth quarter ended October 31, 2012.
 
The following comparisons refer to fiscal 2012 versus fiscal 2011.
 
Net revenues grew 3% to $2.01 billion compared with $1.95 billion, and grew 7%, or $125 million, in constant currency.
-Americas net revenues increased 8% to $992 million from $914 million, and were up 10% in constant currency.
-Europe net revenues decreased 7% to $711 million from $761 million, and were up 1% in constant currency.
-Asia Pacific net revenues increased 13% to $307 million from $272 million, and were up 12% in constant currency.
 
Gross margin was 49% of net revenues compared with 52%, primarily driven by increased clearance sales within our wholesale channel, higher levels of discounting in our retail channel, changes in the geographical composition of net revenues, higher input costs, and unfavorable foreign exchange rate comparisons.
 
SG&A expense increased 2% to $916 million compared with $896 million, primarily due to increased e-commerce expenses and higher non-cash stock compensation expenses, partially offset by reduced marketing expenses and other expense reductions implemented during fiscal 2012. SG&A expenses decreased as a percentage of net revenues by 40 basis points to 46% of net revenues.
 
Net loss attributable to Quiksilver, Inc. was $11 million, or $0.07 per share, compared with $21 million, or $0.13 per share.
 
Pro-forma income, which excludes $18 million and $47 million of net after-tax charges, was $7 million and $25 million, or $0.04 and $0.14 per diluted share, respectively.
 
Pro-forma Adjusted EBITDA was $153 million compared with $192 million.