Skullcandy, Inc., a maker of audio headphones with a hertiage in action sports, reiterated its net sales and earnings outlook for 2011 Monday.
As previously outlined in the company's third quarter 2011 earnings release dated Nov. 3, 2011, the company expects 2011 net sales to increase 44% to approximately $231.0 million from $160.6 million in 2010.
The company expects 2011 diluted earnings per share of approximately 78 cents based on diluted weighted average shares outstanding of approximately 23.7 million compared to a loss of 69 cents per share in 2010 based on diluted weighted average shares outstanding of 14.0 million.
Diluted earnings per share for 2011 will include $3.6 million of one-time after-tax expenses recorded in the third quarter. These one-time expenses were recognized in connection with the closing of the company's initial public offering and relate to the securities purchase and redemption agreement. Excluding these one-time expenses in the third quarter, the company expects adjusted diluted earnings per share for 2011 to be approximately 93 cents based on diluted weighted average shares outstanding of approximately 23.7 million.
