Headphone maker Skullcandy filed a registration statement with the Securities & Exchange Commission on Friday to raise up to $125 million in an initial public offering. Proceeds will be used to pay down debt and for working capital purposes.
Net sales rose 35.7% in the nine months ended Sept. 30, to $95.9 million, according to its prospectus. Net income swung to a $7.6 million profit from a $4.4 million loss in the same period a year ago. It increased its sales from $9.1 million in 2006 to $118.3 million in 2009, representing a compound annual growth rate of approximately 135%.
The company was founded in 2003 by Rick Alden, its current CEO and a veteran of the action sports industry. He had co-founded Device Manufacturing, a snowboard boot and binding company, in 1995 that was acquired by Atomic Ski Company in 1999. In 1986, Alden co-founded National Snowboard, a snowboard events and marketing company, which was acquired by the American Ski Association in 1991.
