Skullcandy Inc. reported that its first quarter net income for the three months ended March 31 rose 6 percent to $1.1 million, or 4 cents per share, from $1 million, or 8 cents per share, last year. Revenue rose 48 percent to $53.3 million from $36 million last year.
The difference in per share figures is due to a 42 percent jump in shares outstanding to 27.9 million during the quarter. Excluding costs related to litigation with Monster Cable Products that was settled in February, net income was 5 cents per share.
Revenues increased 48 percent to $53.3 million from $36 million last year. Analysts expected $44.2 million in revenue.
Looking forward, Skullcandy expects net income of $1.10 to $1.20 per share, excluding costs related to the litigation with Monster Cable. The company predicts revenue of $280 million to $300 million.
Skullcandy, based in Park City, UT, makes fancy headphones, decorative iPod cases and T-shirts emblazoned with its skull logo sold in electronics, sporting goods and mobile phone stores, as well as by mass retailers such as Target and Best Buy. After its July IPO, it took a hit in March when the company's chief financial officer and general counsel resigned to “pursue other opportunities.”
