Volcom Files Papers for IPO…

Volcom, the ultimate anti-establishment brand, is joining the ranks of corporate America as the latest action sports brand to file papers with the SEC to become a public company. In an S-1 filed last Friday, the company hopes to raise more than $86 million in the IPO, but the company said $20.0 million of the net proceeds will go to existing stockholders. They plan to use the remaining net proceeds for marketing and advertising, facility upgrades and improvements, developing infrastructure in Europe, and working capital and other general corporate purposes.

The company is hoping to trade on the NASDAQ exchange under the symbol VLCM.

Mens product revenues grew 44.3% to $61.5 million and Girls product sales increased 62.4% to $35.4 million in 2004. Snow product sales were up 32.6% to $9.1 million. Boys product revenues were up 54.1% to $3.8 million. Licensing revenues increased 37.1% to $2.6 million. Domestic product revenues were $93.8 million, or 84.8% of total sales in 2004, versus $63.3 million, or 85.1% of sales in 2003.

Revenues from the top five customers were $48.6 million in 2004, an increase of 65.5%, compared to 2003. PacSun accounted for 72% of the increase.

Carl Womack, the former CFO of Pacific Sunwear, will join the Board of Directors prior to the offering. Joining Mr. Womack will be Kevin Wulff, the former adidas, Nike, and WTA exec that is now president, COO, and minority owner at American Sporting Goods, and Tony Palma, the president and CEO of Easton Sports.


>>> How many cool, young, Orange County kids won’t sleep tonight knowing that their favorite anarchists are actually “the man” now…

>>> Gee, does this mean no more shots before noon at SIA???

Volcom, Inc. 
Full Year Results
(in $ millions) 2004 2003 Change
Total Sales $113.2  $76.3  +48.4%
Product Revenues $110.6  $74.4  +48.7%
Licensing Revenues $2.6  $1.9  +37.1%
Gr. Margin 48.6% 48.4% +20 bps
SG&A 27.0% 30.1% -300 bps
Net Income $24.6  $14.3  +72.4%
Diluted EPS $29.36 $17.03 +72.4%
Inventories @ Yr-End $5.6  $5.6  +0.5%
Accts Rcvbl @ Yr-End $16.7  $9.9  +67.9%

About The Author

Teresa Hartford

Teresa Hartford Editorial & Creative Director | SGB Media teresa@sgbonline.com | 704.651.5741

Volcom Files Papers for IPO…

Volcom, the ultimate anti-establishment brand, is joining the ranks of corporate America as the latest action sports brand to file papers with the SEC to become a public company. In an S-1 filed last Friday, the company hopes to raise more than $86 million in the IPO, but the company said $20.0 million of the net proceeds will go to existing stockholders. They plan to use the remaining net proceeds for marketing and advertising, facility upgrades and improvements, developing infrastructure in Europe, and working capital and other general corporate purposes.

The company is hoping to trade on the NASDAQ exchange under the symbol VLCM.

Mens product revenues grew 44.3% to $61.5 million and Girls product sales increased 62.4% to $35.4 million in 2004. Snow product sales were up 32.6% to $9.1 million. Boys product revenues were up 554.1% to $3.8 million. Licensing revenues increased 37.1% to $2.6 million. Domestic product revenues were $93.8 million, or 84.8% of total sales in 2004, versus $63.3 million, or 85.1% of sales, in 2003.

Revenues from the top five customers were $48.6 million in 2004, an increase of 65.5%, compared to 2003. PacSun accounted for 72% of the increase.

Carl Womack, the former CFO of Pacific Sunwear, will join the Board of Directors prior to the offering. Joining Mr. Womack will be Kevin Wulff, the former adidas, Nike, and WTA exec that is now president, COO, and minority owner at American Sporting Goods, and Tony Palma, the president and CEO of Easton Sports.


>>> How many cool, young, Orange County kids won’t sleep tonight knowing that their favorite anarchists are actually “the man” now…

>>> Gee, does this mean no more shots before noon at SIA???

Volcom, Inc.
Full Year Results
(in $ millions) 2004 2003 Change
Total Sales $113.2 $76.3 +48.4%
Product Revenues $110.6 $74.4 +48.7%
Licensing Revenues $2.6 $1.9 +37.1%
Gross Margin 48.6% 48.4% +20 bps
SG&A 27.0% 30.1% -300 bps
Net Income $24.6 $14.3 +72.4%
Diluted EPS  $29.36 $17.03 +72.4%
Inventory @ Yr-End $5.6 $5.6 +0.5%
Accts Rec @ Yr-End $16.7 $9.9 +67.9%

About The Author

Teresa Hartford

Teresa Hartford Editorial & Creative Director | SGB Media teresa@sgbonline.com | 704.651.5741

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