After warning the market of its woes with sales to PacSun, Volcom, Inc. found itself sitting better than it thought it would with its largest customer, though sales were still down to the retailer. Taxes and the conversion of its European business to a direct control model caused the bottom line to shrink, though still a profit.
For the third quarter, revenues increased approximately 19.3% to $61.0 million, from $51.2 million last year. Snow product sales increased 57% to $13.1 million from $8.4 million during last years third quarter.
Net income for the third quarter decreased 10.0% to $10.2 million, or 42 cents per diluted share, $11.3 million last year, or 47 cents per diluted share, again affected by an increased tax rate.
