Volcom, Inc. reported consolidated revenues for second quarter ended June 30 were $62.5 million compared with $54.2 million in the second quarter of 2009. Total revenues in the company's U.S. segment, which includes revenues from the U.S., Canada, Japan and most other international territories outside of Europe, as well as the company's branded retail stores, were $50.8 million, compared with $43.6 million in the prior-year period.
“On a consolidated basis, our business in the second quarter was right in line with our plan,” said Richard Woolcott, Volcom's chairman and chief executive officer. “The strength of the Volcom and Electric brands is clearly evident, and there is good momentum underway. Our teams are working hard to maximize every opportunity and align the company to continue to gain market share. I am very pleased with Volcom”s current position and believe we are on track to achieve our short and long term goals.”
Consolidated gross profit for the 2010 second quarter was $29.8 million, equal to 47.7% of total revenues, compared with $26.4 million, equal to 48.6% of total revenues, in the second quarter of 2009.
Selling, general and administrative expenses on a consolidated basis were $29.8 million in the 2010 second quarter versus $25.9 million in the comparable period in 2009.
Net income for the 2010 second quarter was $68,000, or breakeven per diluted share, compared with $872,000, or 4 cents per diluted share, in the second quarter of 2009.
At June 30, 2010 the company had cash, cash equivalents and short-term investments totaling $110 million, and no long-term debt.
2010 Third Quarter Financial Outlook
For the 2010 third quarter, the company currently expects total consolidated revenues of approximately $102 million to $105 million and fully diluted earnings per share amounts to range of 47 cents to 51 cents.
