Volcom, Inc., which is being acquired by Puma’s french parent, PPR, reported first-quarter revenues increased 13 percent to $87.1 million, compared with $77.4 million in the first quarter of 2010.
Total revenues in the company’s U.S. segment were $50.3 million, compared with $48.2 million in the prior-year period. Total revenues in the company”s Europe segment were $24.8 million, compared with $23.6 million in the same period in 2010. Total revenues in the company’s Electric segment were $6.9 million, compared with $5.6 million in 2010. Total revenues in the company’s Australia segment were $5.2 million.
Consolidated gross profit for the 2011 first quarter was $43.6 million, equal to 50% of total revenues, compared with $42.0 million, equal to 54.2 percent of total revenues, in the first quarter of 2010.
Selling, general and administrative expenses on a consolidated basis were $36.6 million in the 2011 first quarter versus $31.0 million in the comparable period in 2010.
Net income for the 2011 first quarter was $4.6 million, or 19 cents per diluted share, compared with $7.5 million, or 31 cents per diluted share, in the first quarter of 2010.
At March 31, 2011 the company had cash, cash equivalents and short-term investments totaling $91.4 million, and no long-term debt. Total stockholders equity was $225.0 million at year-end.
On Monday, Volcom announced it has entered into a definitive merger agreement with PPR.
