million units -- just slightly less than the total number of units sold in all of 2006. These unit sales reflect an increase of 177% from the same quarter in 2006.
-- Expansion of our North American warehouse in Olathe, Kansas continues, with expected completion in Q1 2008.
● direct revenue increased 3.9% to $1.13 billion; and
Early this morning Garmin announced its intention to make an offer to acquire all the outstanding shares in Tele Atlas N.V. Advanced mapping data is an essential ingredient for the continued growth of the navigation industry and this acquisition provides a means for Garmin to contribute more broadly to the development and growth of this market.
The fiscal 2007 pro-forma result is in line with Quiksilver’s expectations after excluding Cleveland Golf, which was sold earlier this week.
Cabela's Incorporated said total revenue for the fourth fiscal quarter of 2007 increased 13.9% to $889.5 million, compared to $781.0 million for the fourth fiscal quarter of 2006.
Announcement of Intent to Make an Offer to Acquire all the Outstanding Shares in Tele Atlas N.V.
Quiksilver董事长兼老总罗Bert B. Mc奈特表示: “很喜欢的看到我们的衣衫及鞋类保持强有力的增长势头，本财年营业额为20亿美金，增长幅度19%。大家坚信在以后数年内在这个事情上大家都会保持营业额的双位数增进及获得较高的报酬率。但与此同一时间大家在配备行当也设有着一些隐性的不便，这在那之中囊括第四季度中商业贸易声誉的暴跌。这很不幸，但对我们的现在前景我们仍持乐观态度。在过去的前行中我们经历并战胜了难堪的商海标准和美妙绝伦的标题，况且有力量并购了比我们更庞大的厂商。”
Within consolidated revenues for the fourth quarter, apparel brand revenue grew 22% to $589.3 million from $481.8 million, while equipment brand revenue contracted 24% to $188.2 million from $248.2 million.
During fiscal 2007, the company opened eight new retail stores and acquired S.I.R. Warehouse Sports in Winnipeg, Canada, to end the year with 27 stores with 4.0 million retail square feet, representing a 49% increase in square footage over fiscal 2006.
"Our gross and operating margins held strong, exceeding our expectations, coming in at 46% and 29% respectively. We also generated $525 million of free cash flow in 2007, resulting in unrestricted cash and marketable securities balance of $1.1 billion at the end of the fiscal year. Our return on invested capital (ROIC) was 63% during fiscal 2007."
Financial overview from Kevin Rauckman, Chief Financial Officer:
functionality. Exciting new products for our fitness line and better penetration of targeted fitness markets are expected to drive revenue growth as well.
The aviation segment continued to grow steadily during the quarter. Positive response to WAAS and GMX200 product offerings and growth in the sale of G1000 cockpit continued. In the third quarter Garmin announced additional wins for the G1000 cockpit for future Cessna CARAVAn, Socata TBM 850 as well as the new PiperJet and a G1000 retrofit for the King Air 200/B200. Also during the 3rd quarter, Cessna announced that the new G300 cockpit display system was selected for its new Skycatcher light sport aircraft. Garmin continues to believe the aviation segment is positioned to meet 2007 guidance.
Net revenues in the Americas increased 15% during the fourth quarter of fiscal 2007 to $334.8 million from $290.4 million in the fourth quarter of fiscal 2006.
Diluted earnings per share increased 66% to $3.89 from $2.35 in
Executive overview from Dr. Min Kao, Chairman and Chief Executive Officer:
Net revenues in the Americas for the full year of fiscal 2007 increased 16% to $1,092.1 million from $939.4 million in fiscal 2006. As measured in U.S. dollars and reported in the financial statements, European net revenues increased 7% during the full year of fiscal 2007 to $1,070.1 million from $1,002.5 million in fiscal 2006. As measured in euros, European net revenues decreased 3% for the year. As measured in U.S. dollars, Asia/Pacific net revenues increased 2% to $259.1 million from $253.0 million in fiscal 2006. As measured in Australian dollars, Asia/Pacific net revenues decreased 11% for the year.
As a result of the decision to slow retail store expansion and concentrate on improving the company's existing operations, the company now anticipates earnings per share for 2008 will grow at a mid-single digit rate. For 2008, capital expenditures, including purchases of economic development bonds to fund retail store expansion, are expected to be $100-125 million, as compared to approximately $372 million in
Net income (earnings) per share, excluding foreign currency
-- Our effective tax rate should remain approximately 13%
Fiscal 2007 Outlook
"Our multi-channel business model and strong brand name affords us substantial growth opportunities well into the future," Mr. Highby concluded.
Year-to-Date 2007 Financial highlights:
Garmin anticipates overall revenue to exceed $4.5 billion in 2008, and earnings per share to exceed $4.40, assuming an effective tax rate of
-- Due diligence work continues on previously announced acquisitions of distributors in Spain, Italy, and Denmark. These activities are part of our ongoing efforts to improve our market share in Europe.
"These results are in line with the expectations we pre-announced on January 29th," said Dennis Highby, Cabela's president and CEO. "We are implementing a number of strategic initiatives aimed at improving profitability and are committed to taking the necessary steps to further build our business."
Garmin Ltd. reported the highest quarterly and annual revenue and earnings in its history for the fourth quarter and year ending Dec. 29.
As measured in U.S. dollars and reported in the financial statements, European net revenues increased 2% during the fourth quarter of fiscal 2007 to $350.8 million from $342.4 million in the fourth quarter of fiscal 2006. As measured in euros, European net revenues decreased 7% for those same periods. As measured in U.S. dollars and reported in the financial statements, Asia/Pacific net revenues decreased 5% to $91.9 million in the fourth quarter of fiscal 2007 from $97.2 million in the fourth quarter of fiscal 2006. As measured in Australian dollars, Asia/Pacific net revenues decreased 19% for those same periods.
Strong holiday sales drove unit sales in the fourth quarter to over 5.5
All geographic areas experienced significant growth with North America revenue at $454 million compared to $265 million, up 71%. Europe revenue was $227 million compared to $120 million, up 89%. ASIa revenue was $48 million compared to $23 million, up 109%. Revenue from the aUTOmotive/mobile segment continued to become a larger portion of total company revenues when compared with the same quarter in 2006, at 71% of total revenues.
McKnight concluded, “This company has grown tremendously over the years. We have brands that, within their niches, are as strong as any in the world. We have created clear identities and broad appeal for each of them. We‘ve proven highly capable of communiCATing their messages to consumers with great product and outstanding marketing. As we look ahead to the future and put the difficulty of the past year behind us, we remain optimistic, confidence in our strengths, and in a position to leverage them on behalf of our shareholders.”
SportsOneSource Media Posted: 2/20/2008
- Europe revenue was $631 million compared to $400 million, up 58%
-- Total revenue of $1.96 billion, up 69% from $1.16 billion year-to-date 2006
Quiksilver Inc. forecast a “small loss” for the three months for its first quarter ending in January and lower-than-expected profits for the 12 months through next October.
-- We anticipate segment revenue growth rates for our automotive/mobile, aviation, marine, and outdoor/fitness segments to be 90%, 30%, 20%, and 10%, respectively
据SportsOneSource 30日消息，Quiksilver 公司二零零六年第四季度有增长幅度亏折，况兼将来一年内的盈利也会低于期望值。
Net income for the quarter ended Dec. 29 increased 5.4% to $56.2 million, or $0.84 per diluted share, compared to $53.4 million, or $0.80 per diluted share, for the fourth fiscal quarter of 2006.
原文：Garmin's Q4 Outdoor/Fitness Revs Rise 43%
-- We anticipate overall revenue to exceed $2.9 billion in 2007, and earnings per share to exceed $3.40.
Diluted earnings per share increased 70% to $1.39 from $0.82 in fourth quarter 2006. Excluding foREIgn exchange, EPS increased 51% to $1.31 from $0.87 in the same quarter in 2006.
-- Diluted earnings per share increased 64% to $2.50 from $1.52 in year-to-date 2006; excluding foreign exchange, EPS increased 68% to $2.48 from $1.48 in the same period in 2006.
原文：Quiksilver Lowers Outlook After Q4 Loss
Garmin acquired distributors in France, Germany, Spain, and Italy in 2007 and Denmark early this year as part of ongoing efforts to increase market share in Europe.
Operating margin remained relatively stable, declining just 30 basis points from the year-ago quarter. This stability reflected an anticipated decline in gross margin offset by operating leverage as revenues outpaced increased spending in advertising and research and development expenses during the quarter. While Garmin is pleased with these results, Garmin anticipates more significant margin compression during the fourth quarter of 2007.
原文：Cabela's Q4 Sales Rose Twice as Fast as Profits
Revenue from the automotive/mobile segment continued to become a larger portion of total company revenues when compared with 2006, at 74% of total revenues.
Retail store revenue increased 31.8% to $401.8 million with a same store sales decrease of 5.9%. Direct revenue increased 3.3% to $446.9 million; and financial services revenue decreased 1.7% to $37.8 million.
Comments from management
Full year results
approximately 12 percent.
Gross margin for the overall business declined modestly in the third quarter, down 180 basis points from the year-ago quarter. The automotive/mobile segment gross margin improved 70 basis points during the quarter due to a seasonal, favorable product mix shift towards higher-margin North American product, and PND pricing declined more slowly than we expected. The aviation segment also improved 180 basis points as a function of favorable product mix. Gross margin for the marine segment declined 50 basis points during the quarter when compared to the year-ago quarter as a function of product mix, and the outdoor/fitness segments declined 320 basis points, reflecting a product mix shift and the transition of the eTrex product line.
Revenue for the quarter was $779.2 million, compared with $731.8 million in the year-ago period.
Growth was strong across all geographies:
- Asia revenue was $101 million compared to $63 million, up 60%
"Holiday season demand for our outdoor/fitness products was strong, as we posted over 40% revenue growth for this segment when compared with the same quarter in 2006. Increased sales generated by the new Astro(TM) dog tracking product, as well as new products with high-sensitivity GPS drove growth in the latter part of 2007. We see continued growth opportunities for this segment and anticipate that outdoor/fitness segment revenue is positioned to grow 25% in 2008."
SportsOneSource Media Posted: 10/31/2007
Mariette continued, “While fiscal 2008 will still hold some challenges in the equipment business, the market has an excellent opportunity to right-size its inventories and return to more normalized levels of sales in next year’s ski season. We are positioning for this and are working to put processes and people in place to make the most of the opportunity. At the same time, we continue to explore strategies to further reduce our exposure to the non-strategic parts of our equipment business, to repay indebtedness, and to improve our working capital utilization. The sale of Cleveland Golf, which has now been closed, was a great transaction that provides over $100 million of net cash for debt repayment and enables us to better focus on our core opportunities.”
The maker of GPS devices and other eleCTRonics said total revenue rose to $1.217 billion for the quarter, up 99% from $611 million in the same period a year ago. The company said:
-- We continued to work to increase our retail penetration and broaden our distribution as retailers laid the groundwork for the upcoming holiday selling season. Our initial order book for the holiday season is strong, as PNDs are positioned to be a popular item during the holiday season.
Consolidated income from continuing operations for the fourth quarter of fiscal 2007 was a loss of $104.9 million or $0.84 per share compared to income of $65.8 million or 51 cents per share the year before. Net revenues and income from continuing operations for all periods excludes the results of our golf equipment business which are reported as discontinued operations. The loss from continuing operations for the fourth quarter of fiscal 2007 includes $170.7 million of non-cash charges primarily related to goodwill impairment, net of tax.
"While fiscal 2007 was a chAllenging year, we are taking a number of steps to solidify our business strategy and improve our financial performance," Mr. Highby continued. "As we move forward, our primary objective is to improve our retail results, and in doing so, our focus will be on strengthening our retail store operations, improving our promotional activity to preserve margins, improving our merchandise and inventory management and augmenting our advertising strategy to maximize opportunities across all of our business channels. As previously announced, we are also sloWING our retail store expansion to allow us to focus more on our existing store base."
"Garmin experienced an exciting fourth quarter, which brought a strong finish to fiscal 2007," said Dr. Min Kao, Chairman and Chief Executive Officer. "The strong holiday season demand we experienced clearly demonstrated that our products are well-positioned to take advantage of the growing interest in portable navigation devices. Independent market research indiCATes we have maintained a strong leadership position in North America, and our market position in Europe continues to improve as well.
In its fourth quarter ended Oct. 31, Quiksilver Inc. swung to a fourth-quarter net loss of $110.9 million, or 89 cents a share, from a net profit of $65.3 million, or 51 cents a share, a year ago. The loss was blamed on goodwill impairment and charges tied to its acquisition of Rossignol and its sale of Cleveland Golf..
Total revenue for fiscal 2007 increased 13.9% to a company record of $2.35 billion, compared to $2.06 billion in fiscal 2006. Net income for fiscal 2007 increased 2.4% to $87.9 million, compared to $85.8 million for fiscal 2006. Earnings per share increased 1.6% to $1.31 per diluted share compared to $1.29 per diluted share for fiscal 2006.
Garmin expects it expects to begin shipping its recently announced nuvifone(TM) during the second half of the year.
Announcement of Management Appointment
SportsOneSource Media Posted: 12/13/2007
● financial services revenue increased 15.9% to $159.3 million.
"As the automotive/mobile segment continues to become a larger portion of our business, we expect our business to experience even stronger seasonality for 2008 and beyond. As such, we intend to more effectively level our production requirements and our inventory levels throughout the year. We believe our strategy of extensive market segmentation using our popular nuvi product offerings will continue to drive positive results. Given growth in our existing markets and opportunities we see in new markets during 2008, we anticipate automotive/mobile segment revenues will grow 45% in 2008.
Consolidated net revenues for the full year of fiscal 2007 increased 10% to $2.43 billion compared to $2.20 billion in fiscal 2006. Our pro-forma net income, adjusted to eliminate the tax-effected special charges (primarily non-cash), for the fiscal year 2007 was $74.2 million or $0.57 per share compared to $94.1 million or $0.74 per share the year before. Consolidated income from continuing operations for the full year of fiscal 2007 was a loss of $98.6 million or $0.80 per share compared to income of $94.1 million or $0.74 per share in fiscal 2006. The loss from continuing operations for the full fiscal year includes $172.9 million of primarily non-cash special charges, net of tax.
The company said it anticipates outdoor/fitness segment revenues to grow 25 percent in 2008 led by new outdoor products with enhanced features, high sensitivity GPS receivers, built-in cartography and unique
Robert B. McKnight, Jr., chairman and CEO of Quiksilver, Inc., commented, “We are pleased to see continuing strength in each of our apparel and footwear brands, which grew their revenue for the year by 19% to $2.0 billion. We believe that we can maintain double digit rates of revenue growth and unlock significant profitability in these businesses over the next several years. These strong results are masked by the difficulties we‘ve experienced in the equipment business, which includes the charge we have taken during the fourth quarter to reduce goodwill. While this is unfortunate, we remain optimistic about our longer-term prospects. We have seen and overcome difficult market conditions at a variety of points in our history and have always emerged a stronger company.”
A break down of the company's three main business segments shows:
●North America revenue was $2.067 billion compared to $1.094
billion, up 89%
●Europe revenue was $969 million compared to $593 million, up 63%
●Asia revenue was $144 million compared to $87 million, up 66%
-- Outdoor/Fitness segment revenue increased 10% to $225 million in year-to-date 2007
revenue increased 124% to $999 million
●Aviation segment revenue increased 16% to $71 million
●Outdoor/Fitness segment revenue increased 43% to $114 million
●Marine segment revenue increased 31% to $33 million
-- Aviation and marine segment results put them on track to meet or exceed earlier full year guidance for these segments. Given improving sales in our outdoor/fitness segment, we continue to anticipate this segment will reach our full year guidance with seasonally strong holiday sales.
Consolidated inventories increased 15% to $447.3 million at October 31, 2007 from $389.7 million at October 31, 2006. Inventories grew 7% in constant dollars. Consolidated trade accounts receivable increased 13% to $760.4 million at October 31, 2007 from $674.7 million at October 31,
Given anticipated ongoing business growth, Cliff Pemble will be assuming the new positions of Chief Operating Officer (COO) and President of Garmin Ltd. In addition, he will assume direct supervision of all North American Garmin subsidiaries, including Garmin AT, Dynastream, and Digital Cyclone. Dr. Kao will continue in his role as Chairman and CEO of Garmin Ltd. but will now be able to devote more time to business development, strategic planning, and the development of our Asia-Pacific business initiatives.
On an adjusted bASIs, the company‘s net income for the quarter ended Oct. 31 of $65.9 million, or 51 cents a share, was virtually on par with adjusted income a year earlier of $65.8 million, or 51 cents a share.
● Retail store revenue increased 27.2% to $1.04 billion with a same store sales decrease of 1.2%;
revenue increased 115% to $2.34 billion
●Aviation segment revenue increased 27% to $295 million
●Marine segment revenue increased 22% to $203 million
●Outdoor/Fitness segment revenue increased 19% to $340 million in 2007
-- AuTOMOtive/Mobile segment revenue increased 109% to $1.34 billion in year-to-date 2007
The company today outlined initial fiscal 2008 outlook for revenues of $2.7 billion and earnings per share of approximately $0.70. The company also noted that the first quarter is expected to continue to reflect strong apparel and footwear business as well as the effects of a chAllenging winter equipment market. As a result, the company currently expects to generate revenues of approximately $600 million and to incur a small loss for the quarter.
The company expects to open two stores in 2008. Scarborough, Maine, is expected to open in the second quarter and Rapid City, South Dakota, is expected to open in the third quarter. Current plans call for two additional stores to be opened in 2009.
The company sold more than 12 million units during the year, setting a record that raised total Garmin units sold worldwide to over
“Our financial results for the third quarter were strong and in line with our expectations. Our retail orders are strong, and we look forward to a solid 2007 holiday season,” said Kevin Rauckman, chief financial officer of Garmin Ltd. “Our revenue and earnings per share during the quarter grew 79% and 57% respectively, exceeding our expectations. Excluding the impact of foreign exchange, EPS for the quarter grew 78%, from 50 cents to 89 cents.”
31 million units.
Within consolidated revenues for the full year, apparel brand revenue grew 20% to $2,042.0 million from $1,708.8 million, while equipment brand revenue contracted 22% to $379.2 million from $486.0 million.
Fiscal Year 2007 Financial highlights:
-- All geographic areas experienced significant growth:
Garmin also generated $117 million of free cash flow in the third quarter of 2007, resulting in a cash and marketable securities balance of $1.03 billion at the end of the quarter.“
“Garmin experienced a solid third quarter. Our continued strong growth in the automotive/mobile segment demonstrated that our products are well- positioned to take advantage of the groWING interest in portable navigation devices. Independent market research indiCATes we have maintained a strong leadership position in North America with approximately fifty percent PND market share, and our market position in Europe continues to improve as well.”
●North America revenue was $836 million compared to $393 million, up
●Europe revenue was $338 million compared to $194 million, up 74%
●ASIa revenue was $43 million compared to $24 million, up 79%
All geographic areas experienced significant growth:
-- Completed the initial build-out of our third Taiwan manufacturing facility, increasing the number of production lines from 31 to 37, and production capacity at the end of the third quarter to an annual run rate of approximately 16 million units. Expansion of our R&D and other office space in Taiwan continues.
Garmin remains optimistic about the future sUCCess of the business and is updating guidance as follows:
Fiscal 2008 Outlook
-- Aviation segment revenue increased 30% to $224 million in year-to-date 2007
- North America revenue was $1.23 billion compared to $700 million, up 76%
-- Marine segment revenue increased 21% to $170 million in year-to-date 2007
The company said its automotive/mobile segment sales continued to exceed expectations and are expected to drive much of its growth during 2008.
-- Strong sales in our automotive/mobile segment continue to exceed our expectations and drive our increased guidance for the remainder of 2007.
Garmin is also expanding its North American warehouse in Olathe, Kansas, with expected completion in March 2008. The company has begun planning an expansion of its headquarters and research and development facilities in Olathe.
Total revenue reached $3.18 billion, up 79% from $1.77 billion in 2006, with the folloWING segment breakout:
全体地区的发售均有总之升高，北美地区收入4.54亿先令，比二零一八年同有的时候候2.65亿比索升高了71％。澳大帕罗奥图（Australia）地区低收入2.27亿欧元，相比二〇一八年同不寻常候1.2亿美金进步了89％ 。澳洲地区的收入是4800万美元，比2018年同时2300万新币进步了109％ 。小车导航部分的入账依然占领集团营收的一点都不小比例，占营收的71％。
at the end of the fourth quarter to an annual run rate of nearly 20 million units. Expansion of our engineering and office space in Taiwan continues.
Garmin believes it is prepared to meet the growing demand for products. Garmin has increased manufacturing capacity and grown total inventories over $200 million since the end of the second quarter of
Garmin Ltd. third quarter revenue was $729 million, up 79% from $408 million in third quarter 2006. Outdoor/Fitness segment revenue increased 24% to $88 million and the marine segment revenue increased 17% to $48 million. Diluted earnings per share increased 57% to 88 cents from 56 cents a year ago. Excluding foREIgn exchange, EPS increased 78% to 89 cents from 50 cents
The company is building out its third Taiwan manufacturing facility, increasing the number of production lines to 36 and production capacity
Management believes that net income per share before the impact of foreign currency translation gain or loss is an important measure because it removes the fluctuations attributable to the functional currency versus the transactional currencies of the non-U.S. subsidiaries. Accordingly, earnings per share before the impact of foreign currency translation gain or loss allows an assessment of the company's operating performance before the impact of the position of the U.S. dollar versus other currencies, which permits a consistent comparison of operating results between periods.
"We are clearly very pleased with our financial results for the fourth quarter and fiscal year 2007," said Kevin Rauckman, chief financial officer of Garmin Ltd. "Our revenue and earnings per share during 2007 grew 79% and 66% respectively, exceeding our expectations. Garmin has now completed seven years as a public company and has consistently generated top line and bottom line growth, with a 7-year compounded annual growth rate of revenue and earnings per share of 37% and 33%, respectively.
The marine segment also showed steady growth, as customer interest i new marine products and cartography continued to drive revenues for the quarter. While typical marine segment revenues decline sequentially in third and fourth quarter each year, results remain seasonally strong. Garmin continues to believe the marine segment is positioned to meet 2007 guidance.
Third quarter revenue for outdoor/fitness segment was strong compared to the year ago quarter. Increased sales generated by the new Astro dog tracking product, as well as new eTrex and Rino products with high-sensitivity GPS drove this growth. We see continued growth opportunities for this segment and believe the outdoor/fitness segment is positioned to meet our 2007 guidance for the segment.“
"We were prepared to meet the strong demand for our automotive/mobile products," Kao continued. "We effectively managed inventory to meet holiday demand. As anticipated, we ended 2007 with appropriate inventory levels in our retail channels. We remain committed to proper inventory planning as we enter 2008.
-- 2.69 million units sold in the third quarter of 2007, up 119% from the same quarter in 2006; year-to-date units sold increased 97% from the same period in 2006.
-- We anticipate operating margins to be approximately 27% for the full year 2007
原文：Garmin Q3 Sales Climb 79%; Earnings Grow 57%