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Oakley's 3Q Net Income Rose 32%
OCTOBER 21, 2005 --
Oakley's 3Q net sales increased 15.6%, net income grew 31.6% and EPS increased 29.4%. Net sales grew to a quarterly record $173.4 million compared with $150.0 million in 3Q04. Net income totaled $15.0 million, or 22¢ per diluted share, compared to net income of $11.4 million, or 17¢.
"Oakley's third quarter performance is a testament to the outstanding strength of the brand and the consumer acceptance of the many great products introduced this year," said CEO Scott Olivet. "I'm thrilled to join the company and look forward to helping the team further strengthen the brand, grow the core business and create strategies to drive sustainable performance in our new categories."
"Our strong third quarter results were fueled by the new CROSSHAIR(tm), GASCAN(tm) and BOTTLECAP(tm) sunglass styles which generated significantly greater sales than last year's new introductions. During the quarter we also successfully launched RAZRWIRE(tm), the second product in our innovative electronics family," said Link Newcomb, COO. "Operating expenses grew at approximately half the rate of our sales during the quarter, which generated healthy operating leverage."
Newcomb concluded, "We enter the final quarter of the year poised for the holiday introduction of THUMP 2, an appealing new style complementary to THUMP with greater memory and an attractive price point. Additionally, as a result of the strategic initiative to release our new sunglass products to the market earlier, we expect to introduce select '06 styles in limited quantities beginning in November this year."
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President & CEO: Michael
Editors note: On October 12, after this interview
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Link Newcomb
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