Skechers (SKX) Names BDO as Auditor; Issues Prelim. Q1 Numbers
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Skechers USA (NYSE: SKX) announced that the Audit Committee of its Board of Directors has appointed BDO USA, LLP (“BDO”) as the Company's independent auditors. BDO will commence work immediately with the re-audit of the Company's financial statements for the fiscal years ended December 31, 2011 and 2012, as well as reviewing the financial statements for the first quarter of 2013. The appointment of BDO was made after an extensive evaluation process by the Company’s Audit Committee.
As previously announced, the change in auditors was the result of KPMG LLP’s (“KPMG”) resignation as Skechers’ independent auditors, due to the impairment of KPMG's independence resulting from to its now former partner's alleged unlawful activities. The resignation of KPMG was not related to Skechers’ financial statements, its accounting practices, the integrity of Skechers' management, or for any other reason.
“Skechers’ focus during this transition period has been on finding new auditors, preparing to report our first quarter 2013 earnings, and managing our global footwear business,” began David Weinberg, Skechers Chief Operating Officer and Chief Financial Officer. “With BDO now in place, we believe that they will efficiently audit the last two fiscal years of our consolidated financial statements and expertly handle our future audit needs.”
Mr. Weinberg continued: “We look forward to our first quarter earnings announcement and expect to report net sales between $440 million to $450 million versus first quarter 2012 net sales of $351.3 million, and earnings per share between $0.08 to $0.12. It is important to note that the combination of two one-time items which negatively impacted our earnings per share by $0.07. First, due to a stronger dollar when our short-term intercompany investments in our foreign subsidiaries were translated into U.S. dollars it resulted in a foreign currency translation loss of $3.0 million in our consolidated financial statements during the first quarter of 2013. In addition, during the first quarter we agreed to a $2.5 million credit to an account that had purchased a significant portion of our excess toning inventory in 2011. We determined this was appropriate due to various issues relating to market conditions, pricing and the amount of toning inventory in the market place.”
*** The Street sees Q1 revs of $433.2 million and EPS of $0.19.
The Company also announced that it will schedule its conference call discussing financial results for the first quarter of 2013 on the same day that its quarterly report on Form 10-Q is filed. The Company expects to timely file its Form 10-Q for the first quarter of 2013 on May 10, 2013, or, if necessary, no later than May 15, 2013 with the required notice being filed in accordance with SEC rules. Participating on the call will be David Weinberg, Chief Operating Officer and Chief Financial Officer.
As previously announced, the change in auditors was the result of KPMG LLP’s (“KPMG”) resignation as Skechers’ independent auditors, due to the impairment of KPMG's independence resulting from to its now former partner's alleged unlawful activities. The resignation of KPMG was not related to Skechers’ financial statements, its accounting practices, the integrity of Skechers' management, or for any other reason.
“Skechers’ focus during this transition period has been on finding new auditors, preparing to report our first quarter 2013 earnings, and managing our global footwear business,” began David Weinberg, Skechers Chief Operating Officer and Chief Financial Officer. “With BDO now in place, we believe that they will efficiently audit the last two fiscal years of our consolidated financial statements and expertly handle our future audit needs.”
Mr. Weinberg continued: “We look forward to our first quarter earnings announcement and expect to report net sales between $440 million to $450 million versus first quarter 2012 net sales of $351.3 million, and earnings per share between $0.08 to $0.12. It is important to note that the combination of two one-time items which negatively impacted our earnings per share by $0.07. First, due to a stronger dollar when our short-term intercompany investments in our foreign subsidiaries were translated into U.S. dollars it resulted in a foreign currency translation loss of $3.0 million in our consolidated financial statements during the first quarter of 2013. In addition, during the first quarter we agreed to a $2.5 million credit to an account that had purchased a significant portion of our excess toning inventory in 2011. We determined this was appropriate due to various issues relating to market conditions, pricing and the amount of toning inventory in the market place.”
*** The Street sees Q1 revs of $433.2 million and EPS of $0.19.
The Company also announced that it will schedule its conference call discussing financial results for the first quarter of 2013 on the same day that its quarterly report on Form 10-Q is filed. The Company expects to timely file its Form 10-Q for the first quarter of 2013 on May 10, 2013, or, if necessary, no later than May 15, 2013 with the required notice being filed in accordance with SEC rules. Participating on the call will be David Weinberg, Chief Operating Officer and Chief Financial Officer.
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