Skullcandy, Inc. (SKUL) Tops Q1 EPS by 5c, Updates Guidance

Skullcandy, Inc. (NASDAQ: SKUL) reported Q1 EPS of ($0.12), $0.05 better than the analyst estimate of ($0.17). Revenue for the quarter came in at $39.1 million versus the consensus estimate of $39.23 million.

Skullcandy, Inc. sees FY2014 EPS of $0.0, versus the consensus of $0.03.

Skullcandy, Inc. sees FY2014 EPS of $0.16-$0.20, versus the consensus of $0.13.

Balance Sheet Highlights

As of March 31, 2014, cash and cash equivalents totaled $48.2 million compared to $38.8 million as of December 31, 2013. The Company continued to have no outstanding debt. Accounts receivable decreased 37% to $36.4 million as of March 31, 2014 from $57.5 million as of December 31, 2013, which is consistent with the seasonality of our business. Inventory increased 5.9% to $42.7 million as of March 31, 2014 from $40.3 million as of December 31, 2013.

2014 Second Quarter and Full Year Financial Outlook

For the second quarter of 2014, the Company currently forecasts net sales to increase between 5% to 7% over 2013 levels and net income on a GAAP fully-diluted basis to be approximately breakeven.

For the full year 2014, the Company still forecasts net sales to increase in the mid to high single digit percentage range over 2013 levels. The company now expects net income on a GAAP fully-diluted basis to be between $0.16 and $0.20 per share, up from its previous expectation of $0.10 to $0.14 per share.

For earnings history and earnings-related data on Skullcandy, Inc. (SKUL) click here.

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