Loss widens at Quiksilver after write-down for ski unit
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Sports apparel maker Quiksilver Inc. posted a wider quarterly net loss after writing down the value of its up-for-sale Rossignol ski equipment business.
The net loss jumped to $206.2 million, or $1.59 a share, for the fiscal second quarter ended April 30, from $4.8 million, or 4 cents, a year earlier.
Revenue increased 15% to $596.3 million.
During the quarter, the company reclassified Rossignol as a discontinued operation and booked a noncash, pretax charge of $240.2 million. Quiksilver has begun the process of selling Rossignol.
The Huntington Beach company forecast fiscal 2008 annual revenue growth of about 10% from continuing operations and said it expected full-year earnings to be slightly below last year’s 90 cents a share.
Quiksilver shares finished up 44 cents, or nearly 5%, to $9.36 before the earnings news.
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