Utah's Skullcandy reports strong 4Q, year-end results
A Park City company known for its stylish headphones and other audio accessories, had a great fourth quarter in 2011.
Skullcandy Inc. reported its sales for the final quarter of its 2011 fiscal year increased 29 percent to $83.4 million.
Net income for the quarter was $12.3 million, or 44 cents per share.
"We're pleased with our fourth quarter results and momentum heading into 2012," Jeremy Andrus, president and CEO said in announcing the company's financial results. "We ended the best year in Skullcandy's history with strong net sales growth and sequential margin improvement."
In August, Skullcandy's management projected the company would generate revenue of $208 million to $218 million for its 2011 fiscal year. They also anticipated the company's 2011 earnings would come in at 65 cents to 70 cents per share.
The company beat those projections.
Skullcandy reported that revenue for its 2011 fiscal year reached $232.5 million, a 44 percent increase from its 2010 results. Net income for fiscal 2011 was $18.6 million, or 79 cents per share.
Andrus said Skullcandy made key acquisitions during the year and continues to make investments in critical areas such as product development and in the expansion of its international markets to support long-term growth.