There’s a lot of interesting information in this10Q and the conference call. Let’s start with the income statement to see where we want to focus.  You can see the whole 10Q here. First, we see a 47.9% growth in sales from $36 million in the quarter ended March 31, 2011 to $53.3 million in the same quarter this year. But net income rose only 4.4% from $1.07 million to $1.117 million. As a More…

I wrote about Skullcandy back on February 24th shortly after they’d released their numbers for the year and last quarter and held their conference call. You can see that article here. Now they’ve released the 10K and, as promised I’ve been through it. There’s not that much new, different or surprising that I want to highlight, but there’s a thing or two. First, because it’s kind of fun and interesting, I want to More…

I’m working from the press release and conference call because it takes a while for the full year annual report to be released. But don’t worry; when it does come out I’ll go through it just to make sure something interesting didn’t get missed.  Strategy and the Bets They are Placing   Strategy is always way more interesting than numbers and accounting, so let’s start with this quote from the press More…

My favorite footnote in Skullcandy’s 10Q for the quarter ended September 30 is footnote nine and specifically the table on long term debt (Yes, I know it’s kind of sad that I have favorite footnotes). It shows no long term debt at the quarter’s end compared to $73.4 million on December 31, 2010. They raised $77.5 million through the IPO, and you can see what they used it for. Equity is now $92 More…

Skull’s sales for the quarter ended June 30 rose 46.4% to $52.4 million over the same quarter last year. Net income more than doubled from $2.1 to $4.3 million. This was helped by an income tax rate that fell from 56.6% to 41.6%. Gross margin essentially stayed the same, falling just one tenth of a percent to 51.1%. You can see the 10Q here. Selling, general and administrative expenses rose $7.9 million or 84% More…

Don’t know how many of you saw this (I missed it for a while), but back in June, Skullcandy signed a licensing agreement with Sonomax to use its technology in Skullcandy’s headphones. Here’s the press release on the agreement and some information on Sonomax. The direct to consumer web site for Sonomax product is here. As far as I can tell, Skullcandy didn’t announce the deal. As they weren’t public yet, they didn’t have More…

Skullcandy filed another amendment to their S-1 today with many of the blank spaces from the previous iterations of it filled in as the next step in their initial public offering.  It appears they postponed it due a rough patch in the market.  Smart. They list the maximum offering price as $19 a share. They are registering 9,583,334 shares and if they sell all of those, the offering will raise a More…

On June 1st, Skullcandy filed a third amendment to the registration statement for its initial public offering. Once again, I haven’t compared the documents word for word to spot every change. The addition I want to bring to your attention is the inclusion of financial statements for the quarter ended March 31, 2011. Here are the summary financial statements for the quarter directly from the filing.           Three Months More…

Skull filed another amendment to its S1 on May 11. You can see it here.  I confess that I have not compared both documents side by side and word for word to discover differences. I can tell you that the newly amended S1 has pretty pictures in it at both the beginning and the end which will be part of the prospectus. I spot checked the numbers and did not notice any changes. That More…

I guess it was around the time of the SIA show in Denver that Skullcandy announced they were going to do an initial public offering. They came out with the draft of the prospectus, and I took a pretty detailed look at it. Typically, the “quiet period” after you file with the SEC lasts 40 to 90 days while they review your prospectus (known as a form S-1). When 90 days passed More…