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Skullcandy forecasts 1st-quarter loss, shares slip
March 7, 2013 / 10:43 PM / in 5 years

Skullcandy forecasts 1st-quarter loss, shares slip

March 7 (Reuters) - Headphone maker Skullcandy Inc reported higher-than-expected fourth-quarter revenue but said it expects to post a loss in the current quarter due to higher expenses related to international expansion and the loss of a major customer.

The company said it expects to post a loss of 25 cents to 30 cents per share in the first quarter. It also said it expects revenue to fall about 30 percent from a year earlier, implying revenue of about $37 million in the quarter.

Analysts on average expect a profit of 5 cents per share and revenue of $59.8 million, according to Thomson Reuters I/B/E/S.

Skullcandy in February appointed its founder and director Rick Alden as interim chief executive following the departure of its CEO Jeremy Andrus in February.

Net profit fell to $11.5 million, or 41 cents per share, in the fourth quarter, from $12.3 million, or 44 cents per share, a year earlier.

Excluding items, the company earned 47 cents per share.

Revenue rose 21 percent to $101 million.

Analysts expected a profit of 48 cents per share and revenue of $98.6 million.

Shares of the Park City, Utah-based company slipped about 7 percent to $6.26 after the bell. Skullcandy has seen its stock price drop almost 70 percent since its IPO in 2011.

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