Exhibit 99.1

 

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Skullcandy Reports Record Fourth Quarter and 2011 Financial Results

 

   

Fourth quarter net sales increased 29.0%

 

   

Annual net sales increased 44.8%

 

   

Fourth quarter gross profit margin increased sequentially to 49.9% from 47.5%

PARK CITY, UTAH – February 22, 2012

– Skullcandy, Inc. (NASDAQ: SKUL) today announced financial results for the fourth quarter and full year ended December 31, 2011.

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Fourth quarter net sales increased 29.0% to $83.4 million, with domestic net sales increasing 27.0%, international net sales increasing 18.8% and online net sales increasing 73.0%

 

   

Fourth quarter GAAP net income increased to $12.3 million, or $0.44 per diluted share

 

   

Fourth quarter adjusted net income increased 22.5% to $13.2 million, or $0.47 per diluted share. Adjusted net income excludes $831 thousand of after tax expenses related to a lawsuit and settlement with Monster Cable Products, Inc.

 

   

Annual net sales increased 44.8% to $232.5 million, with domestic net sales increasing 34.0%, international net sales increasing 54.2% and online net sales increasing 163.2%

 

   

Annual GAAP net income increased to $18.6 million, or $0.79 per diluted share

 

   

Annual adjusted net income increased 27.7% to $23.5 million, or $1.00 per diluted share. Adjusted net income excludes $3.6 million of one-time charges related to a previously disclosed 2008 capital transaction and $1.3 million of after tax expenses related to a lawsuit and settlement with Monster Cable Products, Inc.

Jeremy Andrus, Skullcandy’s President and CEO stated, “We are pleased with our fourth quarter results and momentum heading into 2012. We ended the best year in Skullcandy’s history with strong net sales growth and sequential margin improvement. We made key acquisitions during the year and continue to make investments in critical areas of the business to support long-term growth, including product development, international expansion, interactive media and point of sale merchandising.”

Mr. Andrus continued, “We are very excited about the evolution of our products and brand going into 2012. We continue to evolve the Skullcandy brand around aspirational design and audio performance. New headphone models will feature refined styling and our new proprietary sound profile dubbed Supreme Sound. We unveiled the brand’s updated product collection, packaging, and positioning at nine tradeshows around the world over the past two months, and the response has been extremely positive. More than ever before, Skullcandy is uniquely positioned in the market as a true performance lifestyle audio brand.”

Fourth Quarter Results

Net sales in the fourth quarter of 2011 increased 29.0% to $83.4 million from $64.6 million in the same quarter of the prior year. In the fourth quarter of 2011, domestic net sales increased 27.0% to $59.1 million, international net sales increased 18.8% to $15.3 million, and online net sales increased 73.0% to $9.0 million.

Gross profit in the fourth quarter of 2011 increased 15.0% to $41.6 million from $36.2 million in the same quarter of the prior year. Gross margin was 49.9% in the fourth quarter of 2011 compared to 47.5% in the third


The following information was filed by Skullcandy, Inc. (SKUL) on Wednesday, February 22, 2012 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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