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California and the West | EARNINGS ROUNDUP

K-Swiss Earnings Rise 21% on Lower Expenses

July 28, 2006|From the Associated Press

K-Swiss Inc., an athletic and fashion footwear maker, said second-quarter profit rose 21% as the company tightened expenses to offset soft domestic sales.

Earnings rose to $20.3 million, or 58 cents a share, from $16.8 million, or 47 cents, a year earlier. But revenue fell almost 2% to $124.2 million.

The per-share profit beat Wall Street's estimate of 46 cents, but the company missed revenue expectation of $130.5 million, according to a Thomson Financial poll of analysts.

K-Swiss issued guidance for the third quarter of $119 million to $129 million in sales and earnings of 40 cents to 50 cents a share. It expects 2006 revenue of $470 million to $480 million and earnings of about $1.90 to $2 a share.

Wall Street is looking for income of 39 cents a share on sales of $121.2 million in the third quarter. For 2006, analysts expect K-Swiss to earn $1.71 a share on revenue of $479.7 million.

Shares of Westlake Village-based K-Swiss rose $3.80 to $27.74.

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