Business news : K-Swiss Shrinks Q4 Loss

K-Swiss Inc., which in January entered into an agreement to be acquired by E.Land World, reported a net loss of $14.5 million, or 41 cents a share, in the fourth quarter, versus a loss of $25.2 million, or 71 cents, a year ago. For the fourth quarter of 2012, total worldwide revenues decreased 17.8 percent to $41.2 million compared with $50.2 million in the prior-year period.

Domestic revenues decreased 31.4 percent to $14,011,000 in the fourth quarter, and international revenues decreased 8.5 percent to $27,219,000 for the same period.

Net loss for the year ended December 31, 2012, was $34,779,000, or $0.98 per diluted share, compared with a net loss of $70,471,000, or $1.98 per diluted share, for the year ended December 31, 2011.

Total worldwide revenues for 2012 decreased 17.0 percent to $222,851,000 from $268,357,000 for 2011. Domestic revenues decreased 35.0 percent to $75,872,000 in 2012, and international revenues decreased 3.0 percent to $146,979,000.

Futures Orders
Worldwide futures orders with start ship dates from January through June 2013 increased 4.6 percent to $76,471,000 at December 31, 2012, from $73,138,000 the previous year. Domestic futures orders increased 1.3 percent to $22,158,000 at December 31, 2012, from $21,879,000 the previous year. International futures orders increased 6.0 percent to $54,313,000 at December 31, 2012, from $51,259,000 the previous year.

Proposed Merger with E.Land
On January 16, 2013, the Company entered into a definitive agreement, which was unanimously approved by K•Swiss’ Board of Directors, pursuant to which E.Land World will acquire all of the outstanding common stock of K•Swiss for $4.75 per share in cash, or a total equity value of approximately $170 million. The merger, which is expected to close during the second quarter of 2013, requires the approval of 80 percent of K-Swiss’ outstanding voting power and applicable regulatory approvals in addition to other customary closing conditions.

( Source SportsOneSource )