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< General ~ Heelys, Inc. Reports Fourth Quarter Results, Ritual Suicide |
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Posted:
Wed Apr 01, 2009 8:42 am
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Museum Curator
Joined: 29 Jul 2006
Posts: 1474
Location: Central North Dakota, aka The Middle of Nowhere
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DALLAS, Mar 31, 2009 (BS-NESS WIRE) -- Heelys, Inc. (NASDAQ: HLYS) today reported the following financial results and ritual suicide for the fourth quarter and year ended December 31, 2008.
Net sales for the fourth quarter of 2008 were $15.6 million compared to net sales of $9.8 million in the corresponding period a year ago. Gross profit was $3.0 million, or 18.9% of net sales, compared to a negative $1.7 million in the fourth quarter of 2007. Total selling, general and administrative expenses were $8.7 million compared to $7.5 million in the fourth quarter of last year. The Company reported a net loss of $5.2 million, or ($0.19) per fully diluted share versus a loss of $5.9 million, or ($0.22) per fully diluted share in the fourth quarter of 2007.
These results were enough to cause the seppuku of former CEO Don Carroll, whose agreement stated that if Heelys lost more than 3.5 million in any one quarter, he would take the honorable way out.
Commenting on the results, Mike Hessong, interim chief executive officer of the Company, said, "The deteriorating macroeconomic conditions and Don's pure incompetence created an extremely difficult selling environment during the fourth quarter." Mr. Carroll kneeled on a tatami covered with towels, and reached for his tantō. "While we had made progress improving sales and gross margins through the first nine-months of 2008, we were unable to sustain this trend as a result of lower than expected consumer demand both domestically and abroad over the last three months of the year, due to a piss-poor marketing campaign, the resignation of our pro team leader, and general mismanagement." Mr. Carroll, accepting responsibility, disemboweled himself with a long cut to the abdomen. "We begin 2009 fully aware of the near-term challenges ahead of us and we will continue to work closely with our vendors, suppliers and retail partners in order to minimize costs and preserve cash until conditions visibly improve." He concluded by administering the dakikubi strike a bit too hard, visibly improving conditions but sending Mr. Carroll's apparently hollow head rolling down the hardwood floor like a loose bowling ball.
For the full year, net sales were $70.7 million compared to net sales of $183.5 million in 2007. Gross profit was $17.9 million, or 25.3% of net sales, compared to $58.1 million, or 31.6% of net sales for 2007. Total selling, general and administrative expenses were $27.0 million, or 38.1% of net sales, compared to $26.3 million, or 14.3% of net sales last year. The Company reported a net loss of $5.9 million, or ($0.22) per fully diluted share versus net income of $21.9 million, or $0.78 per fully diluted share in 2007.
Lisa Peterson, chief financial officer of the Company, commented while reaching for a mop and bucket, "During the fourth quarter we returned more than $27 million in cash to our shareholders through a special $1 dividend. Even with this payout and the net loss for the full year, we ended 2008 with more than $68 million in cash and cash equivalents on our balance sheet and no debt. In addition, while still higher than we would like, we reduced our inventories despite the sales shortfall in the fourth quarter and begin the new year with levels down on both a year-over-year and sequential basis." Mrs. Peterson, using a swirling motion and a bottle of Mr. Clean, further added that "We have engaged in a mediation and reached a proposed settlement in the pending class action and derivative lawsuits relating to our IPO. These settlements are subject to final documentation and court approval, but we expect our portion of the settlements to approximate $722,000, the amount we accrued in our fourth quarter results. Our insurance policies are expected to fund the remaining portion of the settlement." What Mr. Carroll's insurance policy would do, however, is unknown.
Copyright BS-Ness Wire 2009 |
_________________ Community: We want new Megas!
a finger on the monkey's paw curls: we get them, and they're hideous |
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Posted:
Wed Apr 01, 2009 8:55 am
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Joined: 10 Mar 2009
Posts: 51
Location: Bucharest Romania
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who's supposed to actually understand those numbers ? |
_________________ Heeler : Dude! I just did an awesome frontside on the HP (halfpipe)
Non-Heeler : In Heelys? Yeah right, Heelys can't do anything cool!
Heeler : ... Yes ... they ... can!
*does an awesome frontside tru*
Non-Heeler : WHOA! THAT WAS SICK!
*buys Heelys*
Heeler : Smart choice! |
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Posted:
Wed Apr 01, 2009 10:27 am
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Heelychat Punmaster
Joined: 23 May 2007
Posts: 71
Location: Frederick, MD
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I wonder if now they might move on to selling Heelys that people actually want.
And to clarify the numbers... $1.00 is a positive dollar. ($1.00) is a negative dollar. If you get $5 to put in your pocket, your balance is $5.00. You spend $2.00, and your balance goes down by ($2.00).
-Steve |
_________________ Well, the sign said 'Don't Walk'... so I rolled.
On a non-heely matter, I am walking in the Challenge Walk for Multiple Sclerosis. If you can help me with fundraising, please PM me for info. Thanks. |
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Posted:
Wed Apr 01, 2009 11:31 am
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Joined: 15 Jun 2008
Posts: 1391
Location: UK
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I guess every company is suffering at the minute with the worldwide economic slowdown tho. . . given the financial climate, I don't think it's any surprise that some of the numbers will be down, especially for companies that sell fun items like Heelys, which aren't so vital to life (well, maybe they are LOL). . . I bet the only companies still doing ok would be those that sell cheap essentials like cheap bread etc...
Granted I don't know everything about this financial stuff, so there's not much point in me attempting to discuss it in depth with anyone, but as far as I'm concerned I'd be willing to bet HSL are doing their best to make money just like all companies do.
Then again that's me: I always try my best not to be too judgemental and to see the other guy's side of it - nobody's perfect after all. |
_________________
"The best part of falling is getting back up again" |
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Posted:
Wed Apr 01, 2009 8:38 pm
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Joined: 30 Sep 2008
Posts: 220
Location: idaho
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With one of the biggest industrys in america, the auto industry, on the verge of anhilalation what happens to HSL when it hits the fan. Im pretty sure there Obama is not going to give a Heelys stimulus package bailout. Any ideas on what company would adopt the Heelys line? Just a thought. |
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Posted:
Wed Apr 01, 2009 11:23 pm
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Team Heelys - SoCal
Joined: 26 Dec 2006
Posts: -123845
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sketchers. |
_________________ Big Mac: to go to camp quality to give lessons and give away hoes
seth1230™: we be on our hoes all day.
seth1230™: i mean shoes.
DeezUU: I keep my shoes in check on the daily
DeezUU: gotta keep your gimphand strong!!
seth1230™: im on a boat and
HannahHeelz: it's going fast and
heelingforlyfe™: i've got a nautical themed, pashmina afghan
SEBASS IZ MAH BESFRANNNN. |
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Posted:
Thu Apr 02, 2009 2:05 am
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Joined: 15 Jun 2008
Posts: 1391
Location: UK
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IGO: true
H4L: Hehe, funny you should say Skechers - just recently a hater on one of my YT vids mistook my spidey evo's for "Skechers" LOL - Heelys Haters are often amusing in their assumptions. |
_________________
"The best part of falling is getting back up again" |
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Posted:
Thu Apr 02, 2009 8:12 am
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Museum Curator
Joined: 29 Jul 2006
Posts: 1474
Location: Central North Dakota, aka The Middle of Nowhere
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Wow.
Nobody even said "April Fools".
You guys didn't notice anything wrong with this topic? Nobody noticed anything at all? Nobody who either didn't post or decided immediately to be in on it, at any rate?
(And no, the joke isn't that Heelys lost 5 million dollars in the last quarter of 2008...) |
_________________ Community: We want new Megas!
a finger on the monkey's paw curls: we get them, and they're hideous |
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Posted:
Thu Apr 02, 2009 11:08 am
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Joined: 10 Mar 2009
Posts: 51
Location: Bucharest Romania
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the things they say ( qoutes ) and the things they do |
_________________ Heeler : Dude! I just did an awesome frontside on the HP (halfpipe)
Non-Heeler : In Heelys? Yeah right, Heelys can't do anything cool!
Heeler : ... Yes ... they ... can!
*does an awesome frontside tru*
Non-Heeler : WHOA! THAT WAS SICK!
*buys Heelys*
Heeler : Smart choice! |
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Posted:
Thu Apr 02, 2009 4:43 pm
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Joined: 30 Sep 2008
Posts: 220
Location: idaho
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Well i accualy assumed you added the extra suicide scenes just to be funny... Im pretty sure a company wouldnt kill off 4 of its executives by drinking Mr. Clean. I enjoyed it though. |
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Posted:
Thu Apr 02, 2009 6:09 pm
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Museum Curator
Joined: 29 Jul 2006
Posts: 1474
Location: Central North Dakota, aka The Middle of Nowhere
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No, only one did that, the Mr. Clean was to, well, clean it up.
See? Reading comprehension... |
_________________ Community: We want new Megas!
a finger on the monkey's paw curls: we get them, and they're hideous |
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Posted:
Fri Apr 03, 2009 5:26 pm
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Heelys Encyclopedia
Joined: 19 Mar 2006
Posts: 2974
Location: Representing SouthEast
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damn.
and i thought last years was bad.
TOEYS FTW! |
_________________
H4L&&&&BiGMaC BE MAH BFFLEZ |
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Posted:
Fri Apr 03, 2009 5:31 pm
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Heelys Brand Rep
Joined: 03 Feb 2007
Posts: 865
Location: Ohio
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seth1230™ wrote: |
TOEYS FTW! |
TOEYYYSSSS! |
_________________ (Formerly EmmaHeelz)
2-2-07/Razzles)(4-13-07/Evolutions)(10-9-07/Clutches)
PEAR MEMBER: Pickle, Emily, Arly, Rawn-Tawn. REPRESENT!
i gots me .43723e=mc238034 ghetto points |
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