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<  General  ~  Heelys, Inc. Reports Fourth Quarter Results, Ritual Suicide
Slicer
PostPosted: Wed Apr 01, 2009 8:42 am  Reply with quote
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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

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H33lyT3dy
PostPosted: Wed Apr 01, 2009 8:55 am  Reply with quote



Joined: 10 Mar 2009
Posts: 51
Location: Bucharest Romania

who's supposed to actually understand those numbers Rolling Eyes ?

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mcrochip
PostPosted: Wed Apr 01, 2009 10:27 am  Reply with quote
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Joined: 23 May 2007
Posts: 71
Location: Frederick, MD

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

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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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Merrie_England
PostPosted: Wed Apr 01, 2009 11:31 am  Reply with quote



Joined: 15 Jun 2008
Posts: 1391
Location: UK

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. Smile

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. Smile

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im goin outside
PostPosted: Wed Apr 01, 2009 8:38 pm  Reply with quote



Joined: 30 Sep 2008
Posts: 220
Location: idaho

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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heelingforlyfe™
PostPosted: Wed Apr 01, 2009 11:23 pm  Reply with quote
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Joined: 26 Dec 2006
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sketchers.

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Merrie_England
PostPosted: Thu Apr 02, 2009 2:05 am  Reply with quote



Joined: 15 Jun 2008
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IGO: true Smile

H4L: Hehe, funny you should say Skechers - just recently a hater on one of my YT vids mistook my spidey evo's for "Skechers" Smile LOL - Heelys Haters are often amusing in their assumptions. Smile

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Slicer
PostPosted: Thu Apr 02, 2009 8:12 am  Reply with quote
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Joined: 29 Jul 2006
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Location: Central North Dakota, aka The Middle of Nowhere

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...)

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H33lyT3dy
PostPosted: Thu Apr 02, 2009 11:08 am  Reply with quote



Joined: 10 Mar 2009
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Location: Bucharest Romania

the things they say ( qoutes ) and the things they do Smile

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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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im goin outside
PostPosted: Thu Apr 02, 2009 4:43 pm  Reply with quote



Joined: 30 Sep 2008
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Location: idaho

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. Very Happy
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Slicer
PostPosted: Thu Apr 02, 2009 6:09 pm  Reply with quote
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Joined: 29 Jul 2006
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Location: Central North Dakota, aka The Middle of Nowhere

No, only one did that, the Mr. Clean was to, well, clean it up.

See? Reading comprehension...

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seth1230
PostPosted: Fri Apr 03, 2009 5:26 pm  Reply with quote
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Joined: 19 Mar 2006
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damn.


and i thought last years was bad.





TOEYS FTW!

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ConnorHeelz
PostPosted: Fri Apr 03, 2009 5:31 pm  Reply with quote
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seth1230™ wrote:

TOEYS FTW!


TOEYYYSSSS! Very Happy

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