1
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON D.C. 20549
FORM 10-Q
(MARK ONE)
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
FOR THE QUARTERLY PERIOD ENDED JANUARY 31, 2001
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
COMMISSION FILE NUMBER 0-15131
QUIKSILVER, INC.
(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
DELAWARE 33-0199426
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification Number)
15202 GRAHAM STREET
HUNTINGTON BEACH, CALIFORNIA
92649
(Address of principal executive offices)
(Zip Code)
(714) 889-2200
(Registrant's telephone number, including area code)
Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the Registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days.
YES X NO
--- ---
The number of shares outstanding of issuer's Common Stock,
par value $0.01 per share, at
March 9, 2001 was
22,691,525
2
QUIKSILVER, INC.
FORM 10-Q
INDEX
Page No.
--------
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements (Unaudited):
Condensed Consolidated Balance Sheets
January 31, 2001 and October 31, 2000......................... 2
Condensed Consolidated Statements of Income
Three Months Ended January 31, 2001 and 2000.................. 3
Condensed Consolidated Statements of Comprehensive Income
Three Months Ended January 31, 2001 and 2000.................. 3
Condensed Consolidated Statements of Cash Flows
Three Months Ended January 31, 2001 and 2000.................. 4
Notes to Condensed Consolidated Financial Statements............ 5
Item 2. Management's Discussion and Analysis of Financial Condition and
Results of Operations........................................... 8
Part II - OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K................................ 11
SIGNATURE............................................................... 11
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PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
QUIKSILVER, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
JANUARY 31, OCTOBER 31,
2001 2000
------------- -------------
ASSETS
Current assets:
Cash and cash equivalents ......................... $ 1,246,000 $ 2,298,000
Trade accounts receivable, less allowance
for doubtful accounts of $4,577,000 (2001)
and $5,090,000 (2000) .......................... 120,969,000 136,394,000
Other receivables ................................ 7,495,000 5,654,000
Inventories ...................................... 113,281,000 90,034,000
Prepaid expenses and other current assets ........ 11,305,000 8,993,000
------------- -------------
Total current assets ........................ 254,296,000 243,373,000
Property and equipment, less accumulated depreciation
and amortization of $26,613,000 (2001) and
$23,211,000 (2000) ................................ 53,196,000 49,834,000
Trademark, less accumulated amortization of
$3,312,000 (2001) and $2,825,000 (2000) ........... 43,097,000 43,566,000
Goodwill, less accumulated amortization of
$6,280,000 (2001) and $6,022,000 (2000) ........... 19,734,000 18,962,000
Other assets ......................................... 4,023,000 3,007,000
------------- -------------
Total assets ................................ $ 374,346,000 $ 358,742,000
============= =============
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Lines of credit ................................... $ 54,350,000 $ 49,203,000
Accounts payable .................................. 40,036,000 40,642,000
Accrued liabilities ............................... 23,357,000 22,568,000
Current portion of long-term debt ................. 9,621,000 9,428,000
Income taxes payable .............................. 2,932,000 2,003,000
------------- -------------
Total current liabilities ................... 130,296,000 123,844,000
Long-term debt ....................................... 57,444,000 57,284,000
------------- -------------
Total liabilities ........................... 187,740,000 181,128,000
------------- -------------
Stockholders' equity
Preferred stock, $.01 par value, authorized
shares - 5,000,000; issued and outstanding
shares - none .................................. -- --
Common stock, $.01 par value, authorized
shares - 30,000,000; issued and outstanding
shares - 23,412,825 (2001) and 23,234,036 (2000) 234,000 232,000
Additional paid-in-capital ........................... 44,487,000 42,833,000
Treasury stock, 721,300 shares ....................... (6,778,000) (6,778,000)
Retained earnings .................................... 157,132,000 153,426,000
Accumulated other comprehensive loss ................. (8,469,000) (12,099,000)
------------- -------------
Total stockholders' equity .................. 186,606,000 177,614,000
------------- -------------
Total liabilities and stockholders' equity .. $ 374,346,000 $ 358,742,000
============= =============
See notes to condensed consolidated financial statements.
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QUIKSILVER, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)
THREE MONTHS ENDED JANUARY 31,
-----------------------------
2001 2000
------------- ------------
Net sales .................................... $ 121,833,000 $ 99,929,000
Cost of goods sold ........................... 74,398,000 61,061,000
------------- ------------
Gross profit .............................. 47,435,000 38,868,000
------------- ------------
Operating expenses:
Selling, general and administrative expense 38,512,000 30,059,000
Royalty income ............................ (1,126,000) (613,000)
Royalty expense ........................... -- 1,260,000
------------- ------------
Total operating expenses ............... 37,386,000 30,706,000
------------- ------------
Operating income ............................. 10,049,000 8,162,000
Interest expense ............................. 3,016,000 1,023,000
Foreign currency loss ........................ 915,000 60,000
Other expense ................................ 101,000 160,000
------------- ------------
Income before provision for income taxes ..... 6,017,000 6,919,000
Provision for income taxes ................... 2,311,000 2,840,000
------------- ------------
Net income ................................... $ 3,706,000 $ 4,079,000
============= ============
Basic net income per share ................... $ 0.16 $ 0.18
============= ============
Diluted net income per share ................. $ 0.16 $ 0.18
============= ============
Weighted average shares outstanding .......... 22,564,000 22,362,000
============= ============
Diluted weighted average shares outstanding .. 23,725,000 23,154,000
============= ============
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(UNAUDITED)
THREE MONTHS ENDED JANUARY 31,
-----------------------------
2001 2000
----------- -----------
Net income ............................... $ 3,706,000 $ 4,079,000
Other comprehensive gain (loss):
Foreign currency translation adjustment 4,392,000 (3,052,000)
Net unrealized loss on derivative
instruments ......................... (1,254,000) --
Income tax effects .................... 492,000 --
----------- -----------
Comprehensive income ..................... $ 7,336,000 $ 1,027,000
=========== ===========
See notes to condensed consolidated financial statements.
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QUIKSILVER, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
THREE MONTHS ENDED JANUARY 31,
---------------------------------
2001 2000
------------ ------------
Cash flows from operating activities:
Net income ....................................... $ 3,706,000 $ 4,079,000
Adjustments to reconcile net income to net cash
(used in) provided by operating activities:
Depreciation and amortization .............. 3,252,000 2,251,000
Provision for doubtful accounts ............ 833,000 542,000
Loss on sale of fixed assets ............... 41,000 18,000
Foreign currency loss ...................... 820,000 --
Interest accretion ......................... 389,000 --
Changes in operating assets and liabilities:
Trade accounts receivable ............... 18,449,000 9,589,000
Other receivables ....................... (643,000) 167,000
Inventories ............................. (21,188,000) (19,999,000)
Prepaid expenses and other current assets (1,703,000) (1,209,000)
Other assets ............................ 70,000 (266,000)
Accounts payable ........................ (2,675,000) 8,201,000
Accrued liabilities ..................... (2,351,000) (1,919,000)
Income taxes payable .................... 812,000 1,757,000
------------ ------------
Net cash (used in) provided by
operating activities ............... (188,000) 3,211,000
Cash flows from investing activities:
Proceeds from sales of fixed assets .............. -- 2,000
Capital expenditures and business acquisitions ... (5,198,000) (5,289,000)
------------ ------------
Net cash used in investing activities ..... (5,198,000) (5,287,000)
Cash flows from financing activities:
Borrowings on lines of credit .................... 18,052,000 18,377,000
Payments on lines of credit ...................... (13,414,000) (14,952,000)
Borrowings on long-term debt ..................... 127,000 1,057,000
Payments on long-term debt ....................... (2,491,000) (1,143,000)
Proceeds from stock option exercises ............. 1,656,000 365,000
------------ ------------
Net cash provided by financing activities . 3,930,000 3,704,000
Effect of exchange rate changes on cash ............. 404,000 (130,000)
------------ ------------
Net (decrease) increase in cash and cash equivalents (1,052,000) 1,498,000
Cash and cash equivalents, beginning of period ...... 2,298,000 1,449,000
------------ ------------
Cash and cash equivalents, end of period ............ $ 1,246,000 $ 2,947,000
============ ============
Supplementary cash flow information -
Cash paid during the period for:
Interest ...................................... $ 2,639,000 $ 1,059,000
============ ============
Income taxes .................................. $ 1,381,000 $ 1,157,000
============ ============
See notes to condensed consolidated financial statements.
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QUIKSILVER, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
1. The accompanying unaudited condensed consolidated financial statements have
been prepared in accordance with generally accepted accounting principles
for interim financial information and with the instructions to Form 10-Q and
Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the
information and footnotes required by generally accepted accounting
principles for complete financial statement presentation.
The Company, in its opinion, has included all adjustments, consisting only
of normal recurring accruals, necessary for a fair presentation of the
results of operations for the three months ended January 31, 2001 and 2000.
The condensed consolidated financial statements and notes thereto should be
read in conjunction with the audited financial statements and notes for the
year ended October 31, 2000 included in the Company's Annual Report on Form
10-K. Interim results are not necessarily indicative of results for the full
year due to seasonal and other factors.
2. Inventories consist of the following:
JANUARY 31, OCTOBER 31,
2001 2000
------------ -----------
Raw Materials ................. $ 22,760,000 $22,191,000
Work-In-Process................ 12,446,000 7,543,000
Finished Goods................. 78,075,000 60,300,000
------------ -----------
$113,281,000 $90,034,000
============ ===========
3. Information related to domestic and European operations is as follows:
THREE MONTHS ENDED JANUARY 31,
--------------------------------
2001 2000
------------ ------------
Net sales to unaffiliated customers:
Domestic ........................ $ 78,575,000 $ 62,650,000
Europe .......................... 43,258,000 37,279,000
------------ ------------
Consolidated ................. $121,833,000 $ 99,929,000
============ ============
Gross profit:
Domestic ........................ $ 28,746,000 $ 22,409,000
Europe .......................... 18,689,000 16,459,000
------------ ------------
Consolidated ................. $ 47,435,000 $ 38,868,000
============ ============
Operating income:
Domestic ........................ $ 6,350,000 $ 4,678,000
Europe .......................... 3,699,000 3,484,000
------------ ------------
Consolidated ................. $ 10,049,000 $ 8,162,000
============ ============
Identifiable assets:
Domestic ........................ $266,248,000 $185,728,000
Europe .......................... 108,098,000 82,767,000
------------ ------------
Consolidated ................. $374,346,000 $268,495,000
============ ============
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4. Effective November 1, 2000, the Company adopted Statement of Financial
Accounting Standards ("SFAS") No. 133, "Accounting for Derivative
Instruments and Hedging Activities". The adoption of SFAS No. 133 resulted
in a transition adjustment of $799,000 (net of tax effects of $533,000) that
was recorded as a cumulative-effect type adjustment in other comprehensive
income to recognize the fair value of all derivatives that are designated as
cash flow hedges. This charge is included in the statement of comprehensive
income as a component of net loss on derivative instruments and the related
income tax effects.
The Company is exposed to gains and losses resulting from fluctuations in
foreign currency exchange rates relating to certain sales, royalty income,
and product purchases of its international subsidiaries that are denominated
in currencies other than their functional currencies. The Company is also
exposed to foreign currency gains and losses resulting from domestic
transactions that are not denominated in U.S. dollars, and to fluctuations
in interest rates related to its variable rate debt. Furthermore, the
Company is exposed to gains and losses resulting from the effect that
fluctuations in foreign currency exchange rates have on the reported results
in the Company's consolidated financial statements due to the translation of
the operating results and financial position of the Company's international
subsidiaries. As part of its overall strategy to manage the level of
exposure to the risk of fluctuations in foreign currency exchange rates, the
Company uses various foreign currency exchange contracts and intercompany
loans. In addition, interest rate swaps are used to manage the Company's
exposure to the risk of fluctuations in interest rates.
For all qualifying cash flow hedges, the changes in the fair value of the
derivatives are recorded in other comprehensive income. All other
derivatives are marked to market value with corresponding gains or losses
recorded in earnings. As of January 31, 2001, the Company was hedging
forecasted transactions expected to occur in the following twelve months.
Assuming exchange rates at January 31, 2001 remain constant, $271,000 of
losses related to hedges of these transactions are expected to be
reclassified into earnings over the next twelve months. Also included in
accumulated other comprehensive income at January 31, 2001 is a charge
related to cash flow hedges of the Company's long-term debt that is
denominated in Australian dollars, totaling $491,000, which will be
amortized into earnings through fiscal 2005 as the debt matures.
On the date the Company enters into a derivative contract, management
designates the derivative as a hedge of the identified exposure. The Company
formally documents all relationships between hedging instruments and hedged
items, as well as the risk-management objective and strategy for entering
into various hedge transactions. In this documentation, the Company
identifies the asset, liability, firm commitment, or forecasted transaction
that has been designated as a hedged item and indicates how the hedging
instrument is expected to hedge the risks related to the hedged item. The
Company formally measures effectiveness of its hedging relationships both at
the hedge inception and on an ongoing basis in accordance with its risk
management policy. The Company would discontinue hedge accounting
prospectively (i) if it is determined that the derivative is no longer
effective in offsetting changes in the cash flows of a hedged item, (ii)
when the derivative expires or is sold, terminated, or exercised, (iii) if
it becomes probable that the forecasted transaction being hedged by the
derivative will not occur, (iv) because a hedged firm commitment no longer
meets the definition of a firm commitment, or (v) if management determines
that designation of the derivative as a hedge instrument is no longer
appropriate. During the three months ended January 31, 2001, the Company
reclassified into earnings a net loss of $511,000 resulting from the
expiration, sale, termination, or exercise of derivative contracts.
The Company enters into forward exchange and other derivative contracts with
major banks and is exposed to credit losses in the event of nonperformance
by these banks. The Company anticipates, however, that these banks will be
able to fully satisfy their obligations under the contracts. Accordingly,
the Company does not obtain collateral or other security to support the
contracts.
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A summary of derivative contracts at January 31, 2001 is as follows:
January 31, 2001
-----------------------------------------------------
Notional Fair
Amount Maturity Value
------------ --------------------- ------------
British pounds $ 12,820,000 Feb 2001 - Dec 2001 $ 232,000
U.S. dollars 60,525,000 Feb 2001 - Dec 2001 (1,342,000)
Australian dollars 21,730,000 Sept 2002 - Sept 2005 631,000
Interest rate swap 11,378,000 Jan 2007 (594,000)
------------ -----------
$106,453,000 $(1,073,000)
============ ===========
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PART I - FINANCIAL INFORMATION
Item 2. Management's Discussion and Analysis of Financial Condition and
Results of Operations
THREE MONTHS ENDED JANUARY 31, 2001 COMPARED TO THREE MONTHS ENDED
JANUARY 31, 2000
Net sales for the three months ended January 31, 2001 increased 21.9% to
$121,833,000 from $99,929,000 in the comparable period of the prior year.
Domestic net sales for the three months ended January 31, 2001 increased 25.4%
to $78,575,000 from $62,650,000 in the comparable period of the prior year, and
European net sales increased 16.0% to $43,258,000 from $37,279,000 for those
same periods. As measured in French francs, Quiksilver Europe's functional
currency, net sales in the current year's quarter increased 32.0% compared to
the prior year. Domestic mens sales increased 14.4% to $40,508,000 from
$35,407,000 in the comparable period of the prior year, while domestic womens
sales increased 42.9% to $36,590,000 from $25,612,000. In the domestic division,
sales of snowboards, boots and bindings amounted to $1,477,000 for the current
year's quarter compared to $1,631,000 in the prior year. The domestic mens sales
increase came primarily from the Quiksilver Young Mens, Boys and Hawk divisions.
The domestic womens sales increase came from both the Roxy and Raisins
divisions. In Europe and as reported in dollars, mens sales increased 6.1% to
$36,863,000 from $34,750,000, while womens sales increased 152.9% to $6,395,000
from $2,529,000. The European mens sales increase came from the Quiksilver Young
Mens, Boys and Gotcha divisions. These comparisons of sales in Europe are
negatively impacted by the strong dollar in comparison to the prior year. In
French francs, mens sales increased 20.7% and womens sales increased 187.7%.
The gross profit margin for the three months ended January 31, 2001 was
consistent with the comparable period of the prior year at 38.9%. The domestic
gross profit margin increased to 36.6% from 35.8% in the comparable period of
the prior year, while the European gross profit margin decreased to 43.2% from
44.2% for those same periods. The increase in the domestic gross profit margin
resulted primarily from a higher level of sales through company-owned retail
stores in comparison to the prior year. Gross profit margins are higher, on a
consolidated basis, for sales in company-owned retail stores compared to the
Company's normal wholesale business. In Europe, the gross profit margin
decreased primarily due to higher product costs in the local currency that were
not passed along to customers. Product costs increased as goods purchased in
U.S. dollars were paid for with a weaker local currency in comparison to
previous periods.
Selling, general and administrative expense ("SG&A") for the three months ended
January 31, 2001 increased 28.1% to $38,512,000 from $30,059,000 in the
comparable period of the prior year. Domestic SG&A increased 36.6% to
$24,831,000 from $18,182,000 in the comparable period of the prior year, and
European SG&A increased 15.2% to $13,681,000 from $11,877,000 for those same
periods. The increase in both domestic and European SG&A was primarily due to
higher personnel and other costs related to increased sales volume. SG&A
increased as a percentage of sales domestically primarily due to the operating
costs of Quiksilver International, which was acquired in the third quarter of
fiscal 2000, and from added company-owned retail stores. In Europe, SG&A
decreased somewhat as a percentage of sales primarily as a result of general
leverage on growth.
Royalty income for the three months ended January 31, 2001 totaled $1,126,000
compared to net royalty expense of $647,000 in the comparable period of the
prior year. The increase in royalty income came primarily from the acquisition
of Quiksilver International, which receives royalties based on sales of
Quiksilver products by its licensees in various countries around the world.
Interest expense for the three months ended January 31, 2001 increased 194.8% to
$3,016,000 from $1,023,000 in the comparable period of the prior year. This
increase was primarily due to the acquisition of Quiksilver International and to
higher outstanding balances on the Company's line of credit facilities to
provide working capital to support the Company's growth.
The effective income tax rate for the three months ended January 31, 2001, which
is based on current estimates of the annual effective income tax rate, decreased
to 38.4% from 41.0% in the comparable period of the prior year.
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As a result of the above factors, net income for the three months ended January
31, 2001 decreased 9.1% to $3,706,000 or $0.16 per share on a diluted basis from
$4,079,000 or $0.18 per share on a diluted basis in the comparable period of the
prior year. Basic net income per share also decreased to $0.16 per share for the
three months ended January 31, 2001 from $0.18 in the comparable period of the
prior year.
FINANCIAL POSITION, CAPITAL RESOURCES AND LIQUIDITY
The Company finances its capital investments and seasonal working capital
requirements with funds generated by operations and its bank revolving lines of
credit.
Net cash used in operating activities for the three months ended January 31,
2001 was $188,000 compared to net cash provided by operating activities of
$3,211,000 in the comparable period of the prior year. This $3,399,000 decrease
in cash provided by operating activities was primarily due to changes in
accounts receivable, inventories and accounts payable. The decrease in trade
accounts receivable provided cash of $18,449,000 in the three months ended
January 31, 2001 versus $9,589,000 provided in the comparable period of the
prior year. This $8,860,000 additional cash flow was more than offset by the
increase in inventories and the decrease in accounts payable, which used
$23,863,000 in the three months ended January 31, 2001, an increase of
$12,065,000 compared to the $11,798,000 used in the comparable period of the
prior year.
Capital expenditures totaled $5,198,000 for the three months ended January 31,
2001, which is generally consistent with the $5,289,000 in the comparable period
of the prior year. These investments include screenprinting and embroidery
equipment, investments in Quiksvilles and company-owned Boardriders Clubs, and
ongoing investments in computer equipment.
During the three months ended January 31, 2001, net cash provided by financing
activities totaled $3,930,000, which is generally consistent with the $3,704,000
provided in the comparable period of the prior year.
The net decrease in cash and cash equivalents for the three months ended January
31, 2001 was $1,052,000 compared to a net increase of $1,498,000 in the
comparable period of the prior year. Cash and cash equivalents totaled
$1,246,000 at January 31, 2001 compared to $2,298,000 at October 31, 2000, while
working capital was $124,000,000 at January 31, 2001 compared to $119,529,000 at
October 31, 2000. The Company believes its current cash balance and current
lines of credit are adequate to cover its seasonal working capital and other
requirements for the foreseeable future and that increases in its lines of
credit can be obtained as needed to fund future growth.
Accounts receivable decreased 11.3% to $120,969,000 at January 31, 2001 from
$136,394,000 at October 31, 2000. Domestic accounts receivable decreased 16.9%
to $72,613,000 at January 31, 2001 from $87,369,000 at October 31, 2000, and
European accounts receivable decreased 1.4% to $48,365,000 from $49,025,000 for
that same period. These decreases are primarily a result of seasonal factors.
The relatively small decrease in European receivables is due primarily to a
higher proportion of European sales occuring in the latter portion of the first
quarter of fiscal 2001 in comparison to the prior year.
Consolidated inventories increased 25.8% to $113,281,000 at January 31, 2001
from $90,034,000 at October 31, 2000. Domestic inventories increased 19.4% to
$86,998,000 from $72,860,000 at October 31, 2000, and European inventories
increased 53.0% to $26,283,000 from $17,174,000 for that same period. These
increases are primarily a result of seasonal factors. Inventories increased
25.3% compared to January 31, 2000, which is generally consistent with the
increase in sales.
It is not uncommon for some of the Company's customers to have financial
difficulties from time to time. This is normal given the wide variety of the
Company's account base, which includes small surf shops, medium-sized retail
chains, and some large department store chains. In some cases, customers have
ended up in bankruptcy. However, the Company's losses from these situations has
been relatively normal and anticipated.
To allow for such losses, the Company establishes reserves for doubtful accounts
to reduce the value of its receivables. Management believes that the allowance
for doubtful accounts at January 31, 2001 is adequate to cover anticipated
losses. Throughout the year, the Company monitors developments
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regarding its major customers. However, if customers experience unforeseen,
material financial difficulties, this could have an adverse impact on the
Company's profits.
FOREIGN CURRENCY
The Company's foreign currency risks are discussed in the Company's Annual
Report on Form 10-K for the year ended October 31, 2000 in Item 7a. See Note 4
above for the impact of the adoption of SFAS No. 133.
Quiksilver Europe's statements of income are translated from French francs into
U.S. dollars at average exchange rates in effect during the reporting period.
When the French franc strengthens compared to the U.S. dollar there is a
positive effect on Quiksilver Europe's results as reported in the Company's
Consolidated Financial Statements. Conversely, when the U.S. dollar strengthens,
there is a negative effect.
European net sales increased 32.0% in French Francs during the three months
ended January 31, 2001 compared to the three months ended January 31, 2000. As
measured in U.S. dollars and reported in the Company's Consolidated Statements
of Income, European net sales increased only 16.0% as a result of a stronger
U.S. dollar versus the euro and French franc in comparison to the prior year.
Thus far in the Company's second quarter, the dollar continues to be stronger
relative to the euro and French franc in comparison to the prior year.
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PART II - OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8K
(a) Exhibits
None
(b) Reports on Form 8-K
No reports on Form 8-K were filed during the quarter ended
January 31, 2001
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
QUIKSILVER, INC., a Delaware corporation
March 12, 2001 /s/ Steven L. Brink
----------------------------------------
Steven L. Brink
Chief Financial Officer and Treasurer
(Principal Accounting Officer)
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