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Friday, Mar 29, 2024

K-Swiss Earnings Tumble

First quarter 2008 earnings were 60 percent lower than Q1 2007 at footwear company K-Swiss Inc. it was reported today, tumbling to $7.1 million from $18 million. Diluted earnings per share dropped from $0.51 to $0.20. It was not unexpected news for the Westlake Village-based company that saw its annual net income at 2007 year end cut in half from 2006, from $77 million to $39 million. In an interview with the Business Journal last week, executive vice president David Nichols said that the company has known that it was going to be a tough year and said that 2008 will be a time of re-tooling. “Our major stockholders know our plan,” said Nichols. “They’re not looking at K-Swiss as a short-term opportunity.” The stock closed at $15.45 per share, down 15 percent from the previous day’s close, with trading ranging between $14.60 and $15.92 on volume slightly above average.

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