K2’s Earnings Fall 78%, Revenue Rises 15%
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Sporting goods company K2 Inc.’s first-quarter profit fell 78% while sales rose 15%.
The Carlsbad-based company said it earned $2.3 million, or 5 cents a share, compared with $10.7 million, or 27 cents, in the same period last year. The results were in line with analysts’ expectations.
Sales were $318.3 million compared with $277.4 million in the prior year’s period.
The quarter-to-quarter comparisons are “not useful,” the company said in a statement, because K2 bought Volkl, Marker and Marmot in mid-2004, ski equipment and clothing businesses incur losses in the first half of the year.
Leslie Earnest
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