KSwiss Inc. (KSWS, Financial) filed Quarterly Report for the period ended 2010-03-31.
Kswiss Inc. has a market cap of $423.1 million; its shares were traded at around $12.04 with and P/S ratio of 1.7. KSWS is in the portfolios of Third Avenue Management, Diamond Hill Capital of Diamond Hill Capital Management Inc, Chuck Royce of Royce& Associates, Charles Brandes of Brandes Investment, Jim Simons of Renaissance Technologies LLC.
We had net cash outflows from our investing activities of $31,396,000 and $260,000 for the three months ended March 31, 2010 and 2009, respectively. The increase in cash outflows from investing activities for the three months ended March 31, 2010 is due to the purchase of investments available for sale and the purchase of property, plant and equipment, partially offset by changes in restricted cash and cash equivalents.
We had net cash inflows from our financing activities of $2,019,000 and $1,934,000 for the three months ended March 31, 2010 and 2009 respectively. The increase in cash flows from financing activities for the three months ended March 31, 2010 was due to increases in proceeds from the exercise of stock options and in the net borrowings under our bank lines of credit, attributable to borrowings by Palladium.
In November 2009, the Board of Directors approved a stock repurchase program to purchase through December 31, 2014 up to $70,000,000 of the Companys Class A Common Stock. As of March 31, 2010, $70,000,000 is remaining in this program. We adopted the $70,000,000 program because we believed that depending upon the then-array of alternatives, repurchasing our shares could be a good use of excess cash. Currently, we have made purchases under all stock repurchase programs from August 1996 through May 5, 2010 (the day prior to the filing of this Form 10-Q) of 25.5 million shares at an aggregate cost totaling approximately $166,759,000, at an average price of $6.55 per share. See Part II Other Information, Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.
At March 31, 2010, we had debt outstanding of $6,139,000 (attributable to outstanding borrowings by Palladium under its lines of credit facilities and term loans) (excluding outstanding letters of credit of $700,000 at March 31, 2010).
Our working capital decreased $7,958,000 to $251,693,000 at March 31, 2010 from $259,651,000 at December 31, 2009. Working capital decreased during the three months ended March 31, 2010 mainly due to decreases in cash and cash equivalents and inventory, as well as increases in trade accounts payable, accrued liabilities and bank lines of credit and current portion of long-term debt, offset by increases in investments available for sale and accounts receivable.
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Kswiss Inc. has a market cap of $423.1 million; its shares were traded at around $12.04 with and P/S ratio of 1.7. KSWS is in the portfolios of Third Avenue Management, Diamond Hill Capital of Diamond Hill Capital Management Inc, Chuck Royce of Royce& Associates, Charles Brandes of Brandes Investment, Jim Simons of Renaissance Technologies LLC.
Highlight of Business Operations:
We experienced net cash outflows from continuing operations of approximately $9,331,000 and $25,131,000 during the three months ended March 31, 2010 and 2009, respectively. The decrease in cash outflows from operating activities from the prior year is due to the difference in amount in the changes in accounts payable and accrued liabilities and accounts receivable, offset by the differences in the amounts in the changes in inventories and prepaid expenses and other assets and an increase in net loss.We had net cash outflows from our investing activities of $31,396,000 and $260,000 for the three months ended March 31, 2010 and 2009, respectively. The increase in cash outflows from investing activities for the three months ended March 31, 2010 is due to the purchase of investments available for sale and the purchase of property, plant and equipment, partially offset by changes in restricted cash and cash equivalents.
We had net cash inflows from our financing activities of $2,019,000 and $1,934,000 for the three months ended March 31, 2010 and 2009 respectively. The increase in cash flows from financing activities for the three months ended March 31, 2010 was due to increases in proceeds from the exercise of stock options and in the net borrowings under our bank lines of credit, attributable to borrowings by Palladium.
In November 2009, the Board of Directors approved a stock repurchase program to purchase through December 31, 2014 up to $70,000,000 of the Companys Class A Common Stock. As of March 31, 2010, $70,000,000 is remaining in this program. We adopted the $70,000,000 program because we believed that depending upon the then-array of alternatives, repurchasing our shares could be a good use of excess cash. Currently, we have made purchases under all stock repurchase programs from August 1996 through May 5, 2010 (the day prior to the filing of this Form 10-Q) of 25.5 million shares at an aggregate cost totaling approximately $166,759,000, at an average price of $6.55 per share. See Part II Other Information, Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.
At March 31, 2010, we had debt outstanding of $6,139,000 (attributable to outstanding borrowings by Palladium under its lines of credit facilities and term loans) (excluding outstanding letters of credit of $700,000 at March 31, 2010).
Our working capital decreased $7,958,000 to $251,693,000 at March 31, 2010 from $259,651,000 at December 31, 2009. Working capital decreased during the three months ended March 31, 2010 mainly due to decreases in cash and cash equivalents and inventory, as well as increases in trade accounts payable, accrued liabilities and bank lines of credit and current portion of long-term debt, offset by increases in investments available for sale and accounts receivable.
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