On October 28, 2010, Volcom announced their financial results for the third quarter indicating favorable results with consolidated revenues at $104.7 million up from $93.9 million in the same quarter in 2009.
Where Volcom took a hit however was in Europe with revenues posted at $28.7 million compared with $30.2 million in the same quarter in 2009.
According to Richard Woolcott, Volcom’s Chairman and CEO, “Our results for the third quarter are in line with our plan and reinforce our strategy to gain market share on a global level. During the first nine months of the year, we have experience solid revenue in our mens and boys categories, and our business with our core retail remains very healthy. In other activities, we have launched major branding initiatives, acquired our Australian licensee, acquired distribution operations in Spain, and launched our ecommerce business.”
In other news, Volcom announced that on October 27, the Board of Directors approved a special cash dividend of $1 per share payable on each share of the company’s outstanding common stock. The special dividend would be payable on November 19, 2010 to stockholders of record at the close of business on November 8, 2010. The aggregate amount of payments to be made in connection with the special dividend will be approximately $24.4 million.