On December 8, 2006, "wheels on a heel" footwear designer Heelys, Inc. (NASDAQ:HLYS) priced 6.425 million shares at $21, a 23.5% premium to its suggested IPO price of $17.00 per share. Heelys offered 3.125 million shares of common stock and certain existing stockholders sold the remaining 3.3 million shares, with Bear Stearns and Wachovia Securities acted as co managers for the IPO. The Company is using the net proceeds from the IPO to repay about $22.0 million in debt outstanding, upgrade its IT systems, and to fund expansion plans, including television advertising , staff headcount (of 38 employees), and product development. Shares "heelied" down Wall Street, as investors bid up the stock 55.2% in its first day of trading, excited about the Company's growth prospects in domestic and international markets Heelys sells a dual purpose shoe that has a removable wheel, which allows the user to seamlessly change from walking or running to skating by shifting their weight to the heel. Users can also transform HEELYS wheeled footwear into comfortable street shoes by removing the wheel. The footwear, sold under the marketing slogan "Freedom is a wheel in your sole," is targeted to boys and girls between six and fourteen years of age, particularly those who associate themselves with youth action sports. Unit sales of HEELYS wheeled footwear increased by 2.9 million pairs, or 316.2%, to 3.9 million pairs for the nine months ended September 30, 2006. For the nine months ended September 30, 2006, 85.9% of net sales were from domestic retail customers, as compared with 81.0% for the nine months ended September 30, 2005. Domestic net sales increased $77.1 million, or 327.8%, to $100.6 million for the first nine months. Internationally, net sales increased $11.0 million, or 198.2%, to $16.5 million. This increase was primarily the result of increased sales to distributors in Canada, the United Kingdom, Ireland and Argentina/Brazil/Chile, partially offset by decreased sales to distributors in Japan and Spain/Portugal. As a percentage of net sales, net income increased to 15.1% for the nine months ended September 30, 2006, from 10.0% for the nine months ended September 30, 2005. Net income was $17.7 million, or share net of $0.70, compared with $2.9 million, or 11 cents per share, last year. This impressive growth was due to higher sales and decreases in product costs (due to product mix and efficiencies related to the opening of a distribution center), partially offset by increased freight costs (primarily caused by airfreight costs to meet rush/past due orders). For the nine months ended September 30, 2006, cash used in operating activities was $19.5 million compared to $316,000 for the nine months ended September 30, 2005. Cash used in operating activities for 2006 consisted primarily of an increase in net working capital of $37.5 million partially offset by net income of $17.7 million and non cash items of $279,000. The increase in net working capital was primarily the result of an increase of $36.5 million in accounts receivable due to increased net sales and an increase in inventory of $11.3 million due to an increase in inventory in transit, partially offset by an increase in accrued expenses of $6.6 million and income taxes payable of $4.5 million related to increased income before income taxes. The increase in net working capital was related to the seasonality of sales, similar to other vendors of footwear products. There are three major buying seasons in footwear: spring/summer, back to school and holiday. Heelys run out of the blocks comes on the heels of other strong specialty retailers and sportswear retailers (aimed at the youth market) IPOs in the last two years. Looking at these "lifestyle trends" peer comparables, however, risk reward does not favor establishing new positions in Heelys: Heelys, Inc. (HLYS): 2006 P/E, 34.8x; Enterprise Value/Revenue (2006 est. of $160.3 million), 5.7 CROCS, Inc. (NASDAQ:CROX): 2007 P/E, 21.3x; Enterprise Value/Revenue (NYSE:TTM), 5.9 Under Armour, Inc. (NYSE:UA): 2007 P/E, 52.9x; Enterprise Value/Revenue (TTM), 6.2 Zumiez, Inc. (NASDAQ:ZUMZ): 2007 P/E: 33.2x; Enterprise Value/Revenue (TTM), 3.05 Volcom, Inc. (NASDAQ:VLCM): 2007 P/E: 20.1x; Enterprise Value/Revenue (TTM), 3.30 Action Board sports apparel retailer Volcom illustrates what happens when yellow flags begin to fly. On May 11, 2006, one of Volcom's largest customers (accounting for about 25% of revenue), casual apparel maker Pacific Sunwear (NASDAQ:PSUN) announced that same store sales and net income were lower in its 1Q:06. From May to August, PSUN shed about 30.4% in market value and in sympathy, Volcom's stock price dropped about 47.2% in market value! Heely's current stock price could look cheap, however, if management executes on its promise to increase domestic distribution by expanding the number of stores in which its wheeled footwear is sold (by existing retail customers and by adding new retail customers). If sales double in 2007 and the Company can continue to throw off net margins of 15%, Healy's share could increase another 50% in value. [Ed. note. Due to the Company's limited funding at its public inception, management will need to focus its marketing resources on specific regions of the country that management believes will more readily embrace wheeled sports. In our view, with growth comes the need for additional capital to fund the build out of additional distribution facilities, staffing needs, etc. Management expects to continue to depend upon this single product line for substantially all of its net sales in the foreseeable future. If consumer interest in HEELYS wheeled footwear or wheeled sports activity products in general declines, the Company would likely experience a significant loss of sales and would be forced to liquidate excess inventories at a discount, which would have a material adverse impact on its business and operations. Vulnerability Due to Customer Concentration. Success is contingent upon the willingness and ability of these retail customers to market and sell Heelys products to consumers. Because Heelys outsources all of its manufacturing to a small number of independent manufacturers, the Company may face challenges in maintaining a sufficient supply of products to meet future demand for its products or experience interruptions in its supply chain. Playoffs 12s ,Air Jordan 3 Retro Black Cement 2011 Air Jordan 10 Retro Stealth Air Jordan 10 Lady Liberty Oreo 4s Air Jordan 9 Olive 2012 Air Jordan 9 Cool Grey 2012 Air Jordan 7 Retro Orion 2011 Air Jordan 6 Slam Dunk Air Jordan 9 Fontay Montana Basketball is a great way to break a sweat. Playing basketball allows you to move all your body parts. It can help you lose weight too. There are many positions and techniques in basketball that you can learn in order to master the game. Whether it be amateur or professional basketball, these positions and techniques are very important to ensure a winning game and the improvement of the player. One of the positions crucial to the game is the triple threat position. This position is called such because when you have the ball, you can pass, shoot or dribble the ball. When you are in a triple threat position, you have all the advantage and have the chance to score or let your teammate shoot the ball by passing it to him. If you want to use this position next time you play basketball, this article will show you how. Read on. Position yourself near the basket. While the ball is still in your teammate's possession, get as near to the basket as possible so your teammate can pass the ball to you. But do not get too near that you enter the perimeter area and stay there for more than a few second because you will be called for a three second violation. Ask the ball from your teammate. Let the one holding the ball look at you and signal to him to pass the ball to you. If he sees that you are in a good position, he will immediately give you the possession of the ball. Do a triple threat position. Once you get the ball, scan the court for the best spot near the basket for this position. You must position yourself in such a way that you see your teammates where you can pass the ball, the basket where you can take a shot and an escape area where you can dribble the ball to get out of the opponent's defense line. Decide whether to shoot, dribble or pass. When you are in position, evaluate the situation in the court. If your opponent is in a position where you can do either of the three, determine which move to make. If one of your teammates is nearer to the basket and has more potential to shoot the ball, then you can pass it to him. When there is no one else in the low post for you to pass the ball, you can make the shot, provided your opponent will not get in the way. Lastly, if the opponent is threatening to grab the ball from you, dribble it and get away from your post and find a better spot to make a shot. When playing basketball, it is important to warm up before the game to prep your muscles and your whole body for the grueling activity ahead and to prevent any sprains and muscle pulls. Use appropriate shoes to avoid having blisters. On the other hand, for you to be a pro in basketball, keep practicing the different moves and techniques during your free time. You will be amazed to discover that these moves and techniques are pretty easy to do. So what are you waiting for? Take out those basketball shoes and jerseys and get to a basketball and bust those moves! Playoffs 12s,Retrospectively watching back Nike's 'Write The Future' advert, you can't help but feel like the whole thing is a parody. From Cannavaro's spritely dash to clear from his own goal line, to Wayne Rooney's basking in national adulation, Nike's depiction of the world's biggest players (who also happen to wear their boots) flows like a satire aimed, as with an educational video shown at school, to show how great things are when done correctly. It should be noted, however, that in the cases of Messrs Cannavaro and Rooney, they were at least awarded the opportunity to fail on the world's biggest stage. For the likes of Ronaldinho and Theo Walcott who also feature in the advert but didn't at the World Cup their roles trouble even the most adventurous of minds, with neither holding much attention during June other than maybe the odd scurrilous photographer traipsing round beaches in the Bahamas. Besides those who failed to even make their country's squads, the rest of the advert acts as a cruel epitaph. The piece starts with Didier Drogba picking the ball up deep and running with pace and panache at disconcertingly erratic defenders, diving at Drogba in a manner you would expect from somebody who had just disembarked from a sustained period on a playground roundabout. His run terminates with a delicately chipped finish, which is eventually heroically cleared by Cannavaro, who presumably required advanced CGI to have him performing both the quick sprint back to his goal line and the supple overhead kick to clear the ball. To be fair to the producers, their work certainly hits its zenith at the mid point, as England and France trade possession with profligate ease Rooney first attempting an overly ambitious pass to Walcott (his presence debatable, I know but let's run with it) before Franck Ribery intercepts and embarks on an exhibition of individualism himself. A hidden message, maybe, of the dangers of reliance on the individual? That maybe greater virtues lie in the collective? The presence of such a metaphor does, however, for some reason seem improbable. And even if it did, given that those watching the advert are regularly persuaded to part with more than for some plastic shoes, it is unlikely that the message would be acknowledged. Next up after the superfluous cameo of Ronaldinho is Cristiano Ronaldo. The Portuguese player has immaculately gelled hair, totally over manicured face and hardly a crease or scuff on his white Portugal shirt. So, it must be said, Nike should take credit for producing such a realistic portrayal of the player's on field visage. But a sudden tumble in the penalty area after minimal contact? Have some respect Nike Ronaldo deserves better than that. It's probably a good job he was too busy falling over blades of grass in South Africa for him to see the advert and angrily switch allegiance to a rival sportswear manufacturer. At least Nike did award Ronaldo the luxury of letting his whimsical day dreams spill out onto the screen with the conceiving of a Ronaldo movie. I for one, being a huge fan of theatrics and melodrama, would relish the opportunity to visit such a big screen experience. Having said that, Gael Garcia Bernal the actor proposed to play Ronaldo has too much Alberto Gilardino about him to be taken seriously as a footballer. So, adding Ronaldo to the list of characters already featured, I think it's clear to most football fans what the correlation is. They are not Diego Perez. They are not even Enrique Vera or Arne Friedrich. They are not even Quincy Owusu Abeyie, for goodness sake. All the participants of the advert are no longer in the tournament, and we've only just made it to the quarter final stage. Although, technically speaking, Ronaldinho and Walcott were never in the World Cup in the first place. And the number 27 who closes down Ronaldinho was presumably cut from his team's squad prior to the tournament, seeing as countries are only allowed 23 players. So how did Nike get it so wrong? How have all their stars ended up by the wayside so soon? Some would argue that the strength of these individuals could have helped aid the downfall of their sides, with a horrible over reliance making their sides predictable. Would it not be better to have an advert that exhibits Uruguay's discipline in the defensive third? Or maybe evidencing the merits of Ghana's rapid transition on the counter attack? After all, other than Argentina's Martin Demichellis, which player is even capable of leading his team to the title singlehandedly? Despite this individual v collective argument, though, Nike would probably just resort to using the more populist excuse and blame Adidas's Jabulani ball.
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