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Playoffs 8s Where Can i Order Cool Grey 12s Mens And Women,80% Discount Off,Free Shipping Good day and welcome to the K Swiss conference call. Today call is being recorded. At this time, for opening remarks and introductions, I would like to turn the call over to Chairman of the Board and President, Mr. Steven Nichols. Please go ahead, sir.
Thank you, and good morning, everyone. With me today is George Powlick, our Chief Financial Officer. We appreciate you being on the call this morning. Before I begin, I would like to have George cover the Safe Harbor language. George?
Certain matters discussed in this press release are subject to certain risks and uncertainties that could cause actual results to differ materially, including but not limited to non achievement of the assumptions discussed herein, general and regional economic conditions, industry trends, merchandise trends, including market acceptance of the company product offerings, customer demand, competition, the impact of terrorism and/or potential global conflict on the worldwide economy, and order cancellations and reduced sales resulting from a slower worldwide economy.
A complete description of these factors as well as others which could affect the company business is set forth in the company periodic filings, including its Form 10 K for the year ended December 31, 2007, which is currently on file with the SEC. Backlog as of any date represents orders scheduled to be shipped within the next six months. Backlog does not include orders scheduled to be shipped on or prior to the date of determination of backlog. The mix of futures and at once orders can vary significantly from quarter to quarter and year to year and therefore, futures are not necessarily indicative of revenues for subsequent periods.
Thank you, George. The message on today call is very similar to what we been describing throughout 2007. Worldwide revenues and backlog are down overall on continued weakness in the domestic market, while international revenue and backlog are up, albeit at a slower pace in the fourth quarter than we experienced earlier in the year.
The investments in our premium sports branding initiative were also clearly evident in the quarter, as we experienced our first quarterly operating loss in 10 years and our earnings per share was at the low end of our guidance. We been saying for several quarters now that domestic business will be weak until at least late in 2008. And what we have seen over the retail environment of late and early order indications suggest that expectations need to extended to 2009.
As we discuss in a moment, there are a number of branding efforts underway and our new team continues to make progress. It will take time and we prepared to manage through this cycle with tight inventories and a very sound balance sheet. The breakdown of sales by product category for the fourth quarter of 2007 continues to reflect a decline in the Classic business, but demonstrated improvement in other areas. The breakdown was: Classics 62%, children 20%, Royal Elastics 5%, tennis 7%, training 4% and other 2%.
Our Classic category revenues were down 28% when compared to the prior year period. This category is segment into Classic Originals, which accounted for 45% of the fourth quarter revenues and was down 30% when compared to the prior year period. The other Classic category accounted for 17% of revenues and was down 23% in the quarter.
Our biggest seller for the quarter was the Classic, which sold 260,000 pair and was down 23% from the prior year period. The other top sellers were Lozan II with 180,000 pair the Lozan II Strap DX with a 132,000 pair and the Rathburn Limited Edition shoe with a 137,000 pair. The children category was down 2% for the quarter, mirroring the weakness in our Classic category. For the quarter tennis was up 72%. Sales of our training category were down 12% for the quarter. Royal Elastics sales were up 36% in the quarter and Royal Elastics backlog at Q4 2007 is up 5%.
During the last quarter significant focus was placed on developing and planning our new global campaign in 2008. This campaign will showcase our premium sports direction and unify the brand positioning under a single tagline "Keep It Pure". We feel it is important for K Swiss to have a single message around the world and we striving to accomplish this by the end of 2008. This campaign will showcase our athletes in many media vehicles including television, print, outdoor, online, in store and in and out of sports in our performance and lifestyle apparel.
We also some interest in consumer experiences, this spring we plan to round out the media campaign including a multi marketing free running tour on college campuses and temporary pop up retail stores in Santa Monica and Soho. The media mix is more diverse than before, realizing that no one format can reach all of our consumers. We also increasing the amount of funding to give to online consumers the experience given the importance of these things to our target consumers. We continue to pursue our performance strategy in both product and marketing, realizing that that is what will give us the authenticity for our brand. Tennis is obviously our heritage so we continue to focus on this from both an athlete and a media standpoint. We added a couple of new tennis players to our arsenal to continue to have high visibility and hopefully victories during Grand Slams. Mardy Fish, a top American tennis player and Michaella Krajicek a top European player are two of our most recent signs.
In running we will continue to work with Triathletes and world class [runners] for product development and exposure. We recently signed two female Triathletes, Kim Loeffler and [Linda Cave]. Running is a big opportunity for the brand to grow in the future. However it will take time and persistence from a product marketing and sales standpoint.
Finally we have an opportunity to be first with an emerging sport, free running. We are fortunate to have the founding father Sebastian Foucan as a face of our brand and a key partner in product development. Additionally we have (inaudible) and free running teams around the globe working for us and product ware testing and events and expeditions. Free running will be showcased from K Swiss as a key part of our 2008 marketing with advertising in store, online events.
We already seen that momentum behind the sport is growing and is something that appears to young teams 20 and some thing males would tend to buy a lot of sneakers.
I now turn the call over to George for a few more minutes to go into the financial details.
Thanks Steven. Revenues were within the range we had expected for the quarter with a 17% decrease from the prior year quarter and a 26% decrease in the volume of footwear sold. At once business was 15% from the quarter which is in line with the 8% to 20% we had anticipated compared with 19% a year ago. Earnings however were at the lower end of our range of zero to $0.09 in earnings per share due to higher than projected SG expenses related to advertising.
For the K Swiss brand, the average wholesale price per pair increased to $28.46 for the fourth quarter compared to $25.71 in the prior year period. The volume of footwear sold was 2.5 million pairs in the fourth quarter, compared with 3.4 million pairs in the fourth quarter of 2006.
Overall gross profit margin as a percentage of revenues was 47.6% in the fourth quarter, compared with 45.4% in the prior year period, due to European revenues being a larger portion of total sales.
Our SG measured as a percent of revenues was 52.3% compared with 34.2% a year ago. We had originally anticipated SG would be no higher than $37 million for the quarter or approximately 47% of sales.
The higher SG principally represents investments and advertising. We posted an operating loss in the fourth quarter for the first time in 10 years compared with $10.5 million on operating income or 11.2% operating margin for the fourth quarter a year ago.
We had an income tax benefit in the quarter of $1.9 million due to the operating loss compared with a tax rate of 15% for the prior year period. We are expecting an annual effective rate for 2008 of about 0% due to the projected breakeven operating income and tax free interest income.
Our balance sheet at December 31, 2007 remained strong with working capital reaching $355 million compared with $324 million a year ago. Accounts receivable were $34.8 million or 40 days outstanding compared with 39 days the previous year.
Our inventories were up 7% compared with December 31, 2006, and we ended the quarter with approximately $291 million or $8.38 per share in cash on the balance sheet. I now turn the call back to Steven to wrap up the operational highlights.
Our international business continues its positive momentum in the quarter. Revenues were up 6% in the fourth quarter and backlog is up 14% at December 31st. Europe sales were up 22% in the quarter with a 16% increase in backlog. Europe accounted for 39% of our worldwide revenues, up from 27% a year ago. Sales in the Asian region were down 14% for the quarter, opposed to the 21% increase in backlog.
Asia is our largest region, accounting for 13% of worldwide revenue in the quarter, compared with 12% a year ago. Our largest customer continues to be FootLocker. The sales to the FootLocker group were 8% of Q4 worldwide sales compared with 12% a year earlier. In Q4, sales to FootLocker were down 41% and sales to all others were 13%. FootLocker represents approximately 9% our backlog at December 31, 2007 compared to 11% the year earlier. A 28% decrease in our total backlog, while the worldwide backlog with all customers is down 10%.
Royal Elastics operated a loss of $0.03 per share for the quarter compared with breakeven a year ago. We expect that the investment in Royal Elastics will continue in 2008 with a net loss per share expected to be no more then $0.06 per share. retail store, measuring roughly 1,200 square feet. The Royela Main Street in Santa Monica gives us an opportunity to showcase new shoes such as King and Queen high tops as well as licensed shoes such as Lamb Sneakers and Andy Warhol. The full Royal Elastics offering will be on display in the store for the first time in the United States. We already have three Royal Elastic stores in Taiwan.
There were no purchases of Class A common stock during the fourth quarter of 2007. As we discussed many times before, we continue to explore options for allocating capital to insure the best long term returns for our shareholders.
I now turn the call over to George one more time to wrap up the financial review.
Thanks, Steven. As noted in our press release, the total worldwide futures order backlog decreased 12% to $148 million at December 31, 2007. The domestic backlog decreased 40% while the international backlog was up 14%. The total backlog is comprised of a 14% decrease in the first quarter 2008 futures orders to $96 million and a 9% decrease in the second quarter 2008 futures orders to $52 million. Domestic backlog is down 39% for the first quarter of 2008 and down 40% for Q2, International backlog is up 12% for Q1, and up 19% for Q2, Current domestic Q3, 2008 bookings imply continuation of materially declining domestic sales..
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i say use your judgement. if you're somewhere that the floor is really dirty, don't let LO crawl or watch LO very carefully. it's not gonna kill her, but you never know what she'd be putting in her mouth.
I wouldnt worry about it. We have hard wood floors so everyday sometimes twice a day we would give it a quick sweap with swiffer sweeper (takes less that 5 minutes.500 sqf condo). now that he's walking the germ thing is even worse lol. Just take basic precautions. Look at floor / baby eye level and make sure little things have been removed (kids are brilliant at finding small things to teeth on when they're at that stage). Periodically clean carpets or wash floors because shoes track in unseen goo from outside. Wash the babies hands here and there. always let my babies crawl freely at home and outside and I don't spend my days scrubbing things either. I wouldn't at a hospital or doctor's office, as a PP said; pretty much my own personal limit. Cool Grey 12s ,Air Jordan 3 Retro Black Cement 2011 Sport Blue 14s Spizike Space Blue Air Jordan 14 Sport Blue Fire Red 5s Laney 5s Air Jordan 9 Johnny Kilroy Doernbecher 10s Sport Blue 14s If you're not blessed with the grace of an Ernie Els or Sam Snead, you can always resort to an eye catching ensemble. For those who really want to turn heads and start conversations, there are several shoe brands and styles that will do the trick quite nicely.
In addition to traditional styles, today's player can select golf shoes disguised as athletic shoes, skateboard kicks, even sandals and flip flops. But if it seems the golf shoe has reached its stylistic limits, a few renegade companies beg to differ.
Crocs Ace Golf Thanks to super chef Mario Batali and his ubiquitous orange clogs, the Crocs brand is known the world over. Not many folks are aware, though, that the company makes a golf shoe in the same style.
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