Quiksilver announces the world's largest action sports and music festival ever assembled when The Quiksilver Pro New York supported by vitaminwater arrives in Long Beach, New York from September 1-15.  The inaugural U.S. event in the Quiksilver Pro Global Series, which also includes pinnacle events in France and Australia, The Quiksilver Pro New York can already claim its spot as the largest assemblage of music talent and athletes for an action sports competitive event. The festivities kick-off Labor Day Weekend with Quiksilver, DC and Roxy's top athletes on-hand to meet fans and perform a series of skate, BMX and moto demos; followed by eight nights of music with headlining acts that include The Flaming Lips, Girl Talk, Interpol, Taking Back Sunday and a special benefit concert hosted by Kelly Slater & Friends on Saturday, September 10.

Quiksilver, Inc. (NYSE:ZQK) yesterday announced operating results for the fourth quarter and full year ended October 31, 2010. Consolidated net revenues from continuing operations for the fourth quarter of fiscal 2010 decreased by 8%, which was a smaller decrease than the company expected a quarter ago, to $495.1 million compared to $538.7 million in the fourth quarter of fiscal 2009. Fourth quarter pro-forma income from continuing operations was $21.8 million or $0.12 per share, compared to $3.2 million, or $0.02 per share for the fourth quarter of fiscal 2009. Pro-forma income for the fourth quarter of fiscal 2010 excludes a $34.4 million non-cash write-off of deferred debt issuance costs associated with previous financings in addition to $7.9 million of non-cash asset impairments and $2.6 million of restructuring costs. A reconciliation of GAAP results to pro-forma results is provided in the accompanying tables. Including these amounts, the loss from continuing operations for the fourth quarter was $23.1 million or $0.15 per share, compared to $15.7 million or $0.12 per share in the same quarter a year ago.

• Quiksilver stockholders overwhelmingly approve de-leveraging option
• Exchange reduces debt by $140 million
• Debt-for-equity exchange accretive to earnings

Quiksilver, Inc. (NYSE:ZQK) today announced that it has completed a transaction with Rhône to exchange $140 million of the outstanding principal amount of Quiksilver’s senior secured term loans for an aggregate of approximately 31.1 million shares of its common stock at an exchange price of $4.50 per share.

Quiksilver, Inc. (NYSE:ZQK) yesterday announced operating results for the second fiscal quarter ended April 30, 2010. Consolidated net revenues from continuing operations for the second quarter of fiscal 2010 decreased 5% to $468.3 million from $494.2 million in the second quarter of fiscal 2009. Pro-forma consolidated income from continuing operations for the second quarter of fiscal 2010 was $15.7 million, or $0.11 per share, compared to $6.6 million, or $0.05 per share, for the second quarter of fiscal 2009. Pro-forma income for the second quarter of fiscal 2010 excludes $2.9 million in restructuring charges, consisting primarily of severance pay, as well as a non-cash charge of $5.2 million for incremental stock compensation expense related to the appreciation in value of shares of company stock granted to Kelly Slater during the quarter following stockholder approval. These charges were partially offset by a gain of $1.3 million on the sale of the Raisins swimwear trademarks. Including these amounts, income from continuing operations was $8.8 million, or $0.06 per share, compared to $4.9 million, or $0.04 per share, for the second quarter of fiscal 2009. A reconciliation of GAAP results to pro-forma results is included in the accompanying tables. Net revenues and the income from continuing operations for all periods exclude the results of the Rossignol wintersports business, which was sold in November 2008 and is reported as discontinued operations.

Quiksilver, Inc. (NYSE:ZQK) today announced that it has entered into an agreement with its European banking partners to consolidate its European debt obligations, including previously uncommitted lines of credit, into a new committed 4-year facility consisting of €170 million in term loans, a letter of credit facility with a capacity of €40 million and a €58 million revolving line of credit. The European facility is subject to customary closing conditions and is expected to close before the end of September. As part of its commitment, the European bank group has extended the maturity of a €55 million line of credit, which will be absorbed into the new facility, to accommodate the expected closure date of the transaction.