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CITYSCAPE ROUNDUP:Quiksilver earnings jump 94%

December 21, 2006

Huntington Beach's second-biggest employer, Quiksilver Inc., reported a 94% jump in its net income and a 22% increase in sales for the quarter ended Oct. 28.

The sports apparel and gear maker said its net income in the fourth quarter increased from $33.6 million to $65.3 million, thanks to the turnaround of French ski maker Skis Rossignol, which Quiksilver bought in 2005.

Quiksilver's gross sales rose 22%, to $778.4 million, exceeding analysts' expectations of $747.5 million as well as beating the company's forecast of $745 million to $750 million.

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"[With] the Rossignol acquisition now firmly under our belt, we have re-created ourselves as a unified organization and have begun to fulfill our vision as the world's leading outdoor sports company," Quiksilver Chief Executive Robert B. McKnight Jr. said in a news release.

Quiksilver bought Rossignol in July 2005 for $314 million and added ski apparel to Rossignol's lineup. The French company is well known for making ski gear but had been losing money and market share when it was bought by Quiksilver.

Rossignol's seasonal business has a positive effect on the company's first and fourth quarters but a negative effect when its sales drop in the off-season, typically the second and third quarters, the company said in a news release.

Silva appointed to high-profile committee

Assemblyman Jim Silva of Huntington Beach got a flying start to his stint in Sacramento with an appointment as vice chair of the assembly committee on jobs, economic development and the economy for the 2007-08 session. The committee explores ways to improve the business climate in California.

Silva, who served his last term on the Orange County Board of Supervisors this year, was sworn in recently as the state Assembly member from the 67th district.

"It is critical to California's economy that the state continues to attract and retain businesses both small and large, expanding job opportunities for Californians," Silva said in a news release.

The assembly committee's purview includes business advocacy within the state and nation as well as in the import/export trade. It also means working with small-business development and operations, state and local economic development, women and minority business enterprises and relations between California and Mexico.

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