CORRECTED - CORRECTED-UPDATE 1-K-Swiss posts Q1 loss; plant closure to hurt
(Corrects first bullet point to show that the company posted a loss in the first quarter, not a profit)
* Q1 shr/loss $0.13 vs est loss $0.14/shr
* Q1 revenue slips 11 pct, below Wall Street view
* Sees FY10 revenue down 5 pct-10 pct vs FY09
* Sees Q2, Q3 rev falling on y-o-y basis
* Thailand plant closure to hurt Q2, Q3
May 6 (Reuters) - K-Swiss Inc KSWS.O posted a narrower-than-expected quarterly loss, but the athletic-shoes maker said it expects 2010 revenue to be 5 percent to 10 percent below 2009, hurt in part by the closure of a manufacturing facility in Thailand. K-Swiss, which sells athletic, training, and children's shoes, apparel and accessories, said that on a year-over-year basis, it expects second and third-quarter revenue to dip, and then pick up again in the fourth quarter.
Second and third quarter revenue will be hurt by the April closure of one of the company's three contract manufacturers in Thailand. Assuming it cannot fulfill previously scheduled orders from the operation, K-Swiss expects about $5.0 million in lost revenue.
For the first quarter ending March 31, the company posted a net loss of $4.7 million, or 13 cents a share, up from a net loss of $1.1 million, or 3 cents a share, a year earlier. Revenue at the company, which sells its products under the K-Swiss and Royal Elastics brands in the United States and Europe, slipped 11 percent to $65.9 million.
Analysts on average were looking for a loss of 14 cents a share, on revenue of $68.6 million, according to Thomson Reuters I/B/E/S. Shares of the Westlake Village, California-based company closed at $12.04 Wednesday on Nasdaq. (Reporting by Shradhha Sharma in Bangalore, Editing by Anthony Kurian)
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