Quiksilver, Inc (NYSE:ZQK), today announced operating results for the fourth quarter and full year ended October 31, 2000.

The company's consolidated net sales for the fourth quarter of financial year 2000 increased to $151,610,000 a rise of 21.8 per cent compared to financial year 1999 consolidated net sales of $124,499,000.

Consolidated net income for the fourth quarter of financial year 2000 rose 24.3 per cent to $9,778,000 compared to $7,865,000 at the same point last year, and diluted earnings per share increased 23.5 per cent to $0.42 versus $0.34 for the fourth quarter of financial year 1999.

For the full financial year 2000 results, consolidated net sales increased 16.2 per cent to $515,689,000 as compared to 1999 full year consolidated net sales of $443,734,000.

Consolidated net income for the full financial year 2000 rose 19.8 per cent to $31,836,000 as compared to $26,584,000 in 1999, and diluted earnings per share for the full year increased 20.2 per cent to $1.37 versus $1.14 for the full financial year of 1999.

Robert B. McKnight, Jr, chairman of the board and chief executive officer of Quiksilver, Inc, said, "Given the challenging retail and foreign currency environment, we are very pleased with our results for the fourth quarter, another quarter of double digit earnings growth. We are especially pleased with the strong pace of our bookings for the Spring season and the excellent results we are seeing with Roxy."

Mr. McKnight continued, "This was not only another record year for Quiksilver financially, but we also accomplished a number of important strategic objectives. First and foremost, we completed the acquisition of Quiksilver International and truly became a global company."

"We also launched two new important brands, Hawk and Alex Goes, which furthers our strategy of diversification."

"We also continued to boost our retail presence by opening nine company-owned stores during the year. We are confident that these strategic initiatives, as well as a continued focus on targeted core advertising and event sponsorship are laying the foundations for the sustained long-term growth of our business," he added.

Based on the current foreign exchange rate environment, Quiksilver, Inc believes growth in consolidated net sales for the fianancial year 2001 will be in the range of 15 per cent to 20 per cent. Additionally, the company expects diluted earnings per share in the range of $1.50 to $1.56 for the full year in 2001.

Bob McKnight concluded, "While the continuing difficult foreign currency environment continues to impact our business, we remain highly enthusiastic about both the near-term and long-term growth prospects for Quiksilver. We believe the combination of strong Spring bookings and a firm strategic footing underline the true strength of this business. By leveraging our global brand, we are confident that we will continue to deliver strong sales and earnings growth in the years ahead."

About Quicksilver
Quiksilver designs, produces and distributes clothing, accessories and related products for active-minded people and develops brands that represent a casual lifestyle - driven from a boardriding heritage. It's primary focus is apparel for young men and young women under the Quiksilver, Quiksilver Roxy, Raisins, Radio Fiji and Hawk Clothing labels. Quiksilver also manufactures apparel for boys (Quiksilver Boys and Hawk Clothing), girls (Teenie Wahine and Raisins Girls), men (QS Silver Edition) and women (Leilani and Alex Goes), as well as snowboards, snowboard boots and bindings under the Lib Technologies, Gnu and Bent Metal labels. Quiksilver's products are sold throughout the world, primarily in surf shops and specialty stores that provide an outstanding retail experience for their customers. More information can be obtained from: http://www.quiksilver.com, http://www.mervin.com, and http://www.hawkclothing.com.