UPDATE: Quiksilver Posts Downbeat FQ4 Profit

Quiksilver

reported a 94% drop in its fiscal fourth-quarter earnings. Quiksilver's quarterly profit fell to $4.4 million, or $0.02 per share, from $67.9 million, or $0.38 per share, in the year-ago period. Excluding special items, it earned $0.07 per share. Its revenue climbed 2.5% to $559 million. However, analysts were expecting earnings of $0.10 per share on revenue of $563.9 million. Its gross margin declined to 45.9% from 51.9%. Quiksilver shares tumbled 14.74% to $3.47 in after-hours trading.