Anthony Industries, K2’s parent company, announced June 30, that second quarter net income was up 27 percent over last year to 6.4-million-dollars.
Though the company experienced across-the-board increases, some of this good fortune was directly attributed to K2 Snowboards’ record sales. According to B.I. Forester, chairman and chief executive officer of the company, sales of K2 boards were up 192 percent over last year.
“It wasn’t a surprise,” says Brent Turner, K2’s snowboard product manager. “I figured we’d have a pretty good quarter. I think other people are having exciting quarters, but no one knows because they don’t have to tell anybody. I know Ride had a good quarter and I’m sure Burton did, too.”
Turner says the growth has to do with three basic areas. “Part of that is due to the Clicker binding system that we’ve got,” he says. “There was no business there and now there’s a bunch. But there are other factors as well. We have more boards in the line, and the market is growing.”
But with a 192 percent increase, K2 is growing faster than the market. “I think that has to do our product, plus I think retailers have chosen to consolidate their brands they buy, and I think that’s helped some of the stronger brands in the stores.”
The increased business caused the board of directors to declare a regular cash dividend of eleven cents per share payable October 3, 1995 to shareholders of record at the close of business Sept. 6, 1995.
Aside from K2 Snowboards and skis, Anthony also makes Olin Alpine skis, Stearns active water-sports equipment, Shakespeare fishing rods, ProFlex mountain bikes, and Anthony swimming pools. We’re talking serious diversification.