Back on Its Heelys
Carrollton-based Heelys this morning announced a "new national skate team comprised of some of the nation’s top skaters." The nine skaters range in age from 21 to 7, and the point of their new team is to "further develop the sport of hybrid skating, the combination of walking and running with skate tricks," says this morning's media announcement.
Funny thing: The announcement comes only four days after Heely's announced that its third-quarter profits took a nosedive of 44 percent in the third quarter. Said its most recent Securities and Exchange Commission filing last week: "Net sales for the third quarter of 2007 were $49.9 million compared to net sales of $72.5 million in the corresponding period a year ago." And the company says it'll be lucky to break even in the fourth quarter. Only last week Heelys stock hit an all-time low, of around $6, after once hovering at the $40 mark shortly after going public almost one year ago. So, by all means: Go, skate team! --Robert Wilonsky