Huntington Beach-based Quiksilver Inc. will not sponsor the Quiksilver Pro New York next year, ending a major marketing initiative that debuted earlier this year.
The surfing competition was one of 11 events run by the Australia-based Association of Surfing Professionals International as part of its ASP World Title Series.
Quiksilver recently told analysts that it faced hurdles on insuring the event in the aftermath of Hurricane Irene. The hurricane brought heavy rain and winds to the Eastern Seaboard last year, forcing some cancellations of band performances and other activities at a festival that ran in conjunction with the surf competition.
Quiksilver makes clothes, shoes and accessories inspired by surfing, skateboarding and snowboarding.
“The 2011 installment was a fantastic event with excellent waves, tremendous local support and some of the best surfing we enjoyed all season,” ASP spokesperson Dave Prodan said. “That said, we understand the factors leading to Quiksilver’s withdrawal of the New York event from the 2012 schedule.”
Quiksilver saw sales for the 12 months through October up 6% to $1.95 billion.
Pro-forma income, which excludes certain one-time charges and a tax settlement from a French tax audit, for the 12 months through October was $30.8 million. That’s down from the $47.6 million the company saw a year earlier.
Quiksilver didn’t provide specific guidance for the current quarter ending in January or fiscal 2012.