Citing a slowdown in its summer business,...

Citing a slowdown in its summer business, Quicksilver Inc., a Newport Beach sportswear and surfwear manufacturer, reported lower earnings for its third quarter ended July 31. The company posted a $906,000 profit, a 3% decline from the $935,000 earned during the same quarter last year. However, revenue of $12.4 million was a 44% increase from the $8.6 million for the same period last year. For the first nine months, earnings were $3.1 million, a 29% increase over $2.4 million in the like period a year ago. Sales climbed 65% to $36.9 million from $22.4 million. Quicksilver attributed the third quarter results in part to a company decision to aggressively cut prices to reduce inventory.