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About Volcom, Inc.

Volcom is an innovative designer, marketer and distributor of premium quality young mens and womens clothing, accessories and related products. The Volcom brand, symbolized by The Stone , is athlete-driven, creative and forward thinking. Volcom has consistently followed its motto of “youth against establishment,” and the brand is inspired by the energy of youth culture. Volcom branded products are sold throughout the United States and internationally. Volcom’s news announcements and SEC filings are available through the company’s website at www.volcom.com.

Safe Harbor Statement

Certain statements in this press release and oral statements made from time to time by representatives of the company are forward-looking statements for purposes of the safe harbor provisions of The Private Securities Litigation Reform Act of 1995, including statements in connection with or related to any discussion of or reference to our future operations, opportunities or financial performance. In particular, statements regarding our guidance and future financial performance contained under the section entitled 2006 Outlook, and Mr. Woolcott’s statements regarding our outlook for future business and financial performance in the United States and abroad constitute forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as, “may,” “should,” “expects,” “plans,” “anticipates,” “believes,” “estimates,” “predicts” or the negative of these terms or other comparable terminology. These forward-looking statements are based on management’s current expectations but they involve a number of risks and uncertainties. Our actual results and the timing of events could differ materially from those anticipated in the forward-looking statements as a result of risks and uncertainties, including, without limitation, changes in fashion trends and consumer preferences, boardsports popularity and participation rates, sales of our products by key retailers, general economic conditions, the impact of trade safeguards with China, and additional factors which are detailed in our filings with the Securities and Exchange Commission, including the Risk Factors contained in our Annual Report on Form 10-K, filed with the Securities and Exchange Commission (the “SEC”) and our subsequently filed Quarterly Reports on Form 10-Q, all of which are available at www.sec.gov.

Readers are urged not to place undue reliance on these forward-looking statements, which represent management's current views and speak only as of the date hereof. Volcom is under no obligation, and expressly disclaims any obligation, to update or alter any forward-looking statements, whether as a result of new information, future events or otherwise.

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VOLCOM, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

(in thousands, except share and per share data)

	Three Months Ended September 30,		Nine Months Ended September 30,
	2006	2005	2006	2005
Revenues:
Product revenues............................................	$ 59,704	$ 50,096	$ 145,709	$ 116,259
Licensing revenues.........................................	1,345	1,096	2,987	2,477
Total revenues...............................................	61,049	51,192	148,696	118,736
Cost of goods sold............................................	30,141	25,082	73,352	57,522
Gross profit.......................................................	30,908	26,110	75,344	61,214
Selling, general and administrative expenses...	15,348	10,669	43,408	32,090
Operating income..............................................	15,560	15,441	31,936	29,124
Other income:
Interest income, net.........................................	1,048	463	2,762	461
Dividend income from cost method investee...	— 3	—	3	11
Foreign currency gain.....................................	122	171	384	54
Total other income.........................................	1,170	634	3,149	526
Income before provision for income taxes........	16,730	16,075	35,085	29,650
Provision for income taxes................................	6,567	4,783	13,964	7,797
Net income before equity in earnings of investee	10,163	11,292	21,121	21,853
Equity in earnings of investee...........................	—	—	—	331
Net income.........................................................	$ 10,163	$ 11,292	$ 21,121	$ 22,184

Net income per share:
Basic...............................................................	$ 0.42	$ 0.47	$ 0.87	$ 1.07
Diluted..............................................................	$ 0.42	$ 0.47	$ 0.87	$ 1.06
Weighted average shares outstanding:
Basic...............................................................	24,217,204	23,939,141	24,210,801	20,762,988
Diluted..............................................................	24,235,173	24,065,665	24,286,406	20,998,798
Pro forma net income data:
Income before provision for income taxes, as reported		$ 16,075		$ 29,650
Pro forma provision for income taxes.............		6,551		12,217
Pro forma net income before equity in earnings of investee.......................................................................		9,524		17,433
Equity in earnings of investee.........................		—		331
Pro forma net income.......................................		$ 9,524		$ 17,764

Pro forma net income per share:
Basic...............................................................		$ 0.40		$ 0.86
Diluted..............................................................		$ 0.40		$ 0.85
Pro forma weighted average shares outstanding:
Basic...............................................................		23,939,141		20,762,988
Diluted..............................................................		24,065,665		20,998,798

VOLCOM, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS (UNAUDITED)

(in thousands)

	September 30, 2006	December 31, 2005
Assets
Current assets:
Cash and cash equivalents.......................	$ 84,561	$ 71,712
Accounts receivable — net of allowances……………………………	35,978	21,408
Inventories..................................................	12,706	10,833
Prepaid expenses and other current assets	1,574	1,366
Income tax receivable................................	—	479
Deferred income taxes..............................	1,302	1,110
Total current assets................................	136,121	106,908
Property and equipment — net...................	8,874	3,467
Investments in unconsolidated investees...	298	298
Intangible assets — net...............................	398	451
Goodwill.......................................................	158	158
Other assets...............................................	229	99
Total assets.............................................	$ 146,078	$ 111,381

Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable......................................	$ 11,042	$ 5,779
Accrued expenses and other current liabilities.................................................................	7,095	2,587
Income taxes payable................................	2,582	—
Current portion of capital lease obligations	76	72
Total current liabilities..............................	20,795	8,438
Long-term capital lease obligations............	125	183
Deferred income taxes................................	80	80
Stockholders’ equity:
Common stock..........................................	24	24
Additional paid-in capital............................	85,684	84,418
Retained earnings.....................................	39,387	18,266
Accumulated other comprehensive income	(17)	(28)
Total stockholders’ equity........................	125,078	102,680
Total liabilities and stockholders’ equity..	$ 146,078	$ 111,381

VOLCOM, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

(in thousands)

	Nine Months Ended September 30,
	2006	2005
Cash flows from operating activities:
Net income...................................................................	$ 21,121	$ 22,184
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization...............................	1,000	406
Equity in earnings of investee................................	—	(331)
Provision for doubtful accounts..............................	464	89
Tax benefits related to exercise of stock options	(116)	2,833
Loss on disposal of property and equipment.....	8	30
Stock-based compensation...................................	607	145
Deferred income taxes............................................	(193)	(428)
Changes in operating assets and liabilities:
Accounts receivable...............................................	(15,021)	(11,190)
Inventories................................................................	(1,864)	(5,946)
Prepaid expenses and other current assets.....	(194)	(459)
Income taxes receivable/payable........................	3,176	4,466
Other assets............................................................	(118)	(53)
Accounts payable....................................................	5,252	2,013
Accrued expenses..................................................	3,982	1,894
Net cash provided by operating activities.........	18,104	15,653

Cash flows from investing activities:
Purchase of property and equipment.....................	(5,693)	(2,775)
Business acquisitions, net of cash acquired........	(168)	—
Proceeds from sale of equity method investee....	—	1,391
Net cash used in investing activities.................	(5,861)	(1,384)

Cash flows from financing activities:
Principal payments capital lease obligations.......	(53)	(68)
Proceeds from initial public offering, net of offering costs.............................................................	—	80,131
Proceeds from exercise of stock options...............	543	200
Tax benefits related to exercise of stock options..	116	—
Distributions to stockholders...................................	—	(39,204)
Net cash provided by financing activities.........	606	41,059

Effect of exchange rate changes on cash..............	—	—

Net increase in cash and cash equivalents..........	12,849	55,328
Cash and cash equivalents — Beginning of period............................................................................	71,712	10,359
Cash and cash equivalents — End of period.........	$ 84,561	$ 65,687