Skullcandy Files S-1 Registration Statement for Initial Public Offering

PARK CITY, UTAH, Jan. 28, 2011 – Skullcandy, Inc. announced today that it has filed a registration statement on Form S-1 with the Securities and Exchange Commission relating to a proposed initial public offering of its common stock. The shares in the offering will be offered by Skullcandy and certain selling stockholders. The number of shares to be offered and the price range for the offering have not yet been determined.

BofA Merrill Lynch and Morgan Stanley will act as joint book-running managers for the offering.

Copies of the preliminary prospectus for the offering, when available, may be obtained from BofA Merrill Lynch, 4 World Financial Center, New York, NY 10080, Attn: Prospectus Department or by e-mail at dg.prospectus_requests@baml.com or from Morgan Stanley & Co. Incorporated, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, New York 10014, Telephone: 1-866-718-1649, or by emailing prospectus@morganstanley.com.

A registration statement relating to these securities has been filed with the U.S. Securities and Exchange Commission, but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

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About Skullcandy, Inc.

Skullcandy develops and distributes headphones and other audio accessories to retailers throughout the United States and to distributors worldwide.

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Alecia Pulman

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ICR

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