Yesterday, I asked if K-Swiss (NASDAQ:KSWS) is cheap or not. In some situations, I suggested, it could be, mainly because of its gigantic cash hoard. However, absent any new products to diversify itself beyond the ancient "Classic" shoe and give it room to run against Nike (NYSE:NKE) and Skechers (NYSE:SKX), there's little for investors to get excited about.

Second-quarter results didn't seem to provide much hope for a rebound. Net income came in at $26.4 million, or $0.75 per share, up nicely from the $0.22 per share earned in the same period last year. That might look like great news, but the quarter was juiced by a one-time $30 million litigation settlement from Payless ShoeSource. Strip that out, and K-Swiss would have earned $0.23 per share -- still well above the $0.02 per share analysts were looking for.

Worldwide revenues decreased 16.9%, to $85.2 million. The tricky domestic market still seems to be the thorn in K-Swiss' side, with revenues tanking 32.7%. Futures orders -- perhaps the best indication of what's in store for the company -- slipped more than 50% in the U.S. and 32% worldwide. Pretty dreary all around.

Keep waiting … and waiting
There weren't too many surprises in the quarter. Management guided for full-year earnings per share to be between $0.50 and $0.65. Sure, you can be thankful the company is still in the green, but that's hardly the kind of fuel this stock needs to get moving. It takes time for new products and marketing to make an impression on consumers, and short of integrating something new into the company's lineup, there's really no catalyst to get shares moving.

I'm still not giving up hope on K-Swiss. Its balance sheet is impenetrable, management is top-notch, and shares are already priced to reflect these dismal times. If you're a believer in a K-Swiss turnaround, grab a drink and be patient. There's more likely than not a good deal of value in this stock. It's just going to take time.

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Fool contributor Morgan Housel doesn't own shares in any of the companies mentioned in this article. The Fool has a disclosure policy.