Quiksilver (NYSE:ZQK) is riding the biggest wave since Bodhi (Patrick Swayze in the movie Point Break) went down in the huge swell off Bells Beach, Australia. Well, not quite. But it's a big one. It was catching air a quarter ago, and this company doesn't appear to be slowing down with the latest press release.

Revenues at Quiksilver, which provides sportswear and accessories to the younger generation, rose by 32.3% to $426.9 million in the second quarter. Sales in the Americas increased 34%. European revenues were up by 26%, partially because of the favorable currency exchange between the euro and U.S. dollars. The Asia/Pacific territory continues to experience the most robust growth, as revenues there increased 52% to $50.3 million.

If there's a shark in this surfer's path, some might argue it's the company's margins. For the first quarter, Quiksilver's operating margin declined 9.2% against the year-ago quarter. In the latest quarter, the profit level dropped again, but only slightly. For the quarter, its operating margin was 12.7% vs. 13% from the second quarter of 2004.

Quiksilver's net income continues to grow rapidly, increasing 25% to $34.7 million. Now through two quarters, the company has earned $0.40 per share. Considering that it's estimating to earn $0.81 to $0.82 per share, it looks like good surfing weather will stick around.

If you want to see some big wave riding, head to Waimea, Hawaii. Or, stay closer to home and keep your eyes glued on Quiksilver, because any upside surprise swell in the second half of this year could create some serious adrenaline junkie moves for this stock. At a forward price-to-earnings ratio of 20, this wave still looks too hairy for me, but you have to admire the Bodhis out there who ride these highfliers.

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Fool contributor Jeremy MacNealy does not own shares in any of the companies mentioned.