Bakers Footwear Group, Inc. (Nasdaq: BKRS), a leading
specialty retailer of moderately priced fashion footwear for young
women, with 239 stores, today announced results for the thirteen
weeks and fifty-two weeks ended January 30, 2010.
For the fourth quarter, the thirteen weeks ended January 30,
2010:
- Net sales were $57.6 million, an
increase of 3.9% from $55.5 million for the thirteen-week period
ended January 31, 2009;
- Comparable store sales increased
3.9%, compared to 3.6% in the prior-year period;
- Gross profit was $21.0 million,
or 36.4% of net sales, compared to $17.4 million, or 31.4% of
net sales in the fourth quarter last year;
- Operating income was $6.1
million, or 10.6% of net sales, compared to $1.3 million, or 2.3%
of net sales in the fourth quarter last year; and
- Net income was $5.6 million or
$0.73 per diluted share, compared to $0.5 million, or $0.07 per
diluted share in the fourth quarter last year.
For the fiscal year, the fifty-two weeks ended January 30,
2010:
- Net sales were $185.4 million,
up from $183.7 million for the fifty-two weeks ended January 30,
2009. Comparable store sales increased 1.3%, compared to an 0.5%
increase in fiscal 2008;
- Gross profit increased to $53.4
million, or 28.8% of net sales, compared to $50.6 million, or
27.5% of net sales in fiscal 2008;
- Operating loss decreased to $6.5
million, compared to an operating loss of $11.8 million in fiscal
2008; and
- Net loss was $9.1 million or
$1.24 per share, compared to a net loss of $15.0 million, or $2.13
per share in fiscal 2008.
For the first seven weeks of fiscal 2010 ended March 20, 2010,
comparable store sales increased 2.3% compared to an increase of
3.8% in the same period last year.
Peter Edison, Chairman and Chief Executive Officer of Bakers
Footwear Group commented, “We are pleased with our fourth quarter
performance, which included a 3.9% increase in comparable store
sales, a 500 basis point increase in gross profit margin and a
dramatic improvement in net income compared to the fourth quarter
last year. Our results demonstrate the progress of our turnaround
strategies that are focused on delivering compelling fashion and
value to our customers and increasing inventory turns through
narrow and deep assortments. We are equally pleased with our fiscal
2009 results. Fiscal 2009 marked our second consecutive year of
comparable store gains. We generated positive adjusted EBITDA of
$3.8 million and improved our bottom line by $5.9 million.”
“As we look ahead, we believe we are well positioned and expect
another year of solid improvement in fiscal 2010,” Mr. Edison
commented further. “Our goals for the year are to pay off our
subordinated secured term loan and continue to improve cash flow,
as we drive increases in comparable store sales and gross profit
margin while targeting a further reduction in expenses. In support
of our expectations our spring comparable store sales are up 2.3%
for the first seven weeks of the year. We remain confident that our
strategies will continue to benefit all Bakers stakeholders.”
Amendment to Debt
Agreement
On March 23, 2010, the Company amended the terms of its
subordinated secured term loan. The amendment was made to eliminate
the EBITDA covenant for the fourth quarter of fiscal year 2009 in
order to maintain compliance at January 30, 2010 and to eliminate
the EBITDA and tangible net worth covenants for fiscal year 2010.
The Company was not required to pay any fees for these changes.
Based on the Company’s business plan, the Company believes it
has adequate liquidity to fund anticipated working capital
requirements throughout 2010. The Company’s Current Report on Form
8-K, issued today, discloses additional information regarding the
amendment to the debt agreement and provides additional disclosure
regarding the risks of the Company’s current liquidity
situation.
Nasdaq Capital Market
Listing
Bakers shareholders’ equity at the end of fiscal year 2009 does
not meet the $2.5 million minimum requirement for continued listing
on the Nasdaq Capital Market. As a result, the Company expects to
receive a delisting notification letter from Nasdaq. Upon receipt
of such notification, Bakers intends to file an appeal with Nasdaq
for continued listing. However, the Company can give no assurance
that it could successfully appeal a staff delisting notification by
Nasdaq.
Annual Meeting
Separately, the Company announced that its 2010 Annual Meeting
of Stockholders will be held on Wednesday, June 16, 2010, at 11:00
a.m., at the Marriott Residence Inn, 525 South Jefferson Avenue,
St. Louis, Missouri 63103.
Conference Call
The Company also announced that it will conduct a conference
call to discuss its fourth quarter and fiscal year 2009 results
today, Thursday, March 25, 2010 at 9:00 a.m. Eastern Time.
Investors and analysts interested in participating in the call are
invited to dial (877) 407-0784, approximately five minutes prior to
the start of the call. The conference call will also be webcast
live at http://viavid.net/dce.aspx?sid=0000729D. A replay of this
call will be available until April 1, 2010 and can be accessed by
dialing (877) 660-6853, referencing account number 3055 and
entering confirmation number 347728. The webcast will remain
available until April 25, 2010 at the same web address.
About Bakers Footwear Group, Inc.
Bakers Footwear Group, Inc. is a national, mall-based, specialty
retailer of distinctive footwear and accessories for young women.
The Company’s merchandise includes private label and national brand
dress, casual and sport shoes, boots, sandals and accessories. The
Company currently operates approximately 240 stores nationwide.
Bakers’ stores focus on women between the ages of 16 and 35. Wild
Pair stores offer fashion-forward footwear to both women and men
between the ages of 17 and 29.
THIS PRESS RELEASE CONTAINS FORWARD-LOOKING STATEMENTS (WITHIN
THE MEANING OF SECTION 27(A) OF THE SECURITIES ACT OF 1933 AND
SECTION 21(E) OF THE SECURITIES EXCHANGE ACT OF 1934). BAKERS
FOOTWEAR HAS NO DUTY TO UPDATE SUCH STATEMENTS. ACTUAL FUTURE
EVENTS AND CIRCUMSTANCES COULD DIFFER MATERIALLY FROM THOSE SET
FORTH IN THIS STATEMENT DUE TO VARIOUS FACTORS. FACTORS THAT COULD
CAUSE THESE CONDITIONS NOT TO BE SATISFIED INCLUDE INABILITY TO
COMPLY WITH NASDAQ LISTING REQUIREMENTS, MATERIAL DECLINES IN SALES
TRENDS AND LIQUIDITY, MATERIAL CHANGES IN CAPITAL MARKET CONDITIONS
OR IN BAKERS FOOTWEAR’S BUSINESS, PROSPECTS, RESULTS OF OPERATIONS
OR FINANCIAL CONDITION, AND OTHER RISKS AND UNCERTAINTIES,
INCLUDING THOSE DETAILED IN BAKERS FOOTWEAR’S MOST RECENT ANNUAL
REPORT ON FORM 10-K AND OUR MOST RECENT QUARTERLY REPORTS ON FORM
10-Q, INCLUDING THOSE DISCUSSED IN “RISK FACTORS,” IN “MANAGEMENT’S
DISCUSSION AND ANALYSIS OF FINANCIAL POSITION AND RESULTS OF
OPERATIONS” AND IN NOTE 2 TO THE FINANCIAL STATEMENTS IN THESE
REPORTS, AND IN BAKERS FOOTWEAR’S OTHER FILINGS WITH THE SECURITIES
AND EXCHANGE COMMISSION, INCLUDING THE COMPANY’S CURRENT REPORT ON
FORM 8-K FILED ON MARCH 25, 2010.
Bakers Footwear Group, Inc. Thirteen
Thirteen Fifty-two Fifty-two
Weeks Ended Weeks Ended Weeks Ended Weeks
Ended January 30, January 31, January 30,
January 31, Income Statement Data 2010
2009 2010 2009 (in
thousands, except per share data) Unaudited Unaudited Unaudited
Unaudited Net sales $ 57,630 $ 55,481 $ 185,369 $ 183,662
Cost of merchandise sold,
occupancy, and buyingexpenses
36,646
38,055
132,000
133,110
Gross profit 20,984 17,426 53,369 50,552 Operating
expenses Selling 11,187 11,320 40,827 42,158 General and
administrative 3,659 4,802 15,929 17,213 Loss on disposal of
property and equipment 8 26 306 347 Impairment of long-lived assets
— — 2,762
2,610 Operating income (loss) 6,130 1,278
(6,455 ) (11,776 ) Interest expense (544 ) (958 ) (2,724 )
(3,255 ) Other income, net 4 25
97 120 Income (loss)
before income taxes 5,590 345 (9,082 ) (14,911 ) Income tax
expense (benefit) — (138 )
— 85 Net income (loss) $
5,590 $ 483 $ (9,082 ) $ (14,996 ) Basic earnings (loss) per
share $ 0.76 $ 0.07 $ (1.24 ) $
(2.13 ) Diluted earnings (loss) per share $ 0.73 $
0.07 $ (1.24 ) $ (2.13 )
Weighted average shares outstanding Basic 7,383 7,056 7,328 7,041
Diluted 7,869 7,061 7,328 7,041
Cash Flow Data
Cash provided by (used in) operating activities $ 3,920 $ (4,038 )
Cash used in investing activities (428 ) (922 ) Cash provided by
(used in) financing activities (3,472 ) 4,935 Net increase
(decrease) in cash 20 (25 )
Supplemental Data
Comparable store sales increase 3.9 % 3.6 % 1.3 % 0.5 % Gross
profit percentage 36.4 % 31.4 % 28.8 % 27.5 % Number of stores at
end of period 238 239
Bakers Footwear Group, Inc.
January 30, January 31, Balance Sheet
Data 2010 2009 (in thousands)
Unaudited Unaudited Cash $ 155 $ 135 Accounts receivable 1,387
1,373 Inventories 20,233 20,976 Other current assets 1,235
1,028 Current assets 23,010 23,512 Property
and equipment, net 24,757 34,030 Other assets 851
966 $ 48,618 $ 58,508 Accounts payable $
10,139 $ 7,557 Revolving credit facility 10,532 11,483 Subordinated
secured term loan 2,785 4,817 Subordinated convertible debentures
4,000 4,000 Other current liabilities 9,839
10,427 Current liabilities 37,295 38,284
Accrued noncurrent rent liabilities 9,183 9,775
Shareholders’ equity 2,140 10,449 $ 48,618
$ 58,508
Table I: Reconciliation of Net Income (Loss) to
Adjusted EBITDA Thirteen
Thirteen Fifty-two Fifty-two Weeks
Ended Weeks Ended Weeks Ended Weeks Ended
January 30, January 31, January 30, January
31, 2010 2009 2010
2009 Net income (loss) $ 5,590 $ 483 $ (9,082 ) $ (14,996 )
Interest expense 544 958 2,724 3,255 Depreciation expense 1,514
1,808 6,536 7,781 Provision for (benefit from) income taxes ― (138
) ― 85 Loss on disposal of property and equipment 8 26 306 347
Impairment of long-lived assets ― ― 2,762 2,610 Stock based
compensation expense 95 154
585 610 Adjusted EBITDA $ 7,751
$ 3,291 $ 3,831 $ (308 )
Adjusted EBITDA is calculated in accordance with the terms of
our Subordinated Secured Term Loan. Adjusted EBITDA is defined as
net income (loss) before deducting interest expense, income
taxes, depreciation, gains or losses on disposal of property and
equipment, impairment expense, and stock based compensation
expense. Adjusted EBITDA should not be considered as an alternative
to operating income or net income (as determined in accordance with
generally accepted accounting principles (GAAP)) as a measure of
our operating performance or to net cash provided by operating,
investing and financing activities (as determined in accordance
with GAAP) as a measure of our ability to meet cash needs. The
Company believes that adjusted EBITDA is a measure commonly
reported and widely used by investors and other interested parties
as a measure of a company’s operating performance because it
assists in comparing performance on a consistent basis without
regard to capital structure, depreciation and amortization or
non-operating factors (such as historical cost) and is also used to
determine compliance with a financial covenant in our Subordinated
Secured Term Loan. This information has been disclosed here to
permit a more complete comparative analysis of our operating
performance relative to other companies. Adjusted EBITDA may not,
however, be comparable in all instances to other similar types of
measures.
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