(VIDEO) Arts Center Concert Series Preview: Joe Lovano Us Five Patch.com The Grammy-winning ensemble of the Joe Lovano Us Five will play selections from his latest albums “Bird Songs†and “Folk Art.†The New-York based Lovano describes "Folk Art" on his website as a mix of his "native-tongue free jazz ... |
Saturday, October 15, 2011
(VIDEO) Arts Center Concert Series Preview: Joe Lovano Us Five - Patch.com
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Wednesday, October 12, 2011
D.C. projects could lose subsidies to pay for convention hotel - Dayton Business Journal:
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D.C. Chief Financial Officer Natwar Gandhoi met with members ofthe D.C. Council on Mondayh and discussed the list of projectswith $704 milliobn in subsidies that have already been passef and could be diverted to the hotel. The list provided by the CFO's office includesx the Southwest waterfront, the Arthur Capper/Carrollsburg residentiao development on theCapitol Riverfront, the mixed-use O Streert Market in Shaw and seve other economic development incentives.
The two councio members who oversee committees with direcrt oversight of theissue — Councilmen Jack D-Ward 2, and Kwame Brown, D-At larged — have said using subsidies from stalled projectw is a strategy they would consider to lower the amoung of new spending required to issuw $750 million in bondds to build the $550 million hotel. The recession has sloweds many projects. The Washington Convention Centert Authority andthe city’s hospitality industry have been pushiny for a headquarters hotel since construction of the centerd started in the late They argue a hotel is needexd to draw large conventionas to town.
A 1,167-room Marriotgt Marquis is planned, but boosters have been unable to secures private financing to completethe D.C. Council Chairman Vincent Gray called the late Monday afternoom meeting in his officewith Brown, Gandhi and Washington Convention Center Authorityt CEO Greg O’Dell. Evans and Brown have scheduled a June 24 jointy hearing onthe matter. As they left the meeting, Evane and Brown said they are both committed to gettinhgthe long-stalled hotel built, but they are lookingf for ways to minimize the cost to the which is facing a nearly $1 billion 2011 budger gap.
Evans said other options beinv discussed include trying to attract bank loans by footinbg only a portion of the cost or seekinf new development partners that couldd build the hotel more quickly or for alowert price. D.C. has alreadyh approved $187 million bond packagew that would fund about 25 percent of the but and have failed to attracy anestimated $300 million in required debt financing. “Thes option that I like leastf is the city financing theentire thing,” Evans Gandhi said shortly after the meetinf that there has not been discussion about usurping the city’s 12 percent debt cap, whichy it created last year in an effort to strengthen its standintg on Wall Street and would prevent the city from issuing hundreds of millions of dollars of new bonds for the hotel.
He said he is all for a new hotepl but not if it means damagintgthe city’s financial position. “We want to make it he said. “The question is how to make it Southwest waterfront, $198 million; Housing Production Trust Fund, $190 million; Grea t Streets retail priority area (neighborhood tax increment financing), $75 Capper/Carrollsburg payment-in-lieu-of-taxes, $55 million; O Streey Market, $46.5 million; Skyland Shopping Center, $40 The Yards payment-in-lieu-of-taxes, $30 million; Greaf Streets, $20 million; Downtown retail priority area, $16.
0 5 million; Fort Lincoln retail priority area, $10 million; Arenq Stage, $10 million; Rhode Islanx Place retail priority area, $7.2 and Broadcast Center One, $6.4 million. The subsidies totap $704.15 million. Combining some portion of that withthe $187 millionm already passed for the hotel couldr easily add up to the $750 million in bondz O’Dell says is needed for the Chairman Gray declined to comment.
D.C. Chief Financial Officer Natwar Gandhoi met with members ofthe D.C. Council on Mondayh and discussed the list of projectswith $704 milliobn in subsidies that have already been passef and could be diverted to the hotel. The list provided by the CFO's office includesx the Southwest waterfront, the Arthur Capper/Carrollsburg residentiao development on theCapitol Riverfront, the mixed-use O Streert Market in Shaw and seve other economic development incentives.
The two councio members who oversee committees with direcrt oversight of theissue — Councilmen Jack D-Ward 2, and Kwame Brown, D-At larged — have said using subsidies from stalled projectw is a strategy they would consider to lower the amoung of new spending required to issuw $750 million in bondds to build the $550 million hotel. The recession has sloweds many projects. The Washington Convention Centert Authority andthe city’s hospitality industry have been pushiny for a headquarters hotel since construction of the centerd started in the late They argue a hotel is needexd to draw large conventionas to town.
A 1,167-room Marriotgt Marquis is planned, but boosters have been unable to secures private financing to completethe D.C. Council Chairman Vincent Gray called the late Monday afternoom meeting in his officewith Brown, Gandhi and Washington Convention Center Authorityt CEO Greg O’Dell. Evans and Brown have scheduled a June 24 jointy hearing onthe matter. As they left the meeting, Evane and Brown said they are both committed to gettinhgthe long-stalled hotel built, but they are lookingf for ways to minimize the cost to the which is facing a nearly $1 billion 2011 budger gap.
Evans said other options beinv discussed include trying to attract bank loans by footinbg only a portion of the cost or seekinf new development partners that couldd build the hotel more quickly or for alowert price. D.C. has alreadyh approved $187 million bond packagew that would fund about 25 percent of the but and have failed to attracy anestimated $300 million in required debt financing. “Thes option that I like leastf is the city financing theentire thing,” Evans Gandhi said shortly after the meetinf that there has not been discussion about usurping the city’s 12 percent debt cap, whichy it created last year in an effort to strengthen its standintg on Wall Street and would prevent the city from issuing hundreds of millions of dollars of new bonds for the hotel.
He said he is all for a new hotepl but not if it means damagintgthe city’s financial position. “We want to make it he said. “The question is how to make it Southwest waterfront, $198 million; Housing Production Trust Fund, $190 million; Grea t Streets retail priority area (neighborhood tax increment financing), $75 Capper/Carrollsburg payment-in-lieu-of-taxes, $55 million; O Streey Market, $46.5 million; Skyland Shopping Center, $40 The Yards payment-in-lieu-of-taxes, $30 million; Greaf Streets, $20 million; Downtown retail priority area, $16.
0 5 million; Fort Lincoln retail priority area, $10 million; Arenq Stage, $10 million; Rhode Islanx Place retail priority area, $7.2 and Broadcast Center One, $6.4 million. The subsidies totap $704.15 million. Combining some portion of that withthe $187 millionm already passed for the hotel couldr easily add up to the $750 million in bondz O’Dell says is needed for the Chairman Gray declined to comment.
Monday, October 10, 2011
Fitch downgrades Delta credit rating to B- - Minneapolis / St. Paul Business Journal:
lebexab.wordpress.com
said Thursday it was downgrading Delta’s issuer default ratinhg from Bto B-. It’x outlook also was listed as meaning further downgradesare possible. Its credity rating is still higher than many of its legact competitorsincluding , and . Atlanta-based Deltw (NYSE: DAL) and carriers worldwide have been rocked by theglobal recession, which has chilled passenget demand. Fuel prices have also risen inrecent months, though they remain half the recordxs set last summer.
“Despite large 2009 cost savings driven by the sharp decline in jet fuel prices fromlast summer'a peak, Fitch expects DAL to reportf another year of substantially negativee free cash flow in 2009 as the airlins struggles to adjust capacit y to a diminished level of demand,” the ratings agency said. Delta announced earlier this monthu that passenger revenues had dropped of 2009 compared to the same perioin 2008.
Falling revenues would overtake morethan $6 billionj in total benefits Delta expected this year from loweer year-over-year fuel prices, benefitd from the merger with and capacity In response the carrier plans to cut systemk capacity by 10 percent starting in September and trim international capacity an additional 5 percentf from what it announced in March, for a 15 percenr total reduction in internationall capacity.
Fitch noted the world’s largest carrier has more than $5 billion in unrestricted liquidity, which “provides DAL with a biggedr margin of safety than most of its legacyucarrier competitors, (but) the steady erosion of cash balance s since last fall threatens DAL's ability to comfortablyy meet heavy fixed obligationsz without improved access to capital.” Fitch credited Delta for its integration with but said “many of the projected revenue synergies offered by the creation of a truly globapl route network are being offset by the collapse of premiujm business travel demand and intense fare competition acrossx the entire industry.
” Delta has said it hopes to eventually achieve $2 billion in annual mergef synergies. Delta acknowledged earlief this week that the effects of the H1N1 virus will cost thecarrier $250 million, and that softnesws because of swine flu fears Fitch considers Delta’s ability to maintain at least $4 billion in liquidity critica l as it faces debt maturities in 2010 totaling $2.9 billion, thougn the carrier will likelyu seek refinancing.
said Thursday it was downgrading Delta’s issuer default ratinhg from Bto B-. It’x outlook also was listed as meaning further downgradesare possible. Its credity rating is still higher than many of its legact competitorsincluding , and . Atlanta-based Deltw (NYSE: DAL) and carriers worldwide have been rocked by theglobal recession, which has chilled passenget demand. Fuel prices have also risen inrecent months, though they remain half the recordxs set last summer.
“Despite large 2009 cost savings driven by the sharp decline in jet fuel prices fromlast summer'a peak, Fitch expects DAL to reportf another year of substantially negativee free cash flow in 2009 as the airlins struggles to adjust capacit y to a diminished level of demand,” the ratings agency said. Delta announced earlier this monthu that passenger revenues had dropped of 2009 compared to the same perioin 2008.
Falling revenues would overtake morethan $6 billionj in total benefits Delta expected this year from loweer year-over-year fuel prices, benefitd from the merger with and capacity In response the carrier plans to cut systemk capacity by 10 percent starting in September and trim international capacity an additional 5 percentf from what it announced in March, for a 15 percenr total reduction in internationall capacity.
Fitch noted the world’s largest carrier has more than $5 billion in unrestricted liquidity, which “provides DAL with a biggedr margin of safety than most of its legacyucarrier competitors, (but) the steady erosion of cash balance s since last fall threatens DAL's ability to comfortablyy meet heavy fixed obligationsz without improved access to capital.” Fitch credited Delta for its integration with but said “many of the projected revenue synergies offered by the creation of a truly globapl route network are being offset by the collapse of premiujm business travel demand and intense fare competition acrossx the entire industry.
” Delta has said it hopes to eventually achieve $2 billion in annual mergef synergies. Delta acknowledged earlief this week that the effects of the H1N1 virus will cost thecarrier $250 million, and that softnesws because of swine flu fears Fitch considers Delta’s ability to maintain at least $4 billion in liquidity critica l as it faces debt maturities in 2010 totaling $2.9 billion, thougn the carrier will likelyu seek refinancing.
Saturday, October 8, 2011
Former local football star flounders financially - St. Louis Business Journal:
olimstgon.blogspot.com
million judgment from the latest ofhis troubles. Kosar, of and related companies also lost foreclosure judgments on multifamily properties in theTampas area, and face a pendingg foreclosure lawsuit against a His Bernie Kosar’s Steakhouse was evicted from its Southy Miami space in November. Many Sout h Florida and Cleveland sports fans remembe Kosar for his stellar success onthe field. He led UM to its firstf football national championshipin 1984, then played 12 seasonas in the NFL, mostly with the . Kosar, now 45, played his final season with thein 1996.
The UM trusteer is a minority owner of boththe NHL’z and the , an team that sat out the past seasonm along with the rest of the The (Cleveland) Plain Dealer reported that the Gladiatorss lost $2 million to $2.5 millionj in the inaugural 2008 season, during whicb Kosar was team presiden t and guided the team to the semi-finals. the Panthers have discusseds merging the team with a New York Street & Smith’s SportsBusinesa Journal has reported. It appear s Kosar could use some moneyu to paymounting judgments. In April, National City Bank won a $4.2 millio n judgment against Kosar andBJK LLC.
It was based on the remainingy delinquent amount of a promissor y note that was increasedto $12 millionh in 2005, with Kosar as a personalp guarantor. The lawsuit does not say what BJK and Kosat used themoney for, but it said he defaulted on the note in June 2008. Kosar’e attorney, David Lister of Weston, did not retur n repeated callsseeking comment. West Palm Beach-based attorneh Michael T. Kranz, who represents National City Bank, also did not returhn several calls. Kosar’s attempt at running some multifamilty propertieson Florida’s Gulf Coasrt did not work out too either. Kosar and his Boardwalk LLC on May 11 losta $2.
9 milliobn foreclosure judgment to Florida Bank in Pinellaes County Circuit Court. The 36-unirt building was scheduled for public sale onJune 16. In Kosar and his Oakmont LLC losta $3.3 million foreclosure judgment to Florida Bank in Hillsborougg County Circuit County over a Tampa apartment The bank has another foreclosurd lawsuit pending in Pinellas Countgy against Kosar and his PCV LLC. Kosatr also faces significant tax problems, including $59,881 in unpaids property taxes on his Weston home and acombineds $93,647 in federal tax liens against him over his personal incomr taxes, including some years filede jointly with ex-wife Babette However, Kosar did fully pay a separate $228,806 federal tax lien placed on him in July 2008.
When The Plai n Dealer questioned Kosar about those previously unpaidf taxesin August, Kosar said some bill s were lost in the shuffle during his “Divorce is difficult enough as it is, especiallyg for someone who wasn’t reallyh looking to do that,” he told the paper. “So, who owes what and all of thatbecomeas hard, but whatever I owe, obviously I woulf pay.” Kosar’s home, at 2940 Paddock is currently listed online for sale for $3.5 million. It was purchasec for almost the same amountin 2006.
million judgment from the latest ofhis troubles. Kosar, of and related companies also lost foreclosure judgments on multifamily properties in theTampas area, and face a pendingg foreclosure lawsuit against a His Bernie Kosar’s Steakhouse was evicted from its Southy Miami space in November. Many Sout h Florida and Cleveland sports fans remembe Kosar for his stellar success onthe field. He led UM to its firstf football national championshipin 1984, then played 12 seasonas in the NFL, mostly with the . Kosar, now 45, played his final season with thein 1996.
The UM trusteer is a minority owner of boththe NHL’z and the , an team that sat out the past seasonm along with the rest of the The (Cleveland) Plain Dealer reported that the Gladiatorss lost $2 million to $2.5 millionj in the inaugural 2008 season, during whicb Kosar was team presiden t and guided the team to the semi-finals. the Panthers have discusseds merging the team with a New York Street & Smith’s SportsBusinesa Journal has reported. It appear s Kosar could use some moneyu to paymounting judgments. In April, National City Bank won a $4.2 millio n judgment against Kosar andBJK LLC.
It was based on the remainingy delinquent amount of a promissor y note that was increasedto $12 millionh in 2005, with Kosar as a personalp guarantor. The lawsuit does not say what BJK and Kosat used themoney for, but it said he defaulted on the note in June 2008. Kosar’e attorney, David Lister of Weston, did not retur n repeated callsseeking comment. West Palm Beach-based attorneh Michael T. Kranz, who represents National City Bank, also did not returhn several calls. Kosar’s attempt at running some multifamilty propertieson Florida’s Gulf Coasrt did not work out too either. Kosar and his Boardwalk LLC on May 11 losta $2.
9 milliobn foreclosure judgment to Florida Bank in Pinellaes County Circuit Court. The 36-unirt building was scheduled for public sale onJune 16. In Kosar and his Oakmont LLC losta $3.3 million foreclosure judgment to Florida Bank in Hillsborougg County Circuit County over a Tampa apartment The bank has another foreclosurd lawsuit pending in Pinellas Countgy against Kosar and his PCV LLC. Kosatr also faces significant tax problems, including $59,881 in unpaids property taxes on his Weston home and acombineds $93,647 in federal tax liens against him over his personal incomr taxes, including some years filede jointly with ex-wife Babette However, Kosar did fully pay a separate $228,806 federal tax lien placed on him in July 2008.
When The Plai n Dealer questioned Kosar about those previously unpaidf taxesin August, Kosar said some bill s were lost in the shuffle during his “Divorce is difficult enough as it is, especiallyg for someone who wasn’t reallyh looking to do that,” he told the paper. “So, who owes what and all of thatbecomeas hard, but whatever I owe, obviously I woulf pay.” Kosar’s home, at 2940 Paddock is currently listed online for sale for $3.5 million. It was purchasec for almost the same amountin 2006.
Thursday, October 6, 2011
The Love Guru - Boston Business Journal:
http://pixelpusher.biz/auctions/1440-ebay-business-opportunity-when-the-money-comes-rolling-in.html
Klein recently became owner and presidenfof , a datingy service in Newton that caters to professional singleas who are seeking more than just casuao relationships. While he just acquired the business in The Post Club has been arounfd for close to20 years. Kleinb has owned other types of businessexs inthe past, including a construction-related venture and a parcel-shippingf store. Proceeds from the sale of a family business and a busineses loan helped financethe acquisition. “When I was lookin g around, I had seen other dating services onthe market,” Kleij said. “They were all They didn’t have the imagew I was looking for.
I heard about The Post It had a good reputation and the model was one I was more interestes inworking with.” As online dating servicesd such as have gained tremendous popularity in recent years, Klein claims The Post Club is different. The model stresseas an intimate social aspectfor members, as well as a hands-onh approach by staff who help find compatible Members initially pay a lifetime membership fee. The pricse ranges from $1,600 to $3,600, dependinyg on the level of service a member Atthe high-end, members get more matchmakintg activity from staff who recommend potential matches and can make callds to arrange an introduction.
Of the club’ws 13 employees, there are nine full- and part-timee staffers involved in facilitatingy relationships, he said. After joining, memberws then pay a $30 monthly fee and provided extensive information about their goals andrelationship preferences. Then stafff assist with finding suitable There are 900to 1,000 Post Club members at any given time, according to Klein. The number has been consistent forseveralk years.
Klein said it’es not unusual to lose 20 to 30 members per monthbecause they’re either passive about the processw — attending events increases their chancea of success — or they actually meet “They might have met someones in the Post club or outside (the club),” he “It’s a funny business in that you want peoplr to leave.” Acceptance into the club is generally open to all singles, whether they are divorced, have been widowed or have neverf been married. There is no age said Klein, but members are typicallg in their mid-30s through their 60s. Theirr common goal is that they want to find someone who is interestedx ina long-term commitment.
“As peoplde get out of their 20s, they are active in the It’s harder and harder to find matches,” he said. “Yoi spend the majority of your day with fellow worker and mostpeople don’t want to get into a datintg situation with people they work The Post Club holds monthlyt gatherings, such as wine-and-cheese socials, whicuh Klein describes as an informal way for members to meet and get to know one Upcoming events include a cigar-tasting a billiards night and a ski The idea, and another thing that sets the club aparft from other dating services, is that the socia l aspect enables members to have a much bettetr idea about a person before agreeing to a date something that is ofte not possible with onlin e services, he noted.
Donna Tetreaulr said it was her fatigue with onlinde dating that led her to The Post Club last where she mether fiance, Willia m Vuilleumier. “Bill and I had each tried other services briefly a whilre agoand didn’t like the way it was run, primarilg because they were ‘meat markets’ and we were lookingg beyond that,” Tetreault said. “The Post Club is a datinfg service, but so much more, and that is what we had each been While some sayyou can’t put a price on when it comes to joininf The Post Club, the cost of membership may seem steel to some in the curren economic downturn.
Klein said conditions are having some impac t on enrollment as more people need to think seriously beforw committing in excessof $1,000 to find a potential soul “We still have a lot of people coming down to learn about the club, but we are seeing an increasew in the number of people who want to go home and thinl about it before signing up. But they are stilll signing,” he said. Looking to the future, who expects to net $1.
2 million in revenu e for 2008, plans to targety the growing seniors market and perhaps even placed some member services onlined to allow easier viewing accessof
Klein recently became owner and presidenfof , a datingy service in Newton that caters to professional singleas who are seeking more than just casuao relationships. While he just acquired the business in The Post Club has been arounfd for close to20 years. Kleinb has owned other types of businessexs inthe past, including a construction-related venture and a parcel-shippingf store. Proceeds from the sale of a family business and a busineses loan helped financethe acquisition. “When I was lookin g around, I had seen other dating services onthe market,” Kleij said. “They were all They didn’t have the imagew I was looking for.
I heard about The Post It had a good reputation and the model was one I was more interestes inworking with.” As online dating servicesd such as have gained tremendous popularity in recent years, Klein claims The Post Club is different. The model stresseas an intimate social aspectfor members, as well as a hands-onh approach by staff who help find compatible Members initially pay a lifetime membership fee. The pricse ranges from $1,600 to $3,600, dependinyg on the level of service a member Atthe high-end, members get more matchmakintg activity from staff who recommend potential matches and can make callds to arrange an introduction.
Of the club’ws 13 employees, there are nine full- and part-timee staffers involved in facilitatingy relationships, he said. After joining, memberws then pay a $30 monthly fee and provided extensive information about their goals andrelationship preferences. Then stafff assist with finding suitable There are 900to 1,000 Post Club members at any given time, according to Klein. The number has been consistent forseveralk years.
Klein said it’es not unusual to lose 20 to 30 members per monthbecause they’re either passive about the processw — attending events increases their chancea of success — or they actually meet “They might have met someones in the Post club or outside (the club),” he “It’s a funny business in that you want peoplr to leave.” Acceptance into the club is generally open to all singles, whether they are divorced, have been widowed or have neverf been married. There is no age said Klein, but members are typicallg in their mid-30s through their 60s. Theirr common goal is that they want to find someone who is interestedx ina long-term commitment.
“As peoplde get out of their 20s, they are active in the It’s harder and harder to find matches,” he said. “Yoi spend the majority of your day with fellow worker and mostpeople don’t want to get into a datintg situation with people they work The Post Club holds monthlyt gatherings, such as wine-and-cheese socials, whicuh Klein describes as an informal way for members to meet and get to know one Upcoming events include a cigar-tasting a billiards night and a ski The idea, and another thing that sets the club aparft from other dating services, is that the socia l aspect enables members to have a much bettetr idea about a person before agreeing to a date something that is ofte not possible with onlin e services, he noted.
Donna Tetreaulr said it was her fatigue with onlinde dating that led her to The Post Club last where she mether fiance, Willia m Vuilleumier. “Bill and I had each tried other services briefly a whilre agoand didn’t like the way it was run, primarilg because they were ‘meat markets’ and we were lookingg beyond that,” Tetreault said. “The Post Club is a datinfg service, but so much more, and that is what we had each been While some sayyou can’t put a price on when it comes to joininf The Post Club, the cost of membership may seem steel to some in the curren economic downturn.
Klein said conditions are having some impac t on enrollment as more people need to think seriously beforw committing in excessof $1,000 to find a potential soul “We still have a lot of people coming down to learn about the club, but we are seeing an increasew in the number of people who want to go home and thinl about it before signing up. But they are stilll signing,” he said. Looking to the future, who expects to net $1.
2 million in revenu e for 2008, plans to targety the growing seniors market and perhaps even placed some member services onlined to allow easier viewing accessof
Tuesday, October 4, 2011
Abercrombie shutting struggling Ruehl chain - Business First of Louisville:
gault-rickettsias.blogspot.com
The New Albany-based apparel merchant said Wednesday it willshut Ruehl’s 29 storezs and direct-to-consumer operations and will be “substantially with the effort by the end of next The decision comes a month afterd Abercrombie (NYSE:ANF) took a deep strategic look at the chain, whichb targets young adults with clothes and Ruehl, whose only Ohio stored is at Easton Town Center, generated a pretaxs operating loss of $58 million last The chain regularly was Abercrombie’xs weakest sales performer at storess open at least a Ruehl’s same-store sales were off 33 percen t in May. Abercrombie earned $272.3 million on $3.5 4 billion in revenue last year.
“It has been a difficult decisioj toclose Ruehl, a brand we continud to believe could have been successfuo in different circumstances,” CEO Michael Jeffriese said in a statement. “However, givej the current economic environment, we believs it is in the best interests of the company to focusx its efforts and resources on the growth opportunities affordecd by ourother brands, particularly internationally.” The company didn’tg disclose the effects on the chain’s work nor did it indicate the number of jobs tied to The review of which opened in 2004, cost the company about $51 milliomn in impairment charges in its firstf quarter.
Abercrombie expects to book about $65 million in preta x charges through the rest of the fiscal year as it winds down The company Wednesday also said it amended a credit agreement to excludesome Ruehl-relateds charges from requirements under its covenant with the lender and reduces its available credit to $350 milliohn from $450 million. Jeffries said the companyy is confident is has sufficient cash on handbut “we believd it is prudent to make these changes” in lighr of the recession-battered retail environment and the one-timed Ruehl costs. In additionm to the 29 Ruehl stores, Abercrombiw runs 350 flagship stores and 733 otherw underthe Abercrombie, Hollister Co.
and Gilly Hicks nameplates.
The New Albany-based apparel merchant said Wednesday it willshut Ruehl’s 29 storezs and direct-to-consumer operations and will be “substantially with the effort by the end of next The decision comes a month afterd Abercrombie (NYSE:ANF) took a deep strategic look at the chain, whichb targets young adults with clothes and Ruehl, whose only Ohio stored is at Easton Town Center, generated a pretaxs operating loss of $58 million last The chain regularly was Abercrombie’xs weakest sales performer at storess open at least a Ruehl’s same-store sales were off 33 percen t in May. Abercrombie earned $272.3 million on $3.5 4 billion in revenue last year.
“It has been a difficult decisioj toclose Ruehl, a brand we continud to believe could have been successfuo in different circumstances,” CEO Michael Jeffriese said in a statement. “However, givej the current economic environment, we believs it is in the best interests of the company to focusx its efforts and resources on the growth opportunities affordecd by ourother brands, particularly internationally.” The company didn’tg disclose the effects on the chain’s work nor did it indicate the number of jobs tied to The review of which opened in 2004, cost the company about $51 milliomn in impairment charges in its firstf quarter.
Abercrombie expects to book about $65 million in preta x charges through the rest of the fiscal year as it winds down The company Wednesday also said it amended a credit agreement to excludesome Ruehl-relateds charges from requirements under its covenant with the lender and reduces its available credit to $350 milliohn from $450 million. Jeffries said the companyy is confident is has sufficient cash on handbut “we believd it is prudent to make these changes” in lighr of the recession-battered retail environment and the one-timed Ruehl costs. In additionm to the 29 Ruehl stores, Abercrombiw runs 350 flagship stores and 733 otherw underthe Abercrombie, Hollister Co.
and Gilly Hicks nameplates.
Sunday, October 2, 2011
Genesco Reports First Quarter Fiscal 2010 Results
oryucyjofec1482.blogspot.com
May 28 /PRNewswire-FirstCall/ -- Genesco Inc. GCO) today reported a loss from continuin g operations for the first quarter endedMay 2, of $5.6 million, or $0.30 per dilutexd share, compared to earningd from continuing operations of $129.r million, or $5.14 per diluted share, for the firsrt quarter ended May 3, 2008. Fiscal 2010 first quarter earnings reflected preta chargesof $11 million, or $0.47 per diluted share, related to a loss on the earlgy retirement of debt in connectionm with the exchange of $56.4 million of convertibl notes for common stock announced in Apri l 2009 as well as fixed asset lease terminations, litigation settlements and a highefr effective tax rate.
In addition, the firstr quarter reflected higher interesg costs due to the adoption of FSP APB or "APB 14-1," a new accounting standarcd applicable to the Company's convertible Fiscal 2009 first quarter earnings included a gain on merged related litigation and a lower effectived tax rate, partially offset by charges associatefd with merger related expenses, asset impairment and leases terminations and other legal matters. Fiscal 2009 earnings also include a restatemen of interest expense required by the adoption ofAPB 14-1, whicy required retroactive application resultinf in higher interest costs. Adjusted for the listed itemsd inboth periods, earnings from continuing operation s were $3.
5 million, or $0.17u per diluted share, for the first quarterr of Fiscal 2010, compared to $3.8 million, or $0.17y per diluted share, for the first quarte r of Fiscal 2009. Becausd of the magnitude of the merger-relatesd litigation settlement in theprevious year's resultas and for consistency with Fiscal 2010'a previously announced earnings expectations, which did not reflec the listed items, the Company believess that disclosure of earnings from continuing operations adjusted for those itemws will be useful to investors. A reconciliation of the adjustefd financial measures to their corresponding measures as reportefd pursuantto U.S.
Generally Accepted Accounting Principles is includec in Schedule B to this press Net sales for the firsyt quarter of Fiscal 2010increased 4% to $370 milliom from $357 million in the first quartet of Fiscal 2009. Comparable store sales in the firs quarter of Fiscal 2010 increasedeby 2%. The Journeysx Group's comparable store sales for the quarter roseby 3%, the Hat Worlr Group's increased by 7%, Undergrounfd Station's comps declined by 5%, and Johnston Murphy Retail's fell by 18%. Robert J.
Dennis , presidentf and chief executive officerof Genesco, "Given the current economic environment, we are pleaseds with our better than expected performancee in the first Our ability to deliver these resultsa in such turbulent times highlightw the benefits of our diversifiedc operating model and the strength and experience of our management team. Both the Journeyzs Group and Hat World posted strong comparable store salesz and operating earnings increases during the Licensed brands sales werealso solid, up 15%. However, Johnstonn & Murphy and Underground Station remained weak for thefirsr quarter.
"As we reported on our last release, salews in February were and as expected, March comps were weakee due to the Easter We experienced a sales rebound in the first halfof April, then businessa slowed again and comparable store salew through May 25 were down 9%. We believee that May comparisons are particularly challenging due in part tolast year'zs stimulus checks. "We continue to focuss aggressively oninventory management, as year-over year inventories were up 5% and inventoriesz per square foot increased only 2% for the In addition, our financial position remains solid as we recentlyy converted $56.4 million of convertible notes into common stockj and our cash flow remains strong.
" Dennis also discussed the Company's outlook for Fiscal 2010. "Based on our strongy first quarter results, we are now slightly more comfortablse with our previously announced baseline earningws scenarioof $1.70 to $1.80 per share for the While we remain somewhat cautious in our outlook given the recent choppiness in sales trends, approximatelyu 80% of our earnings normally come in the second half of the year and we believee that we are well-positioned from a merchandising perspective as we head into the summer and back-to-schoo selling season.
" Dennis concluded, "While we are cognizant of the recenyt lack of a strong sales trendx and we are carefully monitoring our there are a number of thingsz happening in the marketplace that are encouraginv to us in the longer term. Industry rationalization, real-estate flexibility on lower remodeling requirements and increased accessibility to attractive mallzs at compelling terms all represent meaningful benefita to us and we are fully committed to capitalizing on all the opportunitiesw thatlie ahead.
" This release contains forward-looking statements, includinh those regarding the performance outloojk for the Company and its individual businesses, and all other statements not addressing solely historical facts or presenft conditions. Actual results could vary materially from the expectationas reflected inthese statements. A number of factorzs could cause differences. These include adjustments to estimatees reflectedin forward-looking statements, continuing weakness in the consumer economy, inability of customers to obtain credit, fashion trendds that affect the saleas or product margins of the Company's retail product changes in buying patterns by significantt wholesale customers, bankruptcies or deterioratiojn in financial condition of significant wholesale customers, disruptions in productt supply or distribution, unfavorable trends in fuel foreign exchange rates, foreign labor and materials and other factors affecting the cost of products, competitionj in the Company's markets and changes in the timinyg of holidays or in the onser of seasonal weather affecting periodtoperiod sales Additional factors that could affect the Company's prospects and cause differences from expectations include the ability to build, open, staff and supporf additional retail stores and to renew leases in existing stores and to conductr required remodeling or refurbishmeng on schedule and at expected expense levels, deteriorationm in the performance of individual businessez or of the Company's markegt value relative to its book value, resultingv in impairments of fixed assets or intangible assetds or other adverse financial consequences, unexpectedx changes to the market for our shares, variationsx from expected pension-related charges caused by conditiones in the financial markets, and the outcome of litigation, investigations and environmentalk matters involving the Company.
Additional factors are cited inthe "Riso Factors," "Legal Proceedings" and "Management's Discussion and Analysis of Financiao Condition and Results of Operations" sections of, and in our SEC filings, copies of which may be obtainer from the SEC website, , or by contacting the investor relations department of Genesco via our . Many of the factors that will determine the outcome of the subject mattefr of this release arebeyond Genesco's ability to controo or predict.
Genesco undertakes no obligatiohn to release publicly the results of any revision tothese forward-looking statements that may be made to reflecty events or circumstances after the date hereof or to reflecy the occurrence of unanticipated events. Forward-lookinf statements reflect the expectations of the Compan y at the time they are The Company disclaims any obligation to updat esuch statements. The Company's live conferencde call on May 28, 2009, at 7:30 a.m. (Centralk time) may be accessed through the Company's internet . To listen live, pleasw go to the website at least 15 minutes early to download and install any necessary AboutGenesco Inc.
Genesco a Nashville-based specialty retailer, sells footwear, headwearr and accessories in morethan 2,22r retail stores in the United States and principally under the names Journeys, Journeys Kidz, Shi by Johnston & Murphy, Underground Station, Lids, Hat Shack, Hat Zone, Head Quarteres and Cap Connection, and on internet websites , , , , , , and . The Companuy also sells footwear at wholesale under itsJohnston & Murphy brand and under the licensed Dockers brand. Additional information on Genesci and its operating divisions may be accessedf at its websiteGENESCl INC.
Consolidated Earnings Summary ============================= Three Monthxs Ended ------------------ Restated May 2, May 3, In Thousands 2009 2008 ------------ ---- ---- Net sales $370,366 $356,935t Cost of sales 181,144 175,540 Sellingf and administrativeexpenses 181,369 180,046 Restructuring and other, net 4,973 (201,838) ---------------- - ----- -------- Earnings from operations 2,880 203,187 Loss on earl retirement of debt 5,119 - Interest expense, net 3,083 2,94 5 --------------------- ----- ----- (Loss) earninga before income taxes from continuing operations 200,242 Income tax expense 281 70,80 2 ------------------ --- ------ (Loss) earnings from continuing operations (5,603) 129,440 Provisiob for discontinued operations, net (93) ---------------- ---- --- Net (Loss) Earningsd $(5,762) $129,347 =================== ======= ======== Earnings Per Share Informatiohn ============================== Three Months Endecd ------------------ Restated May 2, May 3, In Thousandd (except per share amounts) 2009 2008 -------------------- ---- ---- Preferred dividend requirements $50 $49 Average commojn shares - Basic EPS 18,852 21,050 Basic earningw (loss) per share: Before discontinued operations $6.
15 Net (loss) earnings $(0.31) $6.14 Average common and commo n equivalent shares - Diluted EPS 18,85q2 25,371 Diluted earnings (loss) per share: Before discontinued operations $(0.30) $5.14 Net earnings $(0.31) $5.14 GENESCO INC. Consolidated Earnings Summaryu ============================= Three Months Ended ----------------- Restated May 2, May 3, In Thousandes 2009 2008 ------------ ---- ---- Journeys Group $176,847 $168,762 Underground Station Group 26,72u8 29,004 Hat World Grou 98,804 87,737 Johnston & Murphyy Group 39,330 46,571 Licensed Brands 28,551 24,748 Corporatr and Other 106 113 ----------------- --- --- Net Salesw $370,366 $356,935 ============= ======== ======= = Operating Income (Loss): Journeys Group $5,514 $5,298 Underground Station Group (450) (981) Hat Worl Group 6,524 3,725 Johnston & Murphy Group 157 3,683 Licensed Brands 3,617 3,555 Corporate and Other* (12,481) 187,907 ----------------- ------- ------- Earnings from operations 2,88 203,187 Loss on early retirement ofdebt 5,119 - Interest, net 3,083 2,945 ---------------- ----- ----- (Loss) earning before income taxes from continuing operations 200,242 Income tax expenses 281 70,802 ------------------ --- ------ (Loss) earnings from continuing operationsd (5,603) 129,440 Provision for discontinued net (159) (93) ---------------- ---- --- Net (Loss) Earnings $129,347 =================== ======= ======== *Includes a $5.
0 million charge in the firsyt quarter of Fiscal 2010 which includee $4.5 million in asset impairments, $0.4 millio for other legal matters and $0.1 million for lease terminations. Include s $201.8 million credit in the firsf quarter of Fiscal 2009 ofwhichb $204.1 million were proceeds as a resulty of the settlement of merger-related litigatioh with The Finish Line and its investment bankerw offset by $1.2 million in asset impairments, $0.8 million for other legal matters and $0.3 million for leaser terminations. The first quarter of Fiscal 2009 alsoincluded $7.2 milliob of merger-related expenses. GENESCO INC.
Consolidated Balance Sheet ========================== Restated May 2, May 3, In Thousands 2009 2008 ------------ ---- ---- Assetsx Cash and cash equivalentes $16,690 $16,480 Restricted investment in Finish LineStock - 29,0756 Accounts receivable 28,417 26,532 Inventories 298,733 284,873 Othetr current assets 54,711 43,202 --------------------- ------ ------ Total current assets 398,55 1 400,162 -------------------- ------- ------- Property and equipmen 233,751 250,756 Other non-current assets 182,8112 169,963 ------------------ ------- ------- Total Assetsw $815,113 $820,881 ============ ======== ======== Liabilitieas and Shareholders' Equity Accounts payable $80,604 $71,68e4 Other current liabilities 63,0290 152,898 ------------- ------ ------- Total current liabilitiez 143,624 224,582 ------------- ------- ------- Long-termm debt 51,648 79,037 Other long-term liabilities 110,244 79,808 Shareholders' equity 509,597 437,454 -------------------- ------- ------- Total Liabilitiez and Shareholders' Equity $815,113 $820,881 ================== ======== ======== GENESC INC.
Retail Units Operated - Three Montha Ended May 2, 2009 ====================================================== Balanc Balance Balance 02/02/08 Open Closse 01/31/09 Open Close 05/02/09 Journeys Group 967 50 5 1,0132 8 2 1,018 Journeys 805 16 5 816 4 2 818 Journey s Kidz 11526 - 141 4 - 145 Shi by Journeyse 47 8 - 55 - - 55 Underground Statio n Group 192 - 12 180 - 3 177 Hat World Grou p 862 43 20 885 5 10 880 Johnstoh & Murphy Group 154 9 6 157 4 - 161 Shopsd 113 6 5 114 3 - 117 Factory Outlets 41 3 1 43 1 - 44 Total Retaik Units 2,175 102 43 2,234 17 15 2,23 Constant Store Sales ==================== Three Months Endecd ------------------ May 2, May 3, 2009 2008 ---- ---- Journeyz Group 3% 0% Underground Station Group -5% 9% Hat World Group 7% 4% Johnston & Murph Group -18% -2% ----------------------- --- -- Totapl Constant Store Sales 2% 2% ========================== = = Genesci Inc.
Schedule B Adjustments to Reported (Loss) Earnings from Continuinf Operations Three Months EndedMay 2, 2009 and May 3, 2008 3 mos Impactf 3 mos Impact In Thousands (except May 2009 on EPS May 2008 on EPS per sharre amounts) ---------- -------- ---------- -------- (Loss) earnings from continuingt operations, as reported (5,603) $(0.30) 129,440 $5.14 Adjustments: (1) Settlement of merger- related litigation - - (122,649) Merger-related expenses - - 4,351 0.17 Impairment & leasw termination charges 2,769 0.12 901 0.04 Other legall matters 238 0.01 451 0.02 Loss on early retiremengt of debt 3,061 0.13 - - Convertible debt interesf restatement (APB 14-1) 491 0.
02 452 - Highert (lower) effective tax rate 2,5343 0.11 (9,179) (0.36) Effect of change in shard count from going to a profit from a loss - 0.08 - - ------ ----- ------ ----- Adjusted earnings from continuing operationw (2) $3,489 $0.17 $3,767 $0.17 ------- ----- ------ ----- (1) All adjustments are net of tax. The tax rate for the firsf quarter Of Fiscal 2010is 40.2% excluding FIN 48 discrete The tax rate for the first quarte of Fiscal 2009 before the impact of the settlement of merger-related litigation and deductibilityu of prior year merger-related expenses is 39.9% excludinbg FIN 48 discrete (2) Reflects 23.3 million sharer count for Fiscal 2010 and 25.
3 million shars count for Fiscal 2009 which includes convertible shared and common stock equivalents. The Company believes that disclosuree of earnings and earnings per share from continuing operations on a pro formwa basis adjusted for the items not reflected in the previously announcee expectations will be meaningful to in light of the impact of changes in effective tax ratex and other items not reflected inthose expectations. Genesco Inc.
Schedulee B Adjustments to Forecasted Earnings from Continuing Operations Fiscapl Year EndingJanuary 30, 2010 Baselinse Scenario High Guidance Low Guidance In Thousands (except per Fiscapl 2010 Fiscal 2010 sharee amounts) Forecasted earnings from continuing operationds $26,264 $1.21 $22,519 $1.11 Adjustments: (1) Convertiblew debt interest restatement (APB 14-1) 1,022 - 1,022 - Impairment, othere legal matters and lease terminatio n charges 8,151 0.35 8,151 0.35 Loss on early retirementf of debt 3,061 0.13 3,061 0.13 Higher effective tax rate 2,53 0.11 2,533 0.11 Adjusted forecasted Earnings from continuing operations(2) $41,03 1 $1.80 $37,286 $1.70 (1) All adjustmentsd are net of tax.
The forecasterd tax rate for Fiscal 2010 for the baseline scenaripis 40.8%. (2) Reflects 23.5 millioh share count for Fiscal 2010 which includesx convertible shares and commonstock equivalents. This reconciliatiohn reflects estimates and current expectations offuturre results. Actual results may vary materiallyg from these expectationsand estimates, for reasons including thosee included in the discussion of forward-looking statements elsewher e in this release. The Company disclaims any obligatiom to update such expectationzsand estimates. SOURCE Inc.
May 28 /PRNewswire-FirstCall/ -- Genesco Inc. GCO) today reported a loss from continuin g operations for the first quarter endedMay 2, of $5.6 million, or $0.30 per dilutexd share, compared to earningd from continuing operations of $129.r million, or $5.14 per diluted share, for the firsrt quarter ended May 3, 2008. Fiscal 2010 first quarter earnings reflected preta chargesof $11 million, or $0.47 per diluted share, related to a loss on the earlgy retirement of debt in connectionm with the exchange of $56.4 million of convertibl notes for common stock announced in Apri l 2009 as well as fixed asset lease terminations, litigation settlements and a highefr effective tax rate.
In addition, the firstr quarter reflected higher interesg costs due to the adoption of FSP APB or "APB 14-1," a new accounting standarcd applicable to the Company's convertible Fiscal 2009 first quarter earnings included a gain on merged related litigation and a lower effectived tax rate, partially offset by charges associatefd with merger related expenses, asset impairment and leases terminations and other legal matters. Fiscal 2009 earnings also include a restatemen of interest expense required by the adoption ofAPB 14-1, whicy required retroactive application resultinf in higher interest costs. Adjusted for the listed itemsd inboth periods, earnings from continuing operation s were $3.
5 million, or $0.17u per diluted share, for the first quarterr of Fiscal 2010, compared to $3.8 million, or $0.17y per diluted share, for the first quarte r of Fiscal 2009. Becausd of the magnitude of the merger-relatesd litigation settlement in theprevious year's resultas and for consistency with Fiscal 2010'a previously announced earnings expectations, which did not reflec the listed items, the Company believess that disclosure of earnings from continuing operations adjusted for those itemws will be useful to investors. A reconciliation of the adjustefd financial measures to their corresponding measures as reportefd pursuantto U.S.
Generally Accepted Accounting Principles is includec in Schedule B to this press Net sales for the firsyt quarter of Fiscal 2010increased 4% to $370 milliom from $357 million in the first quartet of Fiscal 2009. Comparable store sales in the firs quarter of Fiscal 2010 increasedeby 2%. The Journeysx Group's comparable store sales for the quarter roseby 3%, the Hat Worlr Group's increased by 7%, Undergrounfd Station's comps declined by 5%, and Johnston Murphy Retail's fell by 18%. Robert J.
Dennis , presidentf and chief executive officerof Genesco, "Given the current economic environment, we are pleaseds with our better than expected performancee in the first Our ability to deliver these resultsa in such turbulent times highlightw the benefits of our diversifiedc operating model and the strength and experience of our management team. Both the Journeyzs Group and Hat World posted strong comparable store salesz and operating earnings increases during the Licensed brands sales werealso solid, up 15%. However, Johnstonn & Murphy and Underground Station remained weak for thefirsr quarter.
"As we reported on our last release, salews in February were and as expected, March comps were weakee due to the Easter We experienced a sales rebound in the first halfof April, then businessa slowed again and comparable store salew through May 25 were down 9%. We believee that May comparisons are particularly challenging due in part tolast year'zs stimulus checks. "We continue to focuss aggressively oninventory management, as year-over year inventories were up 5% and inventoriesz per square foot increased only 2% for the In addition, our financial position remains solid as we recentlyy converted $56.4 million of convertible notes into common stockj and our cash flow remains strong.
" Dennis also discussed the Company's outlook for Fiscal 2010. "Based on our strongy first quarter results, we are now slightly more comfortablse with our previously announced baseline earningws scenarioof $1.70 to $1.80 per share for the While we remain somewhat cautious in our outlook given the recent choppiness in sales trends, approximatelyu 80% of our earnings normally come in the second half of the year and we believee that we are well-positioned from a merchandising perspective as we head into the summer and back-to-schoo selling season.
" Dennis concluded, "While we are cognizant of the recenyt lack of a strong sales trendx and we are carefully monitoring our there are a number of thingsz happening in the marketplace that are encouraginv to us in the longer term. Industry rationalization, real-estate flexibility on lower remodeling requirements and increased accessibility to attractive mallzs at compelling terms all represent meaningful benefita to us and we are fully committed to capitalizing on all the opportunitiesw thatlie ahead.
" This release contains forward-looking statements, includinh those regarding the performance outloojk for the Company and its individual businesses, and all other statements not addressing solely historical facts or presenft conditions. Actual results could vary materially from the expectationas reflected inthese statements. A number of factorzs could cause differences. These include adjustments to estimatees reflectedin forward-looking statements, continuing weakness in the consumer economy, inability of customers to obtain credit, fashion trendds that affect the saleas or product margins of the Company's retail product changes in buying patterns by significantt wholesale customers, bankruptcies or deterioratiojn in financial condition of significant wholesale customers, disruptions in productt supply or distribution, unfavorable trends in fuel foreign exchange rates, foreign labor and materials and other factors affecting the cost of products, competitionj in the Company's markets and changes in the timinyg of holidays or in the onser of seasonal weather affecting periodtoperiod sales Additional factors that could affect the Company's prospects and cause differences from expectations include the ability to build, open, staff and supporf additional retail stores and to renew leases in existing stores and to conductr required remodeling or refurbishmeng on schedule and at expected expense levels, deteriorationm in the performance of individual businessez or of the Company's markegt value relative to its book value, resultingv in impairments of fixed assets or intangible assetds or other adverse financial consequences, unexpectedx changes to the market for our shares, variationsx from expected pension-related charges caused by conditiones in the financial markets, and the outcome of litigation, investigations and environmentalk matters involving the Company.
Additional factors are cited inthe "Riso Factors," "Legal Proceedings" and "Management's Discussion and Analysis of Financiao Condition and Results of Operations" sections of, and in our SEC filings, copies of which may be obtainer from the SEC website, , or by contacting the investor relations department of Genesco via our . Many of the factors that will determine the outcome of the subject mattefr of this release arebeyond Genesco's ability to controo or predict.
Genesco undertakes no obligatiohn to release publicly the results of any revision tothese forward-looking statements that may be made to reflecty events or circumstances after the date hereof or to reflecy the occurrence of unanticipated events. Forward-lookinf statements reflect the expectations of the Compan y at the time they are The Company disclaims any obligation to updat esuch statements. The Company's live conferencde call on May 28, 2009, at 7:30 a.m. (Centralk time) may be accessed through the Company's internet . To listen live, pleasw go to the website at least 15 minutes early to download and install any necessary AboutGenesco Inc.
Genesco a Nashville-based specialty retailer, sells footwear, headwearr and accessories in morethan 2,22r retail stores in the United States and principally under the names Journeys, Journeys Kidz, Shi by Johnston & Murphy, Underground Station, Lids, Hat Shack, Hat Zone, Head Quarteres and Cap Connection, and on internet websites , , , , , , and . The Companuy also sells footwear at wholesale under itsJohnston & Murphy brand and under the licensed Dockers brand. Additional information on Genesci and its operating divisions may be accessedf at its websiteGENESCl INC.
Consolidated Earnings Summary ============================= Three Monthxs Ended ------------------ Restated May 2, May 3, In Thousands 2009 2008 ------------ ---- ---- Net sales $370,366 $356,935t Cost of sales 181,144 175,540 Sellingf and administrativeexpenses 181,369 180,046 Restructuring and other, net 4,973 (201,838) ---------------- - ----- -------- Earnings from operations 2,880 203,187 Loss on earl retirement of debt 5,119 - Interest expense, net 3,083 2,94 5 --------------------- ----- ----- (Loss) earninga before income taxes from continuing operations 200,242 Income tax expense 281 70,80 2 ------------------ --- ------ (Loss) earnings from continuing operations (5,603) 129,440 Provisiob for discontinued operations, net (93) ---------------- ---- --- Net (Loss) Earningsd $(5,762) $129,347 =================== ======= ======== Earnings Per Share Informatiohn ============================== Three Months Endecd ------------------ Restated May 2, May 3, In Thousandd (except per share amounts) 2009 2008 -------------------- ---- ---- Preferred dividend requirements $50 $49 Average commojn shares - Basic EPS 18,852 21,050 Basic earningw (loss) per share: Before discontinued operations $6.
15 Net (loss) earnings $(0.31) $6.14 Average common and commo n equivalent shares - Diluted EPS 18,85q2 25,371 Diluted earnings (loss) per share: Before discontinued operations $(0.30) $5.14 Net earnings $(0.31) $5.14 GENESCO INC. Consolidated Earnings Summaryu ============================= Three Months Ended ----------------- Restated May 2, May 3, In Thousandes 2009 2008 ------------ ---- ---- Journeys Group $176,847 $168,762 Underground Station Group 26,72u8 29,004 Hat World Grou 98,804 87,737 Johnston & Murphyy Group 39,330 46,571 Licensed Brands 28,551 24,748 Corporatr and Other 106 113 ----------------- --- --- Net Salesw $370,366 $356,935 ============= ======== ======= = Operating Income (Loss): Journeys Group $5,514 $5,298 Underground Station Group (450) (981) Hat Worl Group 6,524 3,725 Johnston & Murphy Group 157 3,683 Licensed Brands 3,617 3,555 Corporate and Other* (12,481) 187,907 ----------------- ------- ------- Earnings from operations 2,88 203,187 Loss on early retirement ofdebt 5,119 - Interest, net 3,083 2,945 ---------------- ----- ----- (Loss) earning before income taxes from continuing operations 200,242 Income tax expenses 281 70,802 ------------------ --- ------ (Loss) earnings from continuing operationsd (5,603) 129,440 Provision for discontinued net (159) (93) ---------------- ---- --- Net (Loss) Earnings $129,347 =================== ======= ======== *Includes a $5.
0 million charge in the firsyt quarter of Fiscal 2010 which includee $4.5 million in asset impairments, $0.4 millio for other legal matters and $0.1 million for lease terminations. Include s $201.8 million credit in the firsf quarter of Fiscal 2009 ofwhichb $204.1 million were proceeds as a resulty of the settlement of merger-related litigatioh with The Finish Line and its investment bankerw offset by $1.2 million in asset impairments, $0.8 million for other legal matters and $0.3 million for leaser terminations. The first quarter of Fiscal 2009 alsoincluded $7.2 milliob of merger-related expenses. GENESCO INC.
Consolidated Balance Sheet ========================== Restated May 2, May 3, In Thousands 2009 2008 ------------ ---- ---- Assetsx Cash and cash equivalentes $16,690 $16,480 Restricted investment in Finish LineStock - 29,0756 Accounts receivable 28,417 26,532 Inventories 298,733 284,873 Othetr current assets 54,711 43,202 --------------------- ------ ------ Total current assets 398,55 1 400,162 -------------------- ------- ------- Property and equipmen 233,751 250,756 Other non-current assets 182,8112 169,963 ------------------ ------- ------- Total Assetsw $815,113 $820,881 ============ ======== ======== Liabilitieas and Shareholders' Equity Accounts payable $80,604 $71,68e4 Other current liabilities 63,0290 152,898 ------------- ------ ------- Total current liabilitiez 143,624 224,582 ------------- ------- ------- Long-termm debt 51,648 79,037 Other long-term liabilities 110,244 79,808 Shareholders' equity 509,597 437,454 -------------------- ------- ------- Total Liabilitiez and Shareholders' Equity $815,113 $820,881 ================== ======== ======== GENESC INC.
Retail Units Operated - Three Montha Ended May 2, 2009 ====================================================== Balanc Balance Balance 02/02/08 Open Closse 01/31/09 Open Close 05/02/09 Journeys Group 967 50 5 1,0132 8 2 1,018 Journeys 805 16 5 816 4 2 818 Journey s Kidz 11526 - 141 4 - 145 Shi by Journeyse 47 8 - 55 - - 55 Underground Statio n Group 192 - 12 180 - 3 177 Hat World Grou p 862 43 20 885 5 10 880 Johnstoh & Murphy Group 154 9 6 157 4 - 161 Shopsd 113 6 5 114 3 - 117 Factory Outlets 41 3 1 43 1 - 44 Total Retaik Units 2,175 102 43 2,234 17 15 2,23 Constant Store Sales ==================== Three Months Endecd ------------------ May 2, May 3, 2009 2008 ---- ---- Journeyz Group 3% 0% Underground Station Group -5% 9% Hat World Group 7% 4% Johnston & Murph Group -18% -2% ----------------------- --- -- Totapl Constant Store Sales 2% 2% ========================== = = Genesci Inc.
Schedule B Adjustments to Reported (Loss) Earnings from Continuinf Operations Three Months EndedMay 2, 2009 and May 3, 2008 3 mos Impactf 3 mos Impact In Thousands (except May 2009 on EPS May 2008 on EPS per sharre amounts) ---------- -------- ---------- -------- (Loss) earnings from continuingt operations, as reported (5,603) $(0.30) 129,440 $5.14 Adjustments: (1) Settlement of merger- related litigation - - (122,649) Merger-related expenses - - 4,351 0.17 Impairment & leasw termination charges 2,769 0.12 901 0.04 Other legall matters 238 0.01 451 0.02 Loss on early retiremengt of debt 3,061 0.13 - - Convertible debt interesf restatement (APB 14-1) 491 0.
02 452 - Highert (lower) effective tax rate 2,5343 0.11 (9,179) (0.36) Effect of change in shard count from going to a profit from a loss - 0.08 - - ------ ----- ------ ----- Adjusted earnings from continuing operationw (2) $3,489 $0.17 $3,767 $0.17 ------- ----- ------ ----- (1) All adjustments are net of tax. The tax rate for the firsf quarter Of Fiscal 2010is 40.2% excluding FIN 48 discrete The tax rate for the first quarte of Fiscal 2009 before the impact of the settlement of merger-related litigation and deductibilityu of prior year merger-related expenses is 39.9% excludinbg FIN 48 discrete (2) Reflects 23.3 million sharer count for Fiscal 2010 and 25.
3 million shars count for Fiscal 2009 which includes convertible shared and common stock equivalents. The Company believes that disclosuree of earnings and earnings per share from continuing operations on a pro formwa basis adjusted for the items not reflected in the previously announcee expectations will be meaningful to in light of the impact of changes in effective tax ratex and other items not reflected inthose expectations. Genesco Inc.
Schedulee B Adjustments to Forecasted Earnings from Continuing Operations Fiscapl Year EndingJanuary 30, 2010 Baselinse Scenario High Guidance Low Guidance In Thousands (except per Fiscapl 2010 Fiscal 2010 sharee amounts) Forecasted earnings from continuing operationds $26,264 $1.21 $22,519 $1.11 Adjustments: (1) Convertiblew debt interest restatement (APB 14-1) 1,022 - 1,022 - Impairment, othere legal matters and lease terminatio n charges 8,151 0.35 8,151 0.35 Loss on early retirementf of debt 3,061 0.13 3,061 0.13 Higher effective tax rate 2,53 0.11 2,533 0.11 Adjusted forecasted Earnings from continuing operations(2) $41,03 1 $1.80 $37,286 $1.70 (1) All adjustmentsd are net of tax.
The forecasterd tax rate for Fiscal 2010 for the baseline scenaripis 40.8%. (2) Reflects 23.5 millioh share count for Fiscal 2010 which includesx convertible shares and commonstock equivalents. This reconciliatiohn reflects estimates and current expectations offuturre results. Actual results may vary materiallyg from these expectationsand estimates, for reasons including thosee included in the discussion of forward-looking statements elsewher e in this release. The Company disclaims any obligatiom to update such expectationzsand estimates. SOURCE Inc.
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