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Pep Boys - Manny, Moe & Jack Message Board

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  • onedge953 onedge953 Dec 3, 2012 6:04 PM Flag

    they beat on a non GAAP basis

    They missed revenues by 18 million dollars. I covered my short at 9.99.

    Pep Boys Swings to Third-Quarter Loss on Charges, Weak Sales

    Last Update: 12/3/2012 5:25:10 PM

    By Kristin Jones

    Pep Boys-Manny Moe & Jack (PBY) swung to a fiscal third-quarter loss as the
    auto-care company recorded one-off charges, and its sales sank.

    Shares fell 6.5% after hours to $9.99. Through the close, the stock was down 2.9%
    so far this year.

    Pep Boys' core profits have declined in recent quarters; the company blamed a
    mild winter, a slowdown in consumer spending and business-execution problems. Pep
    Boys has said it is making changes and expects to return to year-to-year profit
    in the third and fourth quarters.

    Chief Financial Officer David Stern said the company refinanced its debt in the
    latest quarter, adding a one-time cost of $11.2 million. But he said the move
    will reduce annual interest expenses by $11 million.

    In May, private-equity firm Gores Group lLC dropped its bid to take the
    auto-parts and services company private in an $804 million deal. The proposed
    acquisition, which followed nearly two years of deliberations, soured after the
    company's results began to deteriorate.

    For the quarter ended Oct. 27, Pep Boys reported a profit of $6.8 million, or 13
    cents a share, compared with a year-earlier profit of $7 million, or 13 cents a
    share. The latest quarter included the debt-refinancing charge and an asset
    write-down of $8.8 million.

    Sales fell 2.4% to $509.6 million.

    Analysts polled by Thomson Reuters recently predicted per-share earnings of 15
    cents on revenue of $528 million.

    Same-store sales fell 2.7%. Comparable service-center revenue edged up 0.2%,
    while comparable retail sales were 3.5% lowe