FY05Q1 EPS came in at .06/sh. I was expecting something between a nickel and a dime (Msg # 1918). I would speculate that we paid some one-time expenses to the accounting firm to rework the accounting for lease issue. Also there were probably costs associated with the new advertising contract. Still, not bad for Q1, which is usually their weakest quarter, per the 10K.
Never was able to get a handle on the �net� growth of new stores. Per Msg # 1918, I mentioned that they were closing under performing stores at the same rate of new opens, and were holding in the mid eighties. Per the press release they state that they plan on closing 3 and opening 9 (net increase of 6). With current open stores at 85, we should exit 2005 with 91 stores. Per last year�s 10K, I would expect some of those to be in Nevada.
New Mutual Fund:
Appears Texas Value Capital is new for Q1, establishing a position of 23,400 shares.