I think the results were pretty much expected. The Dec qtr was hurt by weather, and they warned then that the March qtr would be bad due to weather....and it was.
I mean these guys are levered to winter sports, and no snow hurts.
They announced that SSS were up 2.8% for the first ten weeks of their seasonally weak June qtr. And thats against a 2011 June qtr which was the strongest June qtr in years.
Prior to the weather decimated Dec and March qtr, SPCH was starting to put together a string of decent qtrs. If they can get that mojo back, I think SPCH is a good buy close to a buck. Maybe for a move above two in a year or so.
They are trading way under book, guiding for profitability this FY, and claim they have no covenant issues in the CC.