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  • bluecheese4u bluecheese4u Nov 20, 2009 8:15 AM Flag

    Ann Taylor Reports Third Quarter 2009 Results

    part two

    During the quarter, the Company recorded a pre-tax restructuring charge of $0.6 million associated with its previously announced strategic restructuring program, compared with pre-tax restructuring charges totaling $19.9 million in the third quarter of 2008. On an after-tax basis, third quarter 2009 restructuring charges totaled $0.4 million, or $0.01 per diluted share, compared with total restructuring charges of $13.2 million, or $0.24 per diluted share, in the third quarter of 2008.


    The Company also recorded pre-tax non-cash asset impairment charges totaling $15.3 million related to stores not included in the Company's restructuring program, compared with pre-tax non-cash asset impairment charges totaling $2.7 million in the third quarter of 2008. On an after-tax basis, third quarter 2009 asset impairment charges totaled $10.2 million, or $0.16 per diluted share, compared with after-tax asset impairment charges of $1.8 million, or $0.03 per diluted share, in the third quarter of 2008.


    Excluding restructuring and asset impairment charges, the Company reported operating income of $18.7 million for the quarter, compared with operating income of $2.4 million in the third quarter of 2008. On the same basis, the Company reported net income in the quarter of $12.0 million, or $0.20 per diluted share, compared with net income of $1.6 million, or $0.03 per diluted share in the third quarter of 2008. The tax rate used to calculate non-GAAP after-tax restructuring and asset impairment charges and non-GAAP net income for the third quarter of 2009 was adjusted to remove the cumulative impact of an updated full year estimated effective tax rate, and therefore reflects the expected rate for the period.


    On a GAAP basis, the Company reported operating income of $2.7 million in the third quarter of 2009, compared with an operating loss of $20.2 million in the third quarter of 2008. On the same basis, the Company reported net income of $2.1 million, or $0.03 per diluted share, in the third quarter of 2009, compared with a net loss of $13.4 million, or $0.24 per diluted share, in the third quarter of 2008.


    During the third quarter of 2009, the Company opened one LOFT store and closed one Ann Taylor store and one LOFT store. In addition, we converted one Ann Taylor store to LOFT. The total store count at the end of the third quarter was 932, comprised of 313 Ann Taylor stores, 509 LOFT stores, 92 Ann Taylor Factory stores and 18 LOFT Outlet stores.


    Balance Sheet Highlights


    During the quarter, the Company paid down the balance of outstanding borrowings on its revolving credit facility, totaling $75 million. Following the debt pay down, the Company ended the third quarter with $134 million in cash and cash equivalents.


    Total inventory per square foot at the end of the third quarter of 2009 was down 20.7% versus year-ago, primarily reflecting total inventory declines of 19.4% and 17.0% per square foot at the LOFT and Ann Taylor divisions, respectively.

 
ANN
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