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Bebe Stores, Inc. Message Board

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  • retail_stk_investor retail_stk_investor Feb 3, 2011 5:23 PM Flag

    BEBE Cooking the books: More Cash, Less Shares!!!

    Bebe bought back 2 million shares at about $5.90+/- a share in the 1st quarter (FY) completing a $30 million share buyback. This reduced the share count from 86M to 84M.

    In regards to the cash, they are spending less on capex than depreciation charged against earnings. For the first two quaters, they've only spent $4M, while depreciation was $11M.

    They also sold about $10 million of auction rate securities this quarter. Over the past year, ARS (non-UBS ARS settlement) has declined from $114M to $77M. That $37M is now held as cash.

    They have been very prudent in managing their cash over the past two years, which now stands at $2.15 per share.

    Focus on the cash flow statement in the 10-Q when it gets filed in the next few days.

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