CHRS sees relative strength in accessories & intimates

04 Dec '09

4 min read

• Decreases in total operating expenses of $47.3 million, or 16%, excluding certain charges (refer to GAAP to non-GAAP reconciliation, below);
• Loss from operations excluding certain charges improved by $30.3 million, or 72% (refer to GAAP to non-GAAP reconciliation, below);
• Loss from continuing operations improved by $11.5 million, or 19%. Loss from continuing operations was $48.4 million in the quarter, or $0.42 per diluted share, and included a $0.04 loss per diluted share related to the tax provision recorded during the quarter. This compares to loss from continuing operations of $59.9 million, or $0.52 per diluted share, which included $0.10 earnings per diluted share related to the tax benefit recorded in the year ago period;
• An increase in the Company's overall cash position during the quarter ended October 31, 2009 of approximately $107.2 million to $224.3 million;
• Total liquidity of $421 million, including $224 million in cash and $197 million of net availability on the Company's undrawn committed line of credit;
• The repurchase of $17.5 million face value of the Company's 1.125% Convertible Notes due 2014 (the "Notes") during the quarter and an additional $16.1 million face value of Notes subsequent to the end of the quarter. Year to date, as of the end of November, the Company has repurchased Notes with an aggregate principal amount of $85.4 million for an aggregate purchase price of $50.6 million.

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Charming Shoppes, Inc

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