Comparable store sales flat to 2% increase at Bon-Ton
15 Mar '10
4 min read
Fiscal 2009
• Comparable store sales for fiscal 2009 decreased 5.4%. • Fiscal 2009 gross margin rate improved 210 basis points to 37.1%, compared with 35.0% in the prior year. • Operating income for fiscal 2009 increased to $86.7 million compared with an operating loss of $9.0 million in fiscal 2008. Operating income included non-cash charges to reduce the value of long-lived and intangible assets of $5.9 million and $25.9 million in each of fiscal 2009 and fiscal 2008, respectively, and a $17.8 million non-cash goodwill impairment charge in fiscal 2008. • Fiscal 2009 EBITDA increased $52.2 million to $209.1 million, compared with $156.9 million in the prior year period (See Note 1). • Net loss totaled $4.1 million, or $0.24 per diluted share, for fiscal 2009 compared with a net loss of $169.9 million, or $10.12 per diluted share, for fiscal 2008. The Company recorded a non-cash impairment charge of $5.9 million related to long-lived and intangible assets and a favorable tax carry-back of $6.3 million in fiscal 2009. In the fourth quarter of fiscal 2008, the Company recorded charges of $25.9 million to reduce the reported value of long-lived and intangible assets and $108.5 million to provide a deferred tax asset valuation allowance. In addition, in the second quarter of fiscal 2008, the Company recorded a $17.8 million impairment charge to write-off the value of its goodwill.
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.jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "UBM China (Shanghai)")
-Ltd..jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Thermore (Far East) Ltd.")
