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Broder Bros posts Q4 & fiscal year 2009 results
29
Mar '10
Broder Bros Co announced results for its fourth quarter and fiscal year ended December 26, 2009.

Fourth Quarter 2009 Results Compared to Prior Year

Fourth quarter 2009 net sales were $182.8 million compared to $219.5 million for the fourth quarter 2008. Loss from operations for the fourth quarter 2009 was ($0.2) million compared to income from operations of $3.2 million for the fourth quarter 2008, excluding the goodwill and trade name impairment charges. Net loss for the fourth quarter 2009 was ($2.9) million compared to net income of $8.5 million for the fourth quarter 2008.

For the fourth quarter 2009, the Company reported earnings before interest expense, income taxes, other financing costs, goodwill and trade name impairment charges, the gain on troubled debt restructuring, depreciation and amortization (EBITDA) of $3.7 million compared to EBITDA of $7.3 million for the fourth quarter 2008. A reconciliation of EBITDA to net loss is set forth at the end of this press release. Results include the impact of certain restructuring and other highlighted charges discussed below. Excluding these charges, EBITDA was $5.5 million for the fourth quarter 2009 and $7.5 million for the fourth quarter 2008.

Fourth quarter 2009 revenue was 16.7% lower than the fourth quarter 2008. The Company's unit shipments were 15% less than the prior year compared to a 9% decline in overall industry unit shipments as reports by STARS, meaning that more than half of the Company's revenue decline was due to market share loss. Based on market information received after year-end, management believes that the Company has halted market share loss. The timing of halting market share loss was in line with management's expectations.

Fourth quarter 2009 gross profit was $30.9 million compared to $41.4 million for the fourth quarter 2008. Gross profit was 25% less than the prior year primarily due to lower unit volume as noted above.

Operating expenses during the fourth quarter 2009, excluding the highlighted charges noted below, were $25.4 million compared to $33.9 million during the fourth quarter 2008. The reduction in operating expenses was primarily due to a $4.1 million reduction in bad debt expense; a $2.6 million reduction in fixed personnel costs resulting from headcount reductions in the fourth quarter 2008 and first quarter 2009; a $1.0 million reduction in variable operating expenses due to lower volumes; and other reductions in fixed operating expenses.

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Broder Bros Co

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