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Cache expects Q1 2011 comparable store sales to increase 7%

02 Apr '11
5 min read

• Income tax provision totaled $391,000 and included a $5.7 million non-cash income tax charge related to the valuation allowance and compares to an income tax benefit of $1.2 million in the fourth quarter of fiscal 2009;
• Net loss totaled $14.2 million or ($1.11) per share and included the following costs: (i) $5.7 million or $0.44 per diluted share, related to the valuation allowance against net deferred tax assets as required under GAAP; (ii) $5.6 million non-cash impairment charge after tax or $0.44 per diluted share against the remaining carrying value of the Company's goodwill associated with its AVD reporting unit; (iii) a $603,000 after-tax non-cash store impairment charge or $0.05 per diluted share; and (iv) $284,000 or $0.02 per diluted share in other legal expenses;
• Net loss in the fourth quarter of fiscal 2009 was $1.2 million or ($0.09) per diluted share; including (i) $1.3 million or $0.10 per diluted share related to non-cash impairment charges; (ii) $68,000 or $0.01 per diluted share related to a non-cash state income tax valuation allowance which were partially offset by $94,000 or $0.01 per diluted share due to a reduction in employee separation charges and store exit costs;
• Adjusted net loss for the 13-week period in fiscal 2010 was $2.0 million or $0.16 per diluted share and excludes impairment costs, other legal expenses and the tax valuation allowance described above. This compares to adjusted net income of $103,000 or $0.01 per diluted share for the fourth quarter of 2009, excluding impairment charges, employee separation charges, store exit cost reductions and state income tax valuation allowance.

Fiscal 2010 results include other charges totaling $17.8 million, or $1.04 per diluted share. These charges break down as follows: (i) a $9.1 million non-cash impairment charge pre-tax or $0.44 per diluted share against the remaining carrying value of the Company's goodwill associated with its AVD reporting unit; (ii) a $5.7 million non-cash income tax charge or $0.44 per diluted share, related to a valuation allowance against net deferred tax assets as required under U.S. generally accepted accounting principles (“GAAP”); (iii) other legal expenses of $2.1 million pre-tax or $0.10 per diluted share; and (iv) a $974,000 pre-tax non-cash store impairment charge or $0.05 per diluted share.

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Cache Inc

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