Interviews
News Flash
Bakers Footwear reports Q4 and fiscal 2008 results
16 Apr '09
5 min read
For the fiscal year, the fifty-two weeks ended January 31, 2009:
• Net sales were $183.7 million, compared to $186.3 million for the fifty-two weeks ended February 2, 2008. Comparable store sales increased 0.5%, compared to a 12.3% decrease in fiscal 2007;
• Gross profit was $50.6 million, or 27.5% of net sales, compared to $47.5 million, or 25.5% of net sales in fiscal 2007;
Operating loss was $11.8 million, compared to an operating loss of $15.4 million in fiscal 2007 which includes a gain of $4.8 million from the early termination of a lease; and
• Net loss was $15.0 million or $2.13 per share, compared to a net loss of $17.7 million, or $2.70 per share in fiscal 2007 which included a gain of $4.8 million, or $0.73 per share related to the early termination of a lease.
Amendments to Debt Agreements
On April 9, 2009, the Company amended the terms of its subordinated secured term loan. The amendment was made to adjust the EBITDA covenant for the fourth quarter of fiscal year 2008 in order to maintain compliance at January 31, 2009 and to tighten financial covenants for fiscal years 2009 and 2010. As consideration for these changes, the Company paid a fee and issued additional shares of common stock.
Also, on April 9, 2009, the Company amended its revolving credit agreement with Bank of America. The amendment extends the expiration date of the facility from August 2010 to January 2011 and grants consent to the amendment of the subordinated secured term loan. The amendment also reduced the overall facility from $40 million to $30 million, which is more than adequate to meet the Company's borrowing needs, increased the interest rate and unused line fee, and made certain other changes to the terms of the facility. As of April 11, 2009, the balance on the Company's revolving line of credit was $14.8 million and unused borrowing capacity was $2.3 million.
Based on the Company's business plan, the Company believes it has adequate liquidity to fund anticipated working capital requirements and expects to be in compliance with its financial covenants throughout 2009. The Company's Current Report on Form 8-K, issued today, discloses additional information regarding amendments to its debt agreements and provides additional disclosure regarding the risks of the Company's current liquidity situation and its ability to comply with its financial covenants.
Click here to view more:
• Net sales were $183.7 million, compared to $186.3 million for the fifty-two weeks ended February 2, 2008. Comparable store sales increased 0.5%, compared to a 12.3% decrease in fiscal 2007;
• Gross profit was $50.6 million, or 27.5% of net sales, compared to $47.5 million, or 25.5% of net sales in fiscal 2007;
Operating loss was $11.8 million, compared to an operating loss of $15.4 million in fiscal 2007 which includes a gain of $4.8 million from the early termination of a lease; and
• Net loss was $15.0 million or $2.13 per share, compared to a net loss of $17.7 million, or $2.70 per share in fiscal 2007 which included a gain of $4.8 million, or $0.73 per share related to the early termination of a lease.
Amendments to Debt Agreements
On April 9, 2009, the Company amended the terms of its subordinated secured term loan. The amendment was made to adjust the EBITDA covenant for the fourth quarter of fiscal year 2008 in order to maintain compliance at January 31, 2009 and to tighten financial covenants for fiscal years 2009 and 2010. As consideration for these changes, the Company paid a fee and issued additional shares of common stock.
Also, on April 9, 2009, the Company amended its revolving credit agreement with Bank of America. The amendment extends the expiration date of the facility from August 2010 to January 2011 and grants consent to the amendment of the subordinated secured term loan. The amendment also reduced the overall facility from $40 million to $30 million, which is more than adequate to meet the Company's borrowing needs, increased the interest rate and unused line fee, and made certain other changes to the terms of the facility. As of April 11, 2009, the balance on the Company's revolving line of credit was $14.8 million and unused borrowing capacity was $2.3 million.
Based on the Company's business plan, the Company believes it has adequate liquidity to fund anticipated working capital requirements and expects to be in compliance with its financial covenants throughout 2009. The Company's Current Report on Form 8-K, issued today, discloses additional information regarding amendments to its debt agreements and provides additional disclosure regarding the risks of the Company's current liquidity situation and its ability to comply with its financial covenants.
Click here to view more:
Bakers Footwear Group Inc
Popular News
Leave your Comments
Editor’s Pick
Esteemed Clients
-Ltd..jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Thermore (Far East) Ltd.")
.jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Telangana State Industrial Infrastructure Corporation Limited (TSllC Ltd)")
.jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Taiwan Textile Federation (TTF)")
