A leading celebration products online catalog retailer Celebrate Express Inc announced updated guidance for its fiscal year ended May 31, 2006.
The Company now expects revenue for the fiscal year to be between $86.5 million and $87.0 million, compared with previous guidance provided on March 30, 2006 of between $87.5 and $88.0 million. Net income is expected to be between $0.03 and $0.05 per diluted share for the year, compared with previous guidance of between $0.25 to $0.27 per diluted share.
Revenues and operating results for the fourth fiscal quarter and full year ended May 31, 2006 will be announced on July 26, 2006, after completion of the Company's financial statements and the related audit of its year-end financial results. The Company's final results could vary from
those projected.
The primary factors cited for the change in guidance for the fiscal year ending May 31, 2006 were as follows:
-- Softer than anticipated sales starting in April
-- Increased fulfillment expenses resulting from distribution center inefficiencies
-- Lower gross margins due primarily to shipping costs and revenue mix
The Company's recently appointed president & CEO, Kevin Green, stated "I continue to be excited about the opportunities to build upon the core Celebrate Express family of brands -- Birthday Express, Costume Express and the newer titles, First Wishes and Party Destinations.
I have quickly recognized that in order for Celebrate Express to provide the level of consistent customer satisfaction that will result in long-term customer loyalty, we will need to strengthen our foundation, primarily in the form of fulfillment and systems and in solidifying the senior management team. Our clear focus will be on helping busy parents simply and easily celebrate their lives and the lives of their children."
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