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Finish Line stores drive higher product margins

28
Mar '08
The Finish Line Inc announced results for the fourth quarter representing the thirteen weeks ended March 1, 2008 and the fifty-two week fiscal year ended March 1, 2008 (Fiscal 2008). The Company's prior fiscal year, which ended March 3, 2007 (Fiscal 2007), reflected a fourteen week fourth quarter and fifty-three week fiscal year, thereby adding one additional week to the Fiscal 2007 fourth quarter and fiscal year periods.

Fourth Quarter Results:
For the fourth quarter, the Company reported a loss from continuing operations of $38.6 million, or $.82 per diluted share versus income from continuing operations of $25.8 million or $.54 per diluted share for the fourteen weeks ended March 3, 2007 (Q4 LY).

For Q4, the non-GAAP income from continuing operations per diluted share was $.45 as compared to $.51 for Q4 LY. The Q4 non-GAAP income from continuing operations excludes a pretax charge of $81.5 million ($1.20 per diluted share) for costs related to the Genesco merger litigation and settlement. Also excluded is a pre-tax charge of $5.7 million ($.07 per diluted share) for the non-cash impairment charge to write down long-lived assets for 26 stores pursuant to SFAS No 144.

For Q4 LY, the Company has excluded a pretax charge of $3.6 million ($.05 per diluted share) for non-cash asset impairment charges and excluded the estimated $.08 per diluted share benefit, which was a result of the additional week in Q4 LY.

A reconciliation of loss from continuing operations per diluted share on a GAAP basis to income from continuing operations per diluted share excluding these expenses, a non- GAAP financial measure, is found in the table at the end of the release.


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