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Finish Line stores drive higher product margins

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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