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Gander Mountain to open five stores during the year

15
Apr '08
Gander Mountain Company reported sales of $317.6 million for the quarter ended February 2, 2008, a decrease of 2.8 percent over the prior year period. Comparable store sales decreased 11.9 percent in the fourth quarter. Net income for the fourth quarter was $5.8 million, or $0.25 per share, compared to net income of $15.3 million, or $0.85 per share, in the fourth quarter of fiscal 2006. The current period earnings include a loss of $1.2 million, reflecting two months of seasonal operating results at Overton's Inc., which was acquired by Gander Mountain in December 2007.

For the fiscal year, the company reported sales of $969.4 million, an increase of 6.4 percent over the prior year. Comparable store sales declined 5.4 percent. The company reported a net loss for the 52-week period of $31.8 million, or $1.52 per share, compared with a net loss of $13.2 million, or $0.88 per share for the prior fiscal year.

Per share information for the most recent fourth quarter and full fiscal year reflect the issuance of an additional 4,067,797 shares of common stock in December 2007, the proceeds of which were used to partially fund the Overton's acquisition.

"As anticipated, fourth quarter results reflected difficult operating conditions, both in the broad economy and in our industry. These conditions have eased slightly in the first quarter," said Mark Baker, president and CEO. "We expect the positive seasonal impact of Overton's to emerge in the first half of fiscal 2008 as we expand our presence in the direct marketing arena."


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