BOSTON (Thomson Financial) - West Marine Inc. Wednesday reported a
fourth-quarter loss of $65.7 million, or $3 a share, wider than its year-earlier
loss of $12.8 million, or 60 cents a share.
Results for the latest quarter include a goodwill charge of $2.25 per share
as well as charges of 8 cents per share for SEC investigation expenses, 4 cents
per share for chief executive officer severance costs, and 2 cents per share for
ongoing store performance evaluations.
The mean estimate of analysts polled by Thomson Financial was for a
fourth-quarter loss of 57 cents a share.
Revenue at the Watsonville, Calif.-based boating supplies retailer fell 4.6%
to $118.3 million from $124 million a year earlier. Analysts, on average, had
estimated revenue of $117.8 million.
Same-store sales fell 3% for the thirteen weeks ended Dec. 29, 2007.
For 2008, West Marine forecasts earnings of 2 cents to 9 cents a share on
revenue of $660 million to $670 million. Same-store sales are expected to
decrease in the range of 5% to 3.5%.
Analysts, on average, currently estimate 2008 earnings of 24 cents a share
on revenue of $680 million.
The company's shares closed Tuesday at $7.88.
Casey Logan
cl/vj
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