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You are toooo funny.I will explain some of what I know about the operations they are running across the U.S.Lots of Old Presidents rolling around in their graves.Just a sad situation for current biz owners/people starting a biz.I tell my children learn spanish.I had an employee a few years ago that majored in spanish.I told her she was one of the smartest employees I had because of the population change.She works for the Government now as a translator.
Chime in Benz.Long time no talk.Kinda disturbed.Bob :))
Correct.Back to my original post.How are all the foreigners getting the $$ for biz while white America owners are going under for years now.At least in small biz.Being a mall operator in multiple locations just about 90% of the owners I talk to are from other countries.I would say 10% live the american way and the other 90% have no clue but have the $$$ to run a biz(mainly losing $$$).One of my best friends is from India and is a trading partner.The rest???
Nice,I miss the Smiths also.Problem with everyone coming to our country is this.They are playing by their rules not ours as your post states.Thats the truth.
Thats just another issue at the ports.America is Morally corrupt.I have teens and see what is going on from their age right to all my customers in the malls.Values????Gone for the most part.Sad
I know one guy from Turkey that lost his ass in mall biz for two years.All of a sudden this year he opens more kiosks than ever.Where is the $$$ coming from?
You are getting what I am talking about Gator.Read this.It is not true in the northeast.Figures just came out for two of the biggest counties in PA and the hispanic growth for 2008 was 10 and 11%.http://news.aol.com/article/asian-hispanic-population-growth-slows/481995?icid=main%7Cmain%7Cdl1%7Clink4%7Chttp%3A%2F%2Fnews.aol.com%2Farticle%2Fasian-hispanic-population-growth-slows%2F481995
My opinion is the HUGE influx of cheap labor from other countries is what is hurting good paying jobs.
Hey Hot Sauce,Where are they getting the cash?While white biz owners drop like flies.The foreigners thrive.Something wrong with the situation.In 20 years it won't be the good old USA as the ethnic population change shows.I told one of my friends today hold out another 30 years.Whites will be the minority and we can get minority loans.Thats a fact I read on aol news today.Only 12 years till white children are minorities in the school system.
Question is~Where are all the foreigners getting the $$$?While most white americans can not get the loans/cash without selling their children.I am not exaggerating.Just go to your local mall and notice the owners in the center via kiosks and the food court.Outside the mall Hotels and convenient gas stations.
Its networks all over the country.
I have connections all over the country via friends and suppliers.Same story every state I have contact with.
Still nasty up here.Lights on and off etc.I did post on the simply politics board about my issues with foreigners taking over the malls.See if I get any good feedback.Bob :))
It is a issue that REALLY bothers me.Been in biz over 15 years.Most small biz and food court mall owners do not know much about anything American.While many close biz friends have left the malls.They are replaced with foreigners.I also know may of these foreigners are not making money.They do have it to blow though.Been in mall retailing a long time and thats a sorry fact.
Hi Everyone,Are business questions allowed here?I have a BIG issue on the changing small biz environment.I will be right to the point.Our countries small businesses in malls has changed drastically over the last 10 years.Most of the biz owners operating kiosks and food court businesses are Foreigners.That also goes for Hotels and convenience stores along with many franchises opening.I did see a article today that by 2022 white children will be a minority in our school systems and by 2043 white people will be a minority.The situation bothers me because all my biz friends in the malls I operate are gone and what is left is people from Iran/Israel/Turkey/Mexico and India.All comments welcome.
Bad thunderstorms/rain here.Better clear up for Sunday.Lots of digging plans.Scranton has a arsonist.I woke up this morning and saw another house fire on the front page.I thought to myself every other day their is a fire.I spoke to two people today in the know and they said yes.Officials keeping it quiet.Fires at both occupied and non occupied multi family homes.Did you see the news about the two older people in their 60's/70's dealing in my neck of the woods?The world is so Morally corrupt.Bob :))
Arrgghh,The weather is really starting to pizz me off.Bad for outdoor activity and spring/summer sales at the biz.Give me some prozac.lol Bob :))
Thanks for the charts Glassy.Waiting for quite a few issues to bottom technically after recent runs.Hope you had a great night yesterday.Bob :))
Hi LP Doing some technical/fundamental dd on some companies this weekend.Your evrm looks very interesting on both fronts.Need some new blood while I wait for the big boards I play to bottom technically.Ebhi was very good to me last two weeks.The retailers and developers had a hell of a run the last two months.They are coming down now and have great swings.Some in particular are psun~Bont~cbl~pei~ddr and grt.Watching freddie and fannie also.Bob :))
Thanks LP.Will take a look this weekend.Bob :))
Trick is catching them before the promos start.HeHe
Congrats,Looks like your son got a good Women.Thanks :))
Nice board here cyclone.Bob :))
Hi Alex,You do nice work on the promo issues.Bob :))
Hey Glassy you stranger.If you get time this weekend.Could you please post a chart on psun and abk?Retail and the developers have been pulling back hard off their highs after the big runs.Getting close to banging on them again.They ran to far to fast and then the bad April retail report came out and they continued down.Not seeing bottoms in the charts just yet.Close
I have to use bags of miracle grow garden soil.My thumb isn't that green.My plants grow like Jacks beanstock with the MG.Good week for me with Eddie B.Next week is suppose to be nice.Time to kick it in gear.Bob :))
Baby Pens lost~Big Pens won.Going to buy dirt and alcohol in exactly 38 minutes.
LOL Eeso gets another possible suitor and it still dives down.
Thanks,Waiting for the charts to bottom on pei/cbl/ddr/bont and psun.They had fantastic runs the last two months.I want real bottoms before I commit big.They are still good traders for bounces.They seem to really move with the general markets.Night
Same here,Couldn't resist on the report run.I did hold a few k.It has been a great trader.This was my 3rd go round.The report basically said everything we said on the board.The cuts helped and sales were ok but lower because eddie was running sale.I did like that their credit line is larger now along with a few other things I posted.Just glad everyone made cash on ebhi the last few weeks.I think the buyout would be in the best interest of the company because the ceo is not aggressive enough imo.Non performing stores should have already started shutting down.I see the developer list popped today.Still waiting for a harder bottom.Still watching fannie and freddie.This one is not over yet.Bob :))
Buyout coming IMO:Wall Street Journal Article tonight By ELIZABETH HOLMES and PETER LATTMAN
Eddie Bauer Holdings Inc. reported its ninth consecutive quarter of losses on Thursday as talks with lenders on converting some of its debt to equity continued.
The Bellevue, Wash., retailer is "in intense discussions," with those lenders, Neil Fiske, president and chief executive officer, said in an interview. The company has until July 1 to convert that debt or face stiff penalties. He described the talks as "challenging."
Eddie Bauer, which operates 364 stores in the U.S. and Canada, also has held talks recently with potential buyers according to a person familiar with the matter. The company has hired Peter J. Solomon Co. as its investment banker to negotiate any sale, according to people familiar with the matter.
Mr. Fiske declined to comment.
Parties interested in Eddie Bauer include Gordon Brothers Group and Hilco Consumer Capital LLC, according to that person. Bloomberg News earlier reported on the talks.
A third potential bidder is Hudson Capital Partners LLC. "It is the kind of opportunity we would be very interested in," says David Peress, Hudson's chief investment officer. He declined to comment further.
The company has less than seven weeks remaining on the deadline for its debt talks. Earlier this year, it renegotiated a term-loan to obtain covenant relief. Its executives wanted more time to persuade the holders of $75 million in convertible notes to turn their debt into equity, or find new capital to pay down the debt.
"We do not yet have a solution," Mr. Fiske said. The company's "preferred first step" is to convert the notes into shares, but there are continuing disagreements over how many shares they should receive, and at what price, he said.
Eddie Bauer also has hired law firm Latham & Watkins LLP as advisers, according to two people familiar with the matter. Mr. Fiske declined to comment.
Eddie Bauer reported its first-quarter loss widened to $44.5 million as revenue fell 16% to $179.8 million. It is in the middle of a product strategy shift, to outdoor apparel and gear from women's casual apparel. The first efforts of that makeover will appear in stores this fall
Coming back learning.EXTENDED HOURS:
Last: 0.56 Change: -0.0799 (-12.49%) Bid: 0.55 x12,400 Ask: 0.56 x14,900 Extended Hours:
Real Time Extended Hours Quote Last Trade as of 6:36 PM ET 5/14/09
Correct:Also this part of the report is what may have stopped a BK>The Bellevue, Wash.-based company said the wider loss was due primarily to one-time charges; a $10.3 million charge for amending its senior term loan and a lower income tax benefit of $11 million.
I think some looking for buyout news left the building.On the flip side it only went back to the lows of yesterday and today.Like I said mixed report as expected.I think they should close some non performing stores.Some info sent to me:
1)Operating Loss only up slightly from 25m to 28m.
2)Net loss minus non-cash charges was only 23.2m or $.75 per share.
3)Long term debt paid down and in-line with covenants.
4)shareholder equity actually went up from 73 to 76 for a book value increase to $2.45 per share.
5)Revolving credit line that is available increased.
Mixed Report:Eddie Bauer Reports First Quarter 2009 Results
On Thursday May 14, 2009, 4:11 pm EDT
Buzz up! Print Related:Eddie Bauer Holdings, Inc.
SEATTLE, May 14 /PRNewswire-FirstCall/ -- Eddie Bauer Holdings, Inc. (Nasdaq: EBHI - News) today reported financial performance for the first quarter ended April 4, 2009. Operating loss increased by 11.0%, or $2.8 million to $28.2 million in the quarter, primarily due to lower net merchandise sales and gross margins, which were substantially offset by increased savings in selling, general and administrative (SG&A) expenses. Loss before interest expense, income taxes, depreciation and amortization (EBITDA), excluding the impacts associated with the amendment of the Company's senior term loan and severance charges in the first quarter, increased by $7.0 million to $19.5 million.
Related Quotes
Symbol Price Change
EBHI 0.64 +0.09
{"s" : "ebhi","k" : "c10,l10,p20,t10","o" : "","j" : ""} "The first quarter was a difficult one, as the sharp downturn in the economy took its toll on our sales. We continued to focus on cost cutting and cash flow management, which helped mitigate the impact of lower sales," said Neil Fiske, President and Chief Executive Officer.
FIRST QUARTER HIGHLIGHTS
Revenue
Total revenues for the quarter decreased by $33.4 million to $179.8 million, compared to $213.2 million in the first quarter of 2008. Combined comparable store sales fell 11.3% when excluding the effect of Canadian exchange rates. Comparable store sales continue to be impacted by the general economic conditions and reduced consumer retail spending. Direct revenue was down 10.7%. Catalog circulation pages were down approximately 22.6% for the quarter, while catalog productivity was up approximately 11.2% on a more targeted mailing strategy.
Q1 2009(%)
Comp Store Sales by Q1 2009 (%) (excl. CDN Q1 2008 (%)
Channel impact)
-------- ----------- -------- -----------
Combined (retail and
outlet) (13.7) (11.3) 0.5
Retail (18.4) (14.7) 2.9
Outlet (5.8) (5.8) (3.1)
Direct (10.7) (10.7) 0.3
Net merchandise sales, included within total revenues, decreased by $29.4 million as follows:
Q1 2009 Q1 2008
($in ($in % Change
millions) millions)
---------- ---------- --------
Net Merchandise Sales 168.9 198.3 (14.8)
Retail and Outlet 112.0 134.5 (16.8)
Direct 56.9 63.7 (10.7)
The Company operated 251 retail stores and 119 outlet stores at the end of the first quarter of 2009, compared with 247 and 118 stores, respectively, in 2008.
Gross Margins
Gross margin percentage declined to 24.5% in the first quarter from 27.6% in the year-ago quarter. Gross margin dollars decreased by $13.3 million to $41.4 million in the first quarter of 2009 compared to $54.7 million in the prior year quarter. The decreased gross margin percentage primarily resulted from a lower net merchandise sales base across which to spread fixed buying and occupancy costs.
Selling, General and Administrative (SG&A)
SG&A decreased by $14.7 million (15.4%) in the first quarter of 2009 and included approximately $1.2 million in severance costs associated with the January 2009 193-person reduction in workforce and a reduction in previously recorded severance amounts.
EBITDA and Operating Loss
EBITDA is an important non-GAAP financial measure used to measure operating performance. EBITDA loss increased by $7.0 million to a $19.5 million loss for the quarter when excluding the impacts associated with the April 2009 amendment of the Company's senior term loan and severance charges. The term loan impacts included a $10.3 million non-cash loss on the fair value of the Company's hedge on a portion of the senior term loan interest rate. The fair value accounting adjustment of the hedge does not affect the Company's cash flow or operating profit. "Loss before Income Tax Benefit" (shown below) is considered the comparable GAAP measure. (See the attached table, "Reconciliation of Non-GAAP Financial Measures," for a more complete description.)
Operating loss was $28.2 million compared to $25.4 million in the year-ago period. The increased operating loss was primarily driven by lower net merchandise sales and gross margins, offset by a $14.7 million decrease in SG&A expenses as compared to the prior year quarter.
Q1 2009 Q1 2008
($in ($in $Change
millions) millions)
---------- ---------- -------
Operating Loss (28.2) (25.4) (2.8)
EBITDA (31.0) (15.1) (15.9)
EBITDA excluding
non-recurring and
non-operational items
(19.5) (12.5) (7.0)
Loss before Income Tax Benefit (45.2) (31.0) (14.2)
Net Loss (44.5) (19.3) (25.2)
Net Loss
Net loss for the first quarter increased by $25.2 million to $44.5 million, or $1.44 per share. The increased net loss was primarily attributable to two non-cash items: a non-cash $10.3 million accounting loss on the senior term loan interest rate hedge; and a lower non-cash income tax benefit of $11.0 million.
Other Financial Highlights
Inventories: Decreased to $139.0 million at 2009 first quarter end from $148.2 million a year earlier, a decrease of $9.2 million or 6.2% or 8.9% on a per store basis.
Senior Term Loan: Principal amounts owed under the senior term loan decreased to $187.8 million at 2009 first quarter end from $194.5 million a year earlier, a reduction of $6.7 million. Reductions to the outstanding balance included $16.3 million of mandatory and excess cash flow payments, offset by a principal balance increase of $9.6 million in non-cash payment-in-kind fees resulting from the first quarter 2009 amendment. The senior term loan is recorded at $166.5 million on the Company's balance sheet, which is net of a $21.3 million discount to reflect the fair value of the amended loan and common stock warrants to be issued to the lenders. A deferred cash amendment fee of $3.8 million is due on November 30, 2009.
Short Term Borrowings: Our $150 million revolving line of credit increased to $31.9 million at the end of the first quarter of 2009 from $9.3 million at first quarter end 2008, an increase of $22.6 million primarily due to a $14.7 million mandatory excess cash flow payment to the term loan and the timing of funds clearing for future period expenses during the quarter as compared to the prior year.
Convertible Notes: Principal amounts owed under the convertible notes remained unchanged at $75 million. The Company was required to adopt a new accounting policy in the first quarter which required that the notes be split between the fair value of the debt without conversion features, with the residual carrying amount recorded within equity. Therefore, the notes are recorded at $21.4 million, net of a discount of $53.6 million as of the end of the quarter. Additionally, because the notes are no longer required to be settled in cash as of the beginning of fiscal 2009, the Company is no longer required to record the derivative liability associated with the conversion features at market value.
Net Capital Expenditures: Decreased by $1.6 million to $1.5 million for the first three months of 2009 from $3.1 million for the comparable period in 2008, as a result of fewer store openings and decreased remodeling costs in 2009.
Cash Taxes: Decreased by $4.1 million to $0.5 million for the first quarter of 2009 from $4.6 million for the prior year comparable period, primarily due to lower Canadian tax payments.
Details of the Company's financial performance for the first quarter of 2009 are available in the Quarterly Report on Form 10-Q for the period ended April 4, 2009.
Conference Call
The Company will host a conference call on May 14, 2009, at 1:30 pm PDT (4:30 pm EDT) to discuss its financial results for the first quarter 2009.
To access the live conference call, participants may dial 877-681-3378 or 719-325-4799.
A simultaneous webcast will be available and can be accessed through the investors section of Eddie Bauer's website at http://investors.eddiebauer.com/events.cfm.
Following the call, a recorded replay of the conference call may be accessed through the investors section of the Company's website. In addition, a telephonic replay will be available through May 21, 2009 by dialing 888-203-1112 or 719-457-0820 and entering the code 4574768.
Thanks,I will help you out anytime you need it.Lotza sharks in the water.
This is my third trip so I will hold some.Bottom line should look better this q.Afterhours may get interesting also.
Yes,.50 to .70 pullback to.60(classic)and working its way back near highs of the day.Should be fun final hour.
Sure looks that way.