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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Trans World Entertainment | NASDAQ:TWMC | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 8.35 | 7.55 | 8.83 | 0 | 01:00:00 |
“For the fye segment, the steps we’ve taken, including changes in our merchandise assortment and presentation, to counter declining mall traffic and the ongoing declines in physical media are beginning to generate a positive response from our customers as we delivered a comparable store sales increase of 3.8% for the quarter,” commented Mike Feurer, Company CEO. “For etailz, sales increased 8% and represented 48% of our total revenue for the quarter, as compared to 44% for the same period last year. Our positive top line growth was offset by lower gross margins for both segments and higher SG&A expenses in the etailz segment. Although meaningful headwinds will continue, we have made real progress in our efforts to differentiate our position in this challenging retail environment," continued Mr. Feurer.
Third Quarter Overview Consolidated
Thirty-nine weeks ended November 3, 2018 Overview – Consolidated
Segment Highlights
Thirteen Weeks Ended | Thirty-nine Weeks Ended | ||||||||||||
($ in thousands) | November 3, 2018 | October 28, 2017 | November 3, 2018 | October 28, 2017 | |||||||||
Total Revenue | |||||||||||||
fye | $ | 47,865 | $ | 52,105 | $ | 152,473 | $ | 176,006 | |||||
etailz | 44,119 | 40,896 | 138,288 | 121,440 | |||||||||
Total Company | $ | 91,984 | $ | 93,001 | $ | 290,761 | $ | 297,446 | |||||
Gross Profit | |||||||||||||
fye | $ | 18,276 | $ | 21,347 | $ | 61,181 | $ | 73,342 | |||||
etailz | 9,110 | 10,234 | 30,066 | 29,714 | |||||||||
Total Company | $ | 27,386 | $ | 31,581 | $ | 91,247 | $ | 103,056 | |||||
SG&A | |||||||||||||
fye | $ | 26,620 | $ | 26,790 | $ | 79,212 | $ | 84,102 | |||||
etailz | 11,467 | 8,359 | 33,537 | 25,926 | |||||||||
Total Company | $ | 38,087 | $ | 35,149 | $ | 112,749 | $ | 110,028 | |||||
Loss From Operations | |||||||||||||
fye | $ | (9,493 | ) | $ | (7,858 | ) | $ | (21,495 | ) | $ | (17,703 | ) | |
etailz | (4,261 | ) | (253 | ) | (9,808 | ) | (966 | ) | |||||
Total Company | $ | (13,754 | ) | $ | (8,111 | ) | $ | (31,303 | ) | $ | (18,669 | ) | |
Reconciliation of etailz Loss from Operations to etailz Adjusted (Loss) Income From Operations | |||||||||||||
etailz loss from operations | $ | (4,261 | ) | $ | (253 | ) | $ | (9,808 | ) | $ | (966 | ) | |
Acquisition related amortization expense | 972 | 969 | 2,915 | 2,905 | |||||||||
Acquisition related compensation expense, net of contingency benefit | 750 | 1,118 | 2,991 | 1,708 | |||||||||
etailz adjusted (loss) income from operations | $ | (2,539 | ) | $ | 1,834 | $ | (3,902 | ) | $ | 3,647 | |||
Third Quarter Overview - etailz
Thirty-nine weeks ended November 3, 2018 Overview – etailz
Third Quarter Overview - fye
Thirty-nine weeks ended November 3, 2018 Overview – fye
Trans World will host a teleconference call Wednesday, December 12, 2018, at 10:00 AM ET to discuss its financial results. Interested parties can listen to the simultaneous webcast on the Company's corporate website, www.twec.com.
TRANS WORLD ENTERTAINMENT CORPORATIONCondensed Consolidated Financial Results
STATEMENTS OF OPERATIONS: | |||||||||||||||||||||
(in thousands, except per share data) | |||||||||||||||||||||
Thirteen Weeks Ended | Thirty-nine Weeks Ended | ||||||||||||||||||||
November 3, | % to | October 28, | % to | November 3, | % to | October 28, | % to | ||||||||||||||
2018 | Revenue | 2017 | Revenue | 2018 | Revenue | 2017 | Revenue | ||||||||||||||
Net sales | $ | 90,877 | $ | 91,817 | $ | 287,148 | $ | 293,482 | |||||||||||||
Other revenue | 1,107 | 1,184 | 3,613 | 3,964 | |||||||||||||||||
Total revenue | $ | 91,984 | $ | 93,001 | $ | 290,761 | $ | 297,446 | |||||||||||||
Cost of sales | 64,598 | 70.2 | % | 61,420 | 66.0 | % | 199,514 | 68.6 | % | 194,390 | 65.4 | % | |||||||||
Gross profit | 27,386 | 29.8 | % | 31,581 | 34.0 | % | 91,247 | 31.4 | % | 103,056 | 34.6 | % | |||||||||
Selling, general and administrative expenses | 38,087 | 41.4 | % | 35,149 | 37.8 | % | 112,749 | 38.8 | % | 110,028 | 37.0 | % | |||||||||
Acquisition related compensation expense, net of contingency benefit | 750 | 0.8 | % | 1,118 | 1.2 | % | 2,991 | 1.0 | % | 1,708 | 0.6 | % | |||||||||
Depreciation and amortization expenses | 2,303 | 2.5 | % | 3,425 | 3.7 | % | 6,810 | 2.3 | % | 9,989 | 3.4 | % | |||||||||
Loss from operations | (13,754 | ) | -14.9 | % | (8,111 | ) | -8.7 | % | (31,303 | ) | -10.8 | % | (18,669 | ) | -6.3 | % | |||||
Interest expense | 277 | 0.3 | % | 83 | 0.1 | % | 444 | 0.2 | % | 200 | 0.1 | % | |||||||||
Gain on insurance proceeds | - | (27 | ) | 0.0 | % | - | (8,733 | ) | -2.9 | % | |||||||||||
Other income | (43 | ) | 0.0 | % | (32 | ) | 0.0 | % | (171 | ) | -0.1 | % | (91 | ) | 0.0 | % | |||||
Loss before income taxes | (13,988 | ) | -15.2 | % | (8,135 | ) | -8.7 | % | (31,576 | ) | -10.9 | % | (10,045 | ) | -3.4 | % | |||||
Income tax expense (benefit) | 64 | 0.1 | % | (64 | ) | -0.1 | % | 136 | 0.0 | % | 40 | 0.0 | % | ||||||||
Net loss | $ | (14,052 | ) | -15.3 | % | $ | (8,071 | ) | -8.7 | % | $ | (31,712 | ) | -10.9 | % | $ | (10,085 | ) | -3.4 | % | |
Basic and diluted loss per common share: | |||||||||||||||||||||
Basic and diluted loss per share | $ | (0.39 | ) | $ | (0.22 | ) | $ | (0.87 | ) | $ | (0.28 | ) | |||||||||
Weighted average number of common shares outstanding - basic and diluted | 36,296 | 36,190 | 36,272 | 36,181 | |||||||||||||||||
SELECTED BALANCE SHEET CAPTIONS: | November 3, | October 28, | |||||||||||||||||||
(in thousands, except store data) | 2018 | 2017 | |||||||||||||||||||
Cash, cash equivalents, and restricted cash | $ | 14,563 | $ | 16,158 | |||||||||||||||||
Merchandise inventory | 131,285 | 144,754 | |||||||||||||||||||
Fixed assets (net) | 12,177 | 43,472 | |||||||||||||||||||
Accounts payable | 42,272 | 45,378 | |||||||||||||||||||
Borrowings under line of credit | 27,440 | 5,000 | |||||||||||||||||||
Stores in operation, end of period | 227 | 268 | |||||||||||||||||||
Notes:
Adjusted EBITDA is defined as net loss, adjusted to exclude: (i) income tax expense (benefit); (ii) gain on insurance proceeds; (iii) other income (iv) interest expense; (v) depreciation expense; (vi) acquisition related amortization expense; (vii) and acquisition related compensation expense, which includes retention bonuses, restricted stock, and contingency benefit adjustment. Our method of calculating adjusted EBITDA may differ from other issuers and accordingly, this measure may not be comparable to measures used by other issuers. We use adjusted EBITDA to evaluate our own operating performance and as an integral part of our planning process. We present adjusted EBITDA as a supplemental measure because we believe such measure is useful to investors as a reasonable indicator of operating performance. We believe this measure is a financial metric used by many investors to compare companies. This measure is not a recognized measure of financial performance under GAAP in the United States, and should not be considered as a substitute for operating earnings (losses), net earnings (loss) from continuing operations or cash flows from operating activities, as determined in accordance with GAAP.
` | Thirteen Weeks Ended | Thirty-nine Weeks Ended | |||||||||||
November 3, | October 28, | November 3, | October 28, | ||||||||||
($ in thousands) | 2018 | 2017 | 2018 | 2017 | |||||||||
Net loss | $ | (14,052 | ) | $ | (8,071 | ) | $ | (31,712 | ) | $ | (10,085 | ) | |
Income tax expense (benefit) | 64 | (64 | ) | 136 | 40 | ||||||||
Gain on insurance proceeds | - | (27 | ) | - | (8,733 | ) | |||||||
Other income | (43 | ) | (32 | ) | (171 | ) | (91 | ) | |||||
Interest expense | 277 | 83 | 444 | 200 | |||||||||
Operating loss | (13,754 | ) | (8,111 | ) | (31,303 | ) | (18,669 | ) | |||||
Depreciation expense | 1,331 | 2,456 | 3,895 | 7,084 | |||||||||
Acquisition related amortization expense | 972 | 969 | 2,915 | 2,905 | |||||||||
Acquisition related compensation expense, net of contingency adjustment | 750 | 1,118 | 2,991 | 1,708 | |||||||||
Adjusted EBITDA | $ | (10,701 | ) | $ | (3,568 | ) | $ | (21,502 | ) | $ | (6,972 | ) | |
The Company believes that etailz adjusted income (loss) from operations, per the segment disclosure, when considered together with its GAAP financial results, provides management and investors with a more complete understanding of its business operating results, including underlying trends, by excluding the effects of certain charges. This measure is not a recognized measure of financial performance under GAAP in the United States, and should not be considered as a substitute for operating earnings (losses), net earnings (loss) from continuing operations or cash flows from operating activities, as determined in accordance with GAAP.
Trans World Entertainment is a leading multi-channel retail, blending a 40-year history of entertainment retail experience with digital marketplace expertise. Our brands seamlessly connect customers with the most comprehensive selection of music, movies, and pop culture products on the channel of their choice. For over 40 years, the Company has operated as a leading specialty retailer of entertainment and pop culture merchandise with stores in the United States and Puerto Rico, primarily under the name fye, for your entertainment, and on the web at www.fye.com and www.thirdspin.com. In October 2016, the Company acquired etailz, Inc., a leading digital marketplace expert retailer, operating both domestically and internationally. etailz uses a data driven approach to digital marketplace retailing utilizing proprietary software and ecommerce insight coupled with a direct customer relationship engagement to identify new distributors and wholesalers, isolate emerging product trends, and optimize price positioning and inventory purchase decisions. Trans World Entertainment, which established itself as a public company in 1986, is traded on the Nasdaq National Market under the symbol “TWMC”.
Certain statements in this release set forth management's intentions, plans, beliefs, expectations or predictions of the future based on current facts and analyses. Actual results may differ materially from those indicated in such statements. Additional information on factors that may affect the business and financial results of the Company can be found in filings of the Company with the Securities and Exchange Commission.
Contact:Trans World EntertainmentEdwin SapienzaChief Financial Officer(518) 452-1242 | Contact:Financial Relations BoardMarilynn Meek(mmeek@frbir.com)(212) 827-3773 | |
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