Bon-Ton Stores Inc (NASDAQ:BONT)
During Thursday’s Afternoon trade, Shares of Bon-Ton Stores Inc (NASDAQ:BONT), declined -29.80% to $1.39. The firm opened its current trade at $1.91, and as of now, it is trading at $1.39. The total volume traded for the day is 1.01M shares, as compared to its average daily volume of 152,985.00 shares. The stock is floating in a range of $1.10 - $1.10. The stock holds the market capitalization of $29.13M.
The Bon-Ton Stores, Inc. (BONT) stated operating results for the third quarter of fiscal 2015, the 13-week period ended October 31, 2015.
Third Quarter Overview
- Comparable store sales reduced 2.6% in the third quarter as contrast with the preceding year period.
- Gross margin rate reduced 286 basis points as contrast with last year to 33.4% of net sales in the current year period.
- Selling, general and administrative (“SG&A”) expense reduced $0.7 million in the third quarter contrast with the preceding year period.
- Adjusted EBITDA was $5.7 million in the third quarter of fiscal 2015. (Adjusted EBITDA is not a measure recognized under generally accepted accounting principles — see Note 1.) Adjusted EBITDA was $28.4 million in the third quarter of fiscal 2014.
- Net loss in the third quarter of fiscal 2015 was $34.0 million, or $1.72 per diluted share, contrast with net loss of $11.0 million, or $0.57 per diluted share, in the third quarter of fiscal 2014.
- The Company accomplished a $75 million accordion exercise on August 28 and, subsequent to the third quarter of fiscal 2015, accomplished a second transaction of $80 million that cumulatively expanded its borrowing capabilities under its revolving credit facility by $155 million, bringing total revolving commitments to $830 million.
Third Quarter Details
Comparable store sales in the third quarter of fiscal 2015 reduced 2.6%. Total sales in the period reduced 3.0% to $623.4 million, contrast with $642.7 million in the third quarter of fiscal 2014. Sales were adversely influenced by unseasonably warm weather and the continuation of soft traffic trends. Despite these challenges, we achieved a 3.0% improvement in sales associated with our proprietary credit card and sales growth in eCommerce, primarily due to a higher conversion rate. The sales performance in our small and mid-tier stores continued to outpace that of our larger locations. Year-to-date fiscal 2015 comparable store sales reduced 1.0%.
Other income in the third quarter of fiscal 2015 was $17.5 million, contrast with $16.0 million in the third quarter of fiscal 2014. The improvement was largely the result of raised revenues associated with our proprietary credit card operations. Proprietary credit card sales, as a percentage of total sales, raised 299 basis points to 54.5% in the third quarter of fiscal 2015.
The gross margin rate in the third quarter of fiscal 2015 reduced 286 basis points as contrast with the third quarter of fiscal 2014 to 33.4% of net sales, largely the result of raised net markdowns and raised distribution and delivery costs associated with omnichannel selling efforts in the current quarter. Gross profit reduced $24.9 million to $208.4 million in the third quarter of fiscal 2015 as a result of both reduced sales volume and rate in the period.
In the third quarter of fiscal 2015, SG&A expense was $220.2 million, a decrease of $0.7 million from the third quarter of fiscal 2014 results. This reduction was largely driven by expense control measures in addition to the avoidance of costs incurred in the preceding year related to the implementation of our expense efficiency initiative, partially offset by raised advertising expenses and continued investment in omnichannel operations. SG&A expense rate raised 95 basis points to 35.3% of net sales in the third quarter of fiscal 2015 as a result of the reduced sales volume in the period.
The Bon-Ton Stores, Inc., through its auxiliaries, operates department stores in the United States. The companys stores offer brand-name fashion apparel and accessories for women, men, and children, in addition to cosmetics, home furnishings, and other goods. As of October 21, 2015, it operated 270 stores, counting 9 furniture galleries and 4 clearance centers in 26 states in the Northeast, Midwest, and upper Great Plains under the Bon-Ton, Bergner’s, Boston Store, Carson’s, Elder-Beerman, Herberger’s, and Younkers nameplates. The Bon-Ton Stores, Inc. was founded in 1898 and is headquartered in York, Pennsylvania.
Geospace Technologies Corporation (NASDAQ:GEOS)
Shares of Geospace Technologies Corporation (NASDAQ:GEOS), dipped -29.15% to $10.54, during its current trading session.
Geospace Technologies Corporation (NASDAQ:GEOS), stated dismal fourth quarter fiscal 2015 results. The company incurred loss during the quarter, which contrast unfavorably with the Zacks Consensus Estimate. The stated loss also contrast unfavorably with the year-ago quarter loss of 14 cents per share, according to Zacks
Quarter Details
Geospace Technologies’ fourth-quarter revenues came in at $16 million, down 39.1% on a year-over-year basis. Stated revenues also lagged the Zacks Consensus Estimate of $21 million. Lower-than-predictable demand for its products and decrease in revenues of the Seismic segment unfavorably influenced quarterly revenues.
Revenues from reservoir products reduced 74.8% from the year-ago quarter and came in at $909K. During the quarter, the company did not witness any permanent reservoir monitoring (PRM) contracts, which resulted in lower-than-predictable revenues. Traditional exploration products reduced 25.9% from the year-ago quarter, whereas revenues from Wireless exploration products reduced 84.7% on a year-over-year basis.
Revenues from non-seismic products raised 31% from the year-ago quarter and came in at $7.2 million.
Geospace Technologies’ gross loss during the quarter was $9.3 million as against a gross profit of $6.1 million in the year-ago quarter. Lower product gross margin, low factory efficiency and rental fleet operations together with lower revenue base dragged down the quarter’s gross results.
Geospace Technologies Corporation designs and manufactures instruments and equipment used in the acquisition and processing of seismic data; and characterization and monitoring of producing oil and gas reservoirs in the United States and internationally. The company operates in two segments, Seismic and Non-Seismic.
Kirkland’s, Inc (NASDAQ:KIRK)
Finally, Shares of Kirkland’s, Inc (NASDAQ:KIRK), dropped -27.73%, and is now trading at $14.65.
Kirkland’s, Inc. (KIRK) stated financial results for the 13-week and 39-week periods ended October 31, 2015.
Third Quarter Details:
Net sales for the 13 weeks ended October 31, 2015, raised 10.3% to $129.2 million contrast with $117.2 million for the 13 weeks ended November 1, 2014. Comparable store sales for the third quarter of fiscal 2015, counting e-commerce sales, raised 1.8% contrast with a comparable store sales improvement of 6.3% in the preceding-year quarter. Kirkland’s opened 21 stores and closed two during the third quarter of 2015, bringing the total number of stores to 370 at quarter end.
Net sales for the 39 weeks ended October 31, 2015, raised 10.3% to $362.8 million contrast with $328.9 million for the 39 weeks ended November 1, 2014. Comparable store sales, counting e-commerce sales, raised 3.7% for the 39 weeks ended October 31, 2015 contrast with an improvement of 5.0% in the preceding-year period. Kirkland’s opened 31 stores and closed five during the 39-week period.
For the 13 weeks ended October 31, 2015, the Company stated a net loss of $0.3 million, or ($0.02) per diluted share. The loss comprises a tax benefit of $0.02 per diluted share regarding state employment and investment credits. The Company stated net income of $1.3 million, or $0.07 per diluted share, for the 13 weeks ended November 1, 2014.
For the 39 weeks ended October 31, 2015, the Company stated a net loss of $0.03 million, or ($0.00) per diluted share, contrast with net income of $2.3 million, or $0.13 per diluted share, for the 39 weeks ended November 1, 2014. Adjusted net income for the 39 weeks ended October 31, 2015 was $0.3 million, or $0.02 per diluted share. Adjusted net income for the 39 weeks ended October 31, 2015 excludes a $0.02 per diluted share charge in the first quarter of 2015 related to the retirement of the Company’s previous CEO.
Kirkland’s, Inc. operates as a specialty retailer of home décor and gifts in the United States. The companys stores provide various merchandise, counting framed arts, mirrors, wall décors, candles and related items, lamps, decorative accessories, accent furniture, textiles, garden-related accessories, and artificial floral products. Its stores also offer an assortment of holiday merchandise in seasonal periods, in addition to items that are suitable for gift-giving.
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