destination xl group inc (DXLG) Key Developments
Destination XL Group, Inc. Announces Amendments to the Articles of Incorporation
Jun 18 15
On June 16, 2015, the Board of Directors of Destination XL Group, Inc. approved an amendment to Section 3.11 of the Company's Third Amended and Restated By-Laws to establish majority voting for the election of directors in uncontested elections. In general, the amendment provides that directors will be elected by a majority of the votes properly cast (without counting abstentions or broker non-votes as votes cast). However, in the case of a contested election, directors will continue to be elected by a plurality of the votes properly cast.
Destination XL Group, Inc. Presents at Oppenheimer 15th Annual Global Consumer Conference, Jun-23-2015 01:45 PM
Jun 15 15
Destination XL Group, Inc. Presents at Oppenheimer 15th Annual Global Consumer Conference, Jun-23-2015 01:45 PM. Venue: Four Seasons Hotel, 200 Boylston Street, Boston, Massachusetts, United States. Speakers: David A. Levin, Chief Executive Officer, President and Director, Peter H. Stratton, Chief Financial Officer, Senior Vice President and Treasurer.
Destination XL Group, Inc. Plans to Open 40 Total DXL Stores in Fiscal 2015
May 29 15
Destination XL Group, Inc. planed to open 40 total DXL stores in fiscal 2015.
Destination XL Group, Inc. Announces Unaudited Consolidated Earnings Results for the First Quarter Ended May 2, 2015; Revises Earnings Guidance for the Fiscal 2015; Provides Earnings Guidance for the Fiscal Year 2016
May 29 15
Destination XL Group, Inc. announced unaudited consolidated earnings results for the first quarter ended May 2, 2015. For the quarter, the company reported sales of $104,405,000 compared to $96,659,000 a year ago. Operating profit was $248,000 compared to operating loss of $2,939,000 a year ago. Loss from continuing operations before provision for income taxes was $513,000 compared to $3,350,000 a year ago. Loss from continuing operations was $574,000 or $0.01 per basic and diluted share compared to $3,397,000 or $0.07 per basic and diluted share a year ago. Net loss was $574,000 or $0.01 per basic and diluted share compared to $3,536,000 or $0.07 per basic and diluted share a year ago. EBITDA was $6.8 million against 2.4 million a year ago. EBITDA from continuing operations was $6.8 million against $2.5 million a year ago. Cash outflow provided by operating activities was $8.0 million compared to $13.9 million a year ago. Capital expenditures were $9.6 million compared to $11.1 million a year ago. Adjusted net loss, non-GAAP basis was $308,000 or $0.01 per diluted share against $2,093,000 or $0.04 per diluted share a year ago. Negative free cash flow was $17.5 million against $25.0 million a year ago.
For 2015, the company has affirmed and narrowed its overall guidance. The company expects total sales in the range of $438.0 to $443.0 million, total comparable sales increase of approximately 5.6%, gross profit margin of approximately 45.9%, SG&A costs of approximately $180.5 million (a decrease from $181.5 million), depreciation and amortization expense of approximately $28.5 million, interest expense of approximately $3.8 million, EBITDA in the range of $21.0 to $23.0 million (a change from $19.0 to $23.0 million), operating margin loss of between 1.7% and 1.2% (a change from 2.2% and 1.2%), net loss of $0.20 to $0.23 per diluted share (a change from $0.20 to $0.27 per diluted share). The company expects on a non-GAAP basis, an adjusted net loss of $0.12 to $0.14 per diluted share (a change from $0.12 to $0.16 per diluted share). This guidance is presented on a non-GAAP basis for comparative purposes to fiscal 2014 earnings, assuming a normal tax benefit of approximately 40%. The company expects to continue to provide a full valuation allowance against its deferred tax assets in fiscal 2015 and will not recognize any income tax benefit on its operating loss in fiscal 2015. The company expects capital expenditures, net of tenant allowances of $6.0 million to $7.0 million, of approximately $30.0 million to $32.0 million (a decrease from original guidance of $33.0 million to $35.0 million). The company also expects negative free cash flow in the range of $18.5 to $22.5 million and cash flow from operating activities in the range of $16.5 million $17.5 million.
The company continued to demonstrate its ability to execute to plan and its is growing more confident as progress towards the sales of $470 million and EBITDA of $35 million in fiscal 2016.
Destination XL Group, Inc. Appoints John F. Cooney as Chief Accounting Officer
May 21 15
Effective May 17, 2015, Destination XL Group, Inc. appointed John F. Cooney, Vice President of Finance and Corporate Controller, as the company’s Chief Accounting Officer. Peter H. Stratton, Jr., Senior Vice President, Chief Financial Officer and Treasurer, has served as Chief Accounting Officer since August 28, 2009. Mr. Cooney joined the company in November 2010 as the company's Director of Financial Accounting and Reporting. On June 1, 2014, Mr. Cooney was promoted to Vice President of Finance and Corporate Controller. Prior to joining the company, Mr. Cooney was an audit manager with PricewaterhouseCoopers LLP, which he joined in August 2004. Mr. Cooney received a B.S. in Accounting from Providence College and a M.S. in Accounting from Boston College and is a CPA licensed in the Commonwealth of Massachusetts.