West Marine Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended January 3, 2015; Provides Earnings Guidance for the Year 2015
Feb 26 15
West Marine reported unaudited consolidated earnings results for the fourth quarter and year ended January 3, 2015. For the quarter, the company reported net revenues of $129,420,000 against $118,818,000 a year ago. Loss from operations was $18,887,000 against $19,222,000 a year ago. Loss before income taxes was $18,993,000 against $19,329,000 a year ago. Net loss was $10,277,000 or $0.42 per basic and diluted share against $11,200,000 or $0.46 per basic and diluted share a year ago. Excluding the impact of the 53 week, comparable store sales increased by 0.1% for the year and by 2.8% for the fourth quarter.
For the year, the company reported net revenues of $675,751,000 against $663,174,000 a year ago. Income from operations was $4,432,000 against $15,743,000 a year ago. Income before income taxes was $4,004,000 against $15,309,000 a year ago. Net income was $1,948,000 or $0.08 per basic and diluted share against $7,837,000 or $0.32 per basic and diluted share a year ago. Net cash provided by operating activities was $23,958,000 against $13,552,000 a year ago. Purchases of property and equipment were $24,573,000 against $28,553,000 a year ago. Adjusted net income was $1,948,000 against $7,448,000 a year ago. EBITDA was $22.6 million against $30.7 million a year ago. Non-GAAP adjusted net income was $2,759,000 or $0.11 per diluted share. Comparable store sales for this year increased 0.1% excluding the impact of the 53 week in 2014. ROIC based on GAAP net income was 4.0% and 5.3% for fiscal 2014 and 2013, respectively.
For the full year 2015, the company expects earnings to range from $0.14 to $0.27 per share on comparable store sales growth of between 1% and 4%, on a comparable 52-weeks year-over-year. EBITDA to be $26 million to $31 million. Pre-tax income to be $6 million to $11 million. Reflected in the above outlook is the continuation of "15/50 plan," and includes continued investments in strategic growth initiatives, including capital expenditures in 2015 of approximately $22 million to $25 million. The first number in the 15/50 plan refers to objective to grow eCommerce business to 15% of total sales. The second number reflects expectation that sales derived from consolidated and revitalized stores will grow to 50% of total sales. The 15/50 plan represents the diversification of West Marine, positions to realize higher profitability, and to be less seasonal and weather dependent, and allows to serve customers' lives more completely as a waterlife outfitter. In 2015, the company expects gross margin to be approximately flat to 2014.
West Marine to Open New Store in Pensacola, Florida
Feb 12 15
West Marine has announced the opening of its new store in Pensacola, Florida on February 19, 2014. The new Pensacola store is located at 5303 North Davis Highway, Pensacola. At 20,000 square feet, the store at this new location is the larger West Marine on the Gulf between Clearlake TX, to Jacksonville, FL. Nearly twice times the size of the previous location, it will serve the needs of everyone who loves spending time on or around the water. There will be a Fishing and Bait Shack with gear specifically selected for the region, a huge selection of marine electronics featuring over 100 units to touch and test, a new engine parts counter, a Stand-up Paddleboard and Kayak Showroom and an even wider selection of sailing gear. There will be a wide selection of men's and women's apparel, footwear and accessories with some of the top nautical brands including Helly Hansen, Grundens, Sperry Topsider and Tommy Bahama, plus a broad assortment of inflatable boats, kayaks and a variety of stand-up paddleboards (SUP's).
West Marine Inc. to Report Q4, 2014 Results on Jan 29, 2015
Jan 29 15
West Marine Inc. announced that they will report Q4, 2014 results at 1:00 PM, US Eastern Standard Time on Jan 29, 2015
West Marine Inc. Appoints Deborah Ajeska as its Principal Financial Officer
Jan 22 15
On January 16, 2015, the board of West Marine Inc. appointed Deborah Ajeska, West Marine's Divisional Vice President and Controller, as the company's Principal Financial Officer. In this new capacity, Ms. Ajeska will perform Mr. Moran's duties until a new CFO is appointed. Ms. Ajeska, joined the company in May of 1999 as its Director of Financial Planning & Analysis, was promoted to Assistant Vice President of Financial Planning & Analysis in 2007, then to Assistant Vice President-Operations, Controller in 2008 and finally to her current position in late 2010.