west marine inc (WMAR) Key Developments
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.
West Marine Inc. Provides Earnings Guidance for the Year Ended January 3, 2015; Announces Resignation of Thomas R. Moran as Executive Vice President, Chief Financial Officer and Assistant Secretary
Jan 22 15
West Marine Inc. provided earnings guidance for the year ended January 3, 2015. For the year, the company expects total revenues approximately $676 million, within the range of previously-issued guidance of $665 million to $680 million. Comparable store sales for the year are expected to be 1.2% versus prior guidance of negative 1.0% to 1.5%. The company anticipates comparable store sales for the fourth quarter to be approximately 8.7%, and both the full year and fourth quarter benefitted from the additional week included in fiscal 2014. EBITDA for fiscal 2014 is now expected to be approximately $22 million to $23 million versus previously-issued guidance of $27.5 million to $30.0 million, and pre-tax profit is expected to be approximately $3.5 million to $4.5 million compared to prior guidance of $8.5 million to $11.0 million.
On January 16, 2015, the company's Board of Directors accepted the resignation of Thomas R. Moran from his position as Executive Vice President, Chief Financial Officer and Assistant Secretary. His departure does not result from any disagreement with the company's Board of Directors or management on any matter relating to its operations, policies or accounting practices. Mr. Moran will remain with the company through January 30, 2015 to support an orderly transition.
West Marine Inc. Announces Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 27, 2014; Reaffirms Earnings Guidance for the Full Year of 2014
Oct 23 14
West Marine Inc. announced unaudited consolidated earnings results for the third quarter and nine months ended September 27, 2014. For the thirteen week, the company reported net revenues of $196,510,000 against $193,362,000 a year ago. Income from operations was $9,875,000 $13,502,000 a year ago. Income before income taxes was $9,776,000 against $13,398,000 a year ago. Net income was $4,937,000 against $6,524,000 a year ago. Diluted earnings per share were $0.20 against $0.26 a year ago. Non-GAAP adjusted net income was $5,763,000. Non-GAAP adjusted diluted net income per share was $0.23. EBITDA was $14.6 million compared to $17.2 million for the same period a year ago. Comparable store sales were up 0.6%. The increase was primarily in sales of merchandise expansion products.
For the thirty nine week period, the company reported net revenues of $546,331,000 against $544,356,000 a year ago. Comparable store sales decreased by 0.5% for the first nine months of 2014 versus the 2.3% decrease reported for the same period last year. Income from operations was $23,320,000 $34,965,000 a year ago. Income before income taxes was $22,998,000 against $34,638,000 a year ago. Net income was $12,226,000 against $19,037,000 a year ago. Diluted earnings per share were $0.50 against $0.78 a year ago. EBITDA was $36.7 million compared to $46.1 million for the same period a year ago. Net cash provided by operating activities was $38,871,000 against $27,472,000 a year ago. Non-GAAP adjusted net income was $13,052,000. Non-GAAP adjusted diluted net income per share was $0.53. Purchases of property and equipment were $20,832,000 compared to $22,255,000 a year ago. Comparable store sales decreased by 0.5% for the first nine months of 2014 versus the 2.3% decrease reported for the same period last year.
The company, reaffirm the earnings guidance for the year 2014. It’s expectation for pre-tax income to be in a range of approximately $8.5 million to $11.0 million. The company expected guidance for EBITDA to be in the range of approximately $27.5 million to $30.0 million. GAAP diluted earnings per share is expected to be in the range of approximately $0.15 to $0.20 due to the establishment of a valuation allowance against Canadian net deferred tax assets during the third quarter of 2014. Anticipate comparable store sales for full-year 2014 to range from down 1.0% to up 1.5%, with total revenues expected to be in the range of $665 million to $680 million. Anticipated capital expenditures for fiscal 2014 to be in the range of $28 million to $32 million. The relatively high effective tax rate this year is due to the placement of a valuation allowance against Canadian net deferred tax assets during the third quarter of 2014 as well as changes in Puerto Rico tax rates.
West Marine Inc. to Open New Store in Mystic, Connecticut
Oct 14 14
West Marine Inc. has announced the opening of a new store in Mystic, Connecticut on November 14, 2014. At 13,000 square feet, the new West Marine Mystic store is more than 50% larger than the store at the previous location and will cater to both locals and tourists who love spending time on or around the water. In addition to core boating departments such as maintenance, sailboat hardware and anchoring, the store will have marine electronics available to touch and test, including products from Garmin. The wide selection of men's and women's apparel, footwear and accessories includes the top nautical brands such as Helly Hansen, Columbia and Guy Harvey. Hundreds of lifestyle accessories make perfect gifts, such as waterproof Bluetooth speakers, floating phone cases, multi-tools and water bottles with purification filters. Paddling enthusiasts will find one of the best selections of kayaks, stand up paddleboards and paddling accessories in the area, including products by Jimmy Styks, Perception and Pelican. The new West Marine Mystic store includes: A dedicated engine parts counter with more than 1,000 skus of engine and steering-related replacement parts from brands such as Sierra, Quicksilver, Champion and Seastar; Fishing gear tailored to local waters; Hundreds of lifestyle accessories, including waterproof Bluetooth speakers, floating phone cases, multitools, sun protection, water bottles and drink wear; Apparel such as Helly Hansen, Guy Harvey and O'Neil; Kayaks and paddleboards, plus a broad range of paddling accessories; 5,300 square feet of core boating products; and 3,000 square feet of apparel, footwear and clothing accessories.
West Marine Opens New Store in Seattle, Washington
Sep 19 14
West Marine has opened a new store in Seattle, Washington. The new location boasts 11,000 square feet of nautical necessities, as well as great apparel and accessories. The new Seattle store is at 1827 15th Ave W Ste A22 Seattle, WA 98119, between Fishermen's Terminal and Elliott Bay Marina.