Saks Inc posts results for Q3 & nine months ended Oct 28
15 Nov '06
3 min read
After recognition of the Company's after-tax gain from discontinued operations of $13.8 million, or $.09 per share, net income totaled $0.2 million, or $.00 per share, for the quarter ended October 29, 2005.
For the nine months ended October 28, 2006, the Company recorded a loss from continuing operations of $29.0 million, or $.21 per share.
After recognition of the Company's after-tax gain from discontinued operations of $61.2 million, or $.45 per share, net income totaled $32.2 million, or $.24 per share.
The nine months also included a $17.9 million after-tax charge, or $.13 per share, primarily related to (i) a $12.8 million, or $.09 per share, non-cash charge related solely to the treatment under Financial Accounting Standard 123 ("FAS 123") of the anti-dilution adjustment made to outstanding options related to the Company's $4 per share dividend paid in May 2006 and (ii) $5.1 million, or $.04 per share, of other charges largely related to asset impairments and dispositions.
For the nine months ended October 28, 2006, the operating loss from continuing operations totaled $38.4 million compared to an operating loss of $91.0 million for the prior year nine months.
For the prior year nine months ended October 29, 2005, the Company recorded a loss from continuing operations totaling $103.8 million, or $.75 per share.
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