Gander Mountain Company sees profits up 37%, Q1 2005
19 May '05
5 min read
Since the end of the quarter, we have opened two additional stores, including a fourth Texas store in Beaumont and a new store in Dayton, Ohio. In fiscal 2005, the company anticipates opening a total of 18 to 20 stores, including three or four store relocations or consolidations. New store growth will reinforce current markets as well as extend the company's brand into new markets.
"Our new-store teams have worked hard and opened every store on budget and on time, if not early," continued Baker. "We have continued to refine our store-opening process, so on average our new stores this spring opened with lower pre-opening expense, reduced investment and less inventory than the average store opened last year."
Results for the first quarter of 2005 include a $2.5 million payment received in connection with the termination of our co-branded credit card arrangement. This payment has been reflected as a reduction of general and administrative expenses in the accompanying condensed statements of operations.
Loss per Share Calculation
On a GAAP basis, basic and diluted loss per share for the first quarter of fiscal 2005 were $1.23, compared with basic and diluted loss per share for the first quarter of fiscal 2004 of $10.65.
On April 26, 2004, Gander Mountain closed its initial public offering of 6,583,750 shares of its common stock and converted existing preferred stock to common stock. Giving effect to the conversion of preferred so the conversion of preferred shares and the application of the net proceeds of the offering as of the beginning of each period presented, pro-forma basic and diluted loss per share for the first quarter of fiscal 2005 were $1.23, compared with pro forma basic and diluted loss per share for the first quarter of fiscal 2004 of $.90.
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