Interest expense, other than interest expense for the Company's bridge loan of approximately $0.2 million and term loan and commitment fees on its senior revolver credit facility of approximately $0.3 million, was non-cash either in the form of capitalized interest, amortization of debt discount or deferred financing charges.
The Company repaid the bridge loan facility and accrued interest on May 3, 2005 in conjunction with its previously announced sale of convertible preferred stock. Interest income was $0.5 million as a result of investing excess cash in overnight investments.
Foothill Ranch, California located The Wet Seal Inc is a leading specialty retailer of fashionable and contemporary apparel and accessory items. The Company currently operates a total of 396 stores in 46 states, the District of Columbia and Puerto Rico, including 305 Wet Seal stores and 91 Arden B. stores.
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