Wet Seal to take aggressive steps to revitalize Arden B
27 Mar '08
3 min read
Operating income in the prior year quarter included $2.3 million in stock compensation expense and $0.3 million of cash compensation expense associated with a Wet Seal merchandise consultant agreement, as well as $0.4 million in non-cash asset impairment charges.
• Net income was $12.2 million, or $0.13 per diluted share, as compared to a net loss of $5.7 million, or $0.07 per diluted share, in the prior year fourth quarter. In addition to the items noted above, net loss in the prior year quarter included $11.0 million of non-cash interest expense to write-off unamortized discounts, deferred financing costs and accrued interest upon conversions of the Company's convertible notes.
• The current year fourth quarter earnings per diluted share of $0.13 exceeded the Company's previously announced guidance for the quarter of between $0.09 and $0.10 per diluted share.
marketing@alchempro.com
