CACHÉ, Inc. (NASDAQ:CACH), a national multi- channel specialty retailer
of women's apparel and accessories, reported results for the thirteen
(“third quarter”) and thirty-nine week periods (“first nine months”)
ended September 27, 2014.
For the 13-week period ended September 27, 2014:
-
Net sales were $46.1 million with 14 fewer stores compared to $47.2
million in the third quarter of fiscal 2013;
-
Comparable store sales increased 0.2% following a comparable store
sales increase of 6.0% in the third quarter of fiscal 2013;
-
Operating loss totaled $11.5 million and included employee separation
charges of $293,000. This compares to operating loss of $9.4 million
in the third quarter of fiscal 2013, which included employee
separation charges of $638,000; and
-
Net loss totaled $12.5 million, or ($0.41) per diluted share, as
compared to net loss of $9.5 million or ($0.45) per diluted share in
the third quarter of fiscal 2013.
Jay Margolis, Chairman and Chief Executive Officer, commented, “We
achieved positive same store sales comps in our brick-and-mortar channel
during the third quarter of 2014, which is noteworthy as we were up
against positive comps on a year-over-year basis. At the beginning of
third quarter 2014, we re-launched our new website and experienced
issues related to the launch which had an adverse impact on our
e-commerce channel during the quarter. We have now worked through most
of these issues and our e-commerce business has returned to positive
comps. Notably, we have continued to see positive trends in all channels
in October.”
“We believe that this holiday season will bring a more powerful
assortment of special occasion dresses and an expanded assortment of
outerwear and beautifully curated accessories for gift giving. We have
confidence in the market potential for our upcoming launches, including
a new collection curated by Tina Knowles; and designer collaborations
from Badgley Mischka and Vera Wang. This is an exciting new move to
collaborate with great designers under their label on exclusive designs
available only to CACHÉ customers,” Margolis concluded.
For the 39-week period ended September 27, 2014:
-
Net sales were $147.6 million compared to $160.8 million in the first
nine months of fiscal 2013;
-
Comparable store sales decreased 6.2% following an increase of 1.4% in
the first nine months of fiscal 2013;
-
Operating loss totaled $29.8 million and included employee separation
charges incurred of $702,000. This compares to an operating loss of
$18.7 million in the first nine months of fiscal 2013 and included
employee separation charges incurred of $3.1 million; and
-
Net loss was $31.2 million or ($1.24) per diluted share, as compared
to a net loss of $28.9 million or ($1.66) per diluted share in the
first nine months of fiscal 2013.
Gross profit for the third quarter of fiscal 2014 was $12.5 million, or
27.1% of net sales, compared to $14.4 million, or 30.4% of net sales, in
the third quarter of fiscal 2013. For the first nine months of fiscal
2014, gross profit was $42.5 million, or 28.8% of net sales, compared to
$53.7 million, or 33.4% of net sales in the first nine months of fiscal
2013. The decrease in gross margin for the third quarter and first nine
months of fiscal 2014 was the result of greater promotional activity,
lower initial markups, and the de-leverage of occupancy costs.
In total, operating expenses for the third quarter of fiscal 2014 were
$24.0 million, or 52.0% of net sales, as compared to $23.8 million, or
50.3% of net sales, in the third quarter of fiscal 2013. For the first
nine months of fiscal 2014, operating expenses were $72.3 million, or
49.0% of net sales, compared to $72.5 million, or 45.1% of net sales, in
the first nine months of fiscal 2013. The increase in operating expenses
as a percent of sales for the third quarter and first nine months of
fiscal 2014 was primarily driven by the reduction in sales and increased
marketing expenses.
At September 27, 2014, cash totaled $545,000, as compared to $4.4
million in cash at September 28, 2013. Total inventory at cost increased
$6.0 million at quarter end from the prior year period. The increase in
inventory as compared to the quarter end last year was driven by an
increase in the mix of dress inventory this year and unusually low
inventory levels last year given the efforts to liquidate non-performing
assortments in fiscal 2013. The Company ended the quarter with $16.1
million borrowings under its credit facility.
A table summarizing financial results follows:
|
39 Weeks Ended
|
|
|
13 Weeks Ended
|
|
|
|
|
As adjusted
|
|
|
|
|
|
As adjusted
|
|
September 27,
|
|
|
September 28,
|
|
|
September 27,
|
|
|
September 28,
|
|
|
2014
|
|
|
|
|
2013
|
|
|
|
|
2014
|
|
|
|
|
2013
|
|
|
($ thousands, except for per share data, share numbers and store
count)
|
Net sales
|
$
|
147,558
|
|
|
|
$
|
160,853
|
|
|
|
$
|
46,053
|
|
|
|
$
|
47,221
|
|
Operating loss
|
$
|
(29,799
|
)
|
|
|
$
|
(18,742
|
)
|
|
|
$
|
(11,475
|
)
|
|
|
$
|
(9,416
|
)
|
Net loss
|
$
|
(31,246
|
)
|
|
|
$
|
(28,889
|
)
|
|
|
$
|
(12,515
|
)
|
|
|
$
|
(9,456
|
)
|
Diluted loss per share
|
$
|
(1.24
|
)
|
|
|
$
|
(1.66
|
)
|
|
|
$
|
(0.41
|
)
|
|
|
$
|
(0.45
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted weighted average shares outstanding
|
|
25,234,000
|
|
|
|
|
17,450,000
|
|
|
|
|
30,521,000
|
|
|
|
|
21,090,000
|
|
Number of stores open at end of period
|
|
236
|
|
|
|
|
250
|
|
|
|
|
236
|
|
|
|
|
250
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The Company changed its method of accounting for its retail finished
goods inventory effective December 29, 2013 from the retail inventory
method (“RIM”) to the lower of cost or market with cost being determined
on the first-in, first-out basis. The effect of this change on the net
loss for the 13-week period and 39-week period ended September 28, 2013
was a increase in the loss by $1,459,000 to $(0.45) and a reduction in
the loss by $771,000 to $(1.66) per share, respectively. Refer to
schedule on Change in Accounting Principle attached.
Conference Call Information
The Company announced that it will conduct a conference call to discuss
its third quarter fiscal 2014 results today, November 10, 2014, at 4:30
p.m. Eastern Time. Investors and analysts interested in participating in
the call are invited to dial (877) 705-6003 approximately ten minutes
prior to the start of the call. The conference call will also be
web-cast live at www.CACHÉ.com.
A replay of this call will be available at 7:30 p.m. ET on November 10,
2014 and remain active until 11:59 p.m. ET on November 17, 2014. The
replay can be accessed by dialing (877) 870-5176 and entering
confirmation code 13594522.
About CACHÉ Inc.
CACHÉ is a national multi-channel specialty retailer dedicated to
dresses, sportswear and accessories designed for special occasions and
daily glamour. The Company currently operates 238 boutiques each of
which offers premier service and a high-touch shopping experience.
Recognized as industry experts, CACHÉ has dressed fashionable women for
over three decades. CACHÉ boutiques are primarily situated in center
court locations in America’s top malls in 41 states, the Virgin Islands
and Puerto Rico.
Forward-Looking Statements and Other Information
Certain matters discussed within this press release may constitute
forward-looking statements within the meaning of the federal securities
laws. Although CACHÉ, Inc. believes the statements are based on
reasonable assumptions, there can be no assurance that these
expectations will be attained. Actual results and timing of certain
events could differ materially from those projected in or contemplated
by the forward-looking statements due to a number of factors, including,
without limitation, our ability to successfully implement our business
strategy and to integrate new members of management, industry trends,
merchandise and fashion trends, competition, seasonality, changes in
general economic conditions and consumer spending patterns, factors
specific to our Company and merchandise, such as demand for our
merchandise and markdowns. Other important factors that may cause actual
results to differ materially from those expressed in the forward-looking
statements are discussed in our filings with the Securities and Exchange
Commission (the “SEC”), including the section of our Annual Report on
Form 10-K filed with the SEC on March 25, 2014 titled “Risk Factors.”
Except as may be required by applicable law, we undertake no obligation
to publicly update or revise any forward-looking statements, whether as
a result of new information, future events or otherwise, and we caution
you not to rely upon them unduly.
|
|
|
|
|
|
|
|
|
|
|
|
|
CACHE, INC. AND SUBSIDIARIES
|
CONSOLIDATED BALANCE SHEETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As adjusted
|
|
|
|
As adjusted
|
|
|
|
|
September 27,
|
|
|
|
December 28,
|
|
|
|
September 28,
|
ASSETS
|
|
|
|
2014
|
|
|
|
2013 (1)
|
|
|
2013 (1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and equivalents
|
|
|
$
|
545,000
|
|
|
|
$
|
4,513,000
|
|
|
|
$
|
4,363,000
|
|
Certificate of deposit - restricted
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
1,750,000
|
|
Receivables, net
|
|
|
|
3,637,000
|
|
|
|
|
2,806,000
|
|
|
|
|
2,610,000
|
|
Income tax receivable
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
49,000
|
|
Inventories, net
|
|
|
|
27,474,000
|
|
|
|
|
24,941,000
|
|
|
|
|
21,499,000
|
|
Prepaid expenses and other current assets
|
|
|
|
1,556,000
|
|
|
|
|
1,272,000
|
|
|
|
|
1,354,000
|
|
Total current assets
|
|
|
|
33,212,000
|
|
|
|
|
33,532,000
|
|
|
|
|
31,625,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equipment and leasehold improvements, net
|
|
|
|
19,599,000
|
|
|
|
|
18,221,000
|
|
|
|
|
19,814,000
|
|
Intangible assets, net
|
|
|
|
102,000
|
|
|
|
|
102,000
|
|
|
|
|
102,000
|
|
Other assets
|
|
|
|
827,000
|
|
|
|
|
1,384,000
|
|
|
|
|
1,449,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
|
$
|
53,740,000
|
|
|
|
$
|
53,239,000
|
|
|
|
$
|
52,990,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
Book overdraft
|
|
|
$
|
1,679,000
|
|
|
|
$
|
-
|
|
|
|
$
|
-
|
|
Line of credit
|
|
|
|
16,141,000
|
|
|
|
|
-
|
|
|
|
|
-
|
|
Accounts payable
|
|
|
|
11,317,000
|
|
|
|
|
10,856,000
|
|
|
|
|
8,981,000
|
|
Accrued compensation
|
|
|
|
2,006,000
|
|
|
|
|
4,317,000
|
|
|
|
|
3,223,000
|
|
Accrued liabilities
|
|
|
|
11,793,000
|
|
|
|
|
11,197,000
|
|
|
|
|
10,374,000
|
|
Total current liabilities
|
|
|
|
42,936,000
|
|
|
|
|
26,370,000
|
|
|
|
|
22,578,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other liabilities
|
|
|
|
8,173,000
|
|
|
|
|
8,818,000
|
|
|
|
|
9,285,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commitments and contingencies
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock, par value $.01; authorized, 40,000,000 shares;
issued 34,763,079, 25,220,092 and 25,213,370
|
|
|
|
348,000
|
|
|
|
|
252,000
|
|
|
|
|
252,000
|
|
Additional paid-in capital
|
|
|
|
76,671,000
|
|
|
|
|
60,830,000
|
|
|
|
|
60,489,000
|
|
Retained earnings (accumulated deficit)
|
|
|
|
(34,482,000
|
)
|
|
|
|
(3,236,000
|
)
|
|
|
|
181,000
|
|
Treasury stock, 3,725,695, 3,682,199, and 3,682,199 shares, at cost
|
|
|
|
(39,906,000
|
)
|
|
|
|
(39,795,000
|
)
|
|
|
|
(39,795,000
|
)
|
Total stockholders' equity
|
|
|
|
2,631,000
|
|
|
|
|
18,051,000
|
|
|
|
|
21,127,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and stockholders' equity
|
|
|
$
|
53,740,000
|
|
|
|
$
|
53,239,000
|
|
|
|
$
|
52,990,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) See attached Change in Accounting Principle schedule
|
|
|
|
|
|
|
|
|
|
|
|
|
CACHE, INC. AND SUBSIDIARIES
|
CONSOLIDATED STATEMENTS OF OPERATIONS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As adjusted
|
|
|
|
|
39 Weeks Ended
|
|
|
|
39 Weeks Ended
|
|
|
|
|
September 27,
|
|
|
|
September 28,
|
|
|
|
|
2014
|
|
|
|
2013 (1)
|
|
|
|
|
|
|
|
|
|
Net sales
|
|
|
$
|
147,558,000
|
|
|
|
$
|
160,853,000
|
|
|
|
|
|
|
|
|
|
|
Cost of sales, including buying and occupancy
|
|
|
|
105,062,000
|
|
|
|
|
107,122,000
|
|
|
|
|
|
|
|
|
|
|
Gross profit
|
|
|
|
42,496,000
|
|
|
|
|
53,731,000
|
|
|
|
|
|
|
|
|
|
|
Expenses
|
|
|
|
|
|
|
|
|
Store operating expenses
|
|
|
|
56,579,000
|
|
|
|
|
54,729,000
|
|
General and administrative expenses
|
|
|
|
15,014,000
|
|
|
|
|
14,652,000
|
|
Employee separation charges
|
|
|
|
702,000
|
|
|
|
|
3,092,000
|
|
Total expenses
|
|
|
|
72,295,000
|
|
|
|
|
72,473,000
|
|
|
|
|
|
|
|
|
|
|
Operating loss
|
|
|
|
(29,799,000
|
)
|
|
|
|
(18,742,000
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other expense (income):
|
|
|
|
|
|
|
|
|
Amortization and write off of deferred financing cost
|
|
|
|
1,019,000
|
|
|
|
|
37,000
|
|
Interest income
|
|
|
|
(1,000
|
)
|
|
|
|
(22,000
|
)
|
Interest expense
|
|
|
|
229,000
|
|
|
|
|
-
|
|
Total other expense, net
|
|
|
|
1,247,000
|
|
|
|
|
15,000
|
|
|
|
|
|
|
|
|
|
|
Loss before income taxes
|
|
|
|
(31,046,000
|
)
|
|
|
|
(18,757,000
|
)
|
|
|
|
|
|
|
|
|
|
Income tax provision
|
|
|
|
200,000
|
|
|
|
|
10,132,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss
|
|
|
$
|
(31,246,000
|
)
|
|
|
$
|
(28,889,000
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic loss per share
|
|
|
$
|
(1.24
|
)
|
|
|
$
|
(1.66
|
)
|
|
|
|
|
|
|
|
|
|
Diluted loss per share
|
|
|
$
|
(1.24
|
)
|
|
|
$
|
(1.66
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic weighted average shares outstanding
|
|
|
|
25,234,000
|
|
|
|
|
17,450,000
|
|
|
|
|
|
|
|
|
|
|
Diluted weighted average shares outstanding
|
|
|
|
25,234,000
|
|
|
|
|
17,450,000
|
|
|
|
|
|
|
|
|
|
|
(1) See attached Change in Accounting Principle schedule
|
|
|
|
|
|
|
|
|
|
|
|
CACHE, INC. AND SUBSIDIARIES
|
CONSOLIDATED STATEMENTS OF OPERATIONS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As adjusted
|
|
|
|
|
13 Weeks Ended
|
|
|
|
|
13 Weeks Ended
|
|
|
|
|
September 27,
|
|
|
|
|
September 28,
|
|
|
|
|
2014
|
|
|
|
|
2013 (1)
|
|
|
|
|
|
|
|
|
|
|
Net sales
|
|
|
$
|
46,053,000
|
|
|
|
|
$
|
47,221,000
|
|
|
|
|
|
|
|
|
|
|
|
Cost of sales, including buying and occupancy
|
|
|
|
33,561,000
|
|
|
|
|
|
32,868,000
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit
|
|
|
|
12,492,000
|
|
|
|
|
|
14,353,000
|
|
|
|
|
|
|
|
|
|
|
|
Expenses
|
|
|
|
|
|
|
|
|
|
Store operating expenses
|
|
|
|
18,764,000
|
|
|
|
|
|
17,894,000
|
|
General and administrative expenses
|
|
|
|
4,910,000
|
|
|
|
|
|
5,237,000
|
|
Employee separation charges
|
|
|
|
293,000
|
|
|
|
|
|
638,000
|
|
Total expenses
|
|
|
|
23,967,000
|
|
|
|
|
|
23,769,000
|
|
|
|
|
|
|
|
|
|
|
|
Operating loss
|
|
|
|
(11,475,000
|
)
|
|
|
|
|
(9,416,000
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other expense (income):
|
|
|
|
|
|
|
|
|
|
Amortization and write off of deferred financing cost
|
|
|
|
911,000
|
|
|
|
|
|
37,000
|
|
Interest income
|
|
|
|
-
|
|
|
|
|
|
(5,000
|
)
|
Interest expense
|
|
|
|
104,000
|
|
|
|
|
|
-
|
|
Total other expense, net
|
|
|
|
1,015,000
|
|
|
|
|
|
32,000
|
|
|
|
|
|
|
|
|
|
|
|
Loss before income taxes
|
|
|
|
(12,490,000
|
)
|
|
|
|
|
(9,448,000
|
)
|
|
|
|
|
|
|
|
|
|
|
Income tax provision
|
|
|
|
25,000
|
|
|
|
|
|
8,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss
|
|
|
$
|
(12,515,000
|
)
|
|
|
|
$
|
(9,456,000
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic loss per share
|
|
|
$
|
(0.41
|
)
|
|
|
|
$
|
(0.45
|
)
|
|
|
|
|
|
|
|
|
|
|
Diluted loss per share
|
|
|
$
|
(0.41
|
)
|
|
|
|
$
|
(0.45
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic weighted average shares outstanding
|
|
|
|
30,521,000
|
|
|
|
|
|
21,090,000
|
|
|
|
|
|
|
|
|
|
|
|
Diluted weighted average shares outstanding
|
|
|
|
30,521,000
|
|
|
|
|
|
21,090,000
|
|
|
|
|
|
|
|
|
|
|
|
(1) See attached Change in Accounting Principle schedule
|
|
Change in Accounting Principle
Effective December 29, 2013, the Company elected to change its method of
accounting for its retail finished goods inventory from the retail
inventory method ("RIM") to the lower of cost or market, with cost being
determined on the first-in, first-out method. The RIM method does not
track the valuation of inventory and the cost of goods sold at the
individual item level, but instead calculates the valuation of inventory
and cost of goods sold by applying a calculated cost to retail
relationship to the value of retail inventories and cost of goods sold.
The Company believes the method of tracking cost at the individual item
level is a preferable method as it matches the actual merchandise costs
with the respective revenues. The cumulative effect of this accounting
change as of December 30, 2012 was decreases of $737,000 in inventories,
$123,000 in deferred tax assets and $860,000 in accumulated deficit. The
effect of this accounting change on the Company’s financial statements
as of December 28, 2013 and September 28, 2013 and for the 39- and
13-week periods ended September 28, 2013 are presented below.
|
|
|
As reported
|
|
|
|
|
|
|
As adjusted
|
|
|
As reported
|
|
|
|
|
|
|
As adjusted
|
|
|
|
December 28,
|
|
|
|
|
|
|
December 28,
|
|
|
September 28,
|
|
|
|
|
|
|
September 28,
|
|
|
|
2013
|
|
|
Adjustments
|
|
|
2013
|
|
|
|
2013
|
|
|
|
Adjustments
|
|
|
2013
|
Condensed Consolidated Balance Sheets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventories, net
|
|
|
$
|
23,673,000
|
|
|
|
$
|
1,268,000
|
|
|
|
$
|
24,941,000
|
|
|
|
$
|
21,588,000
|
|
|
|
$
|
(89,000
|
)
|
|
|
$
|
21,499,000
|
|
Retained earnings (accumulated deficit)
|
|
|
|
(4,504,000
|
)
|
|
|
|
1,268,000
|
|
|
|
|
(3,236,000
|
)
|
|
|
|
270,000
|
|
|
|
|
(89,000
|
)
|
|
|
|
181,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
39-Weeks ended
|
|
|
13-Weeks ended
|
|
|
|
As reported
|
|
|
|
|
|
|
As adjusted
|
|
|
As reported
|
|
|
|
|
|
|
As adjusted
|
|
|
|
September 28,
|
|
|
|
|
|
|
September 28,
|
|
|
September 28,
|
|
|
|
|
|
|
September 28,
|
|
|
|
2013
|
|
|
Adjustments
|
|
|
2013
|
|
|
2013
|
|
|
Adjustments
|
|
|
2013
|
Condensed Consolidated Statement of Operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of sales, including buying and occupancy
|
|
|
$
|
107,770,000
|
|
|
|
$
|
(648,000
|
)
|
|
|
$
|
107,122,000
|
|
|
|
$
|
31,409,000
|
|
|
|
$
|
1,459,000
|
|
|
|
$
|
32,868,000
|
|
Loss before income taxes
|
|
|
|
(19,405,000
|
)
|
|
|
|
648,000
|
|
|
|
|
(18,757,000
|
)
|
|
|
|
(7,989,000
|
)
|
|
|
|
(1,459,000
|
)
|
|
|
|
(9,448,000
|
)
|
Income tax provision
|
|
|
|
10,255,000
|
|
|
|
|
(123,000
|
)
|
|
|
|
10,132,000
|
|
|
|
|
8,000
|
|
|
|
|
-
|
|
|
|
|
8,000
|
|
Net loss
|
|
|
|
(29,660,000
|
)
|
|
|
|
771,000
|
|
|
|
|
(28,889,000
|
)
|
|
|
|
(7,997,000
|
)
|
|
|
|
(1,459,000
|
)
|
|
|
|
(9,456,000
|
)
|
Basic loss per share
|
|
|
|
(1.70
|
)
|
|
|
|
|
|
|
|
(1.66
|
)
|
|
|
|
(0.38
|
)
|
|
|
|
|
|
|
|
(0.45
|
)
|
Diluted loss per share
|
|
|
|
(1.70
|
)
|
|
|
|
|
|
|
|
(1.66
|
)
|
|
|
|
(0.38
|
)
|
|
|
|
|
|
|
|
(0.45
|
)
|
Copyright Business Wire 2014