PR Newswire: news distribution, targeting and monitoring
2014

Trans World Entertainment Announces First Quarter Results

Share with Twitter Share with LinkedIn

ALBANY, N.Y., May 23, 2013 /PRNewswire/ -- Trans World Entertainment Corporation (Nasdaq: TWMC) today reported financial results for its first quarter ended May 4, 2013.  For the first quarter of 2013, the Company reported net income of $1.6 million, or $0.05 per diluted share, compared to net income of $2.8 million, or $0.09 per diluted share, for the same period last year.    

Comparable store sales for the quarter decreased 6.6% compared to the same quarter last year.  Total sales for the quarter decreased 16.3% to $93.9 million compared to $112.3 million for the same period last year.  The Company ended the quarter with 353 stores in operation as compared to 379 stores last year, a 6.9% decline.  During the quarter the Company opened 2 stores and closed 7 stores. 

Gross profit for the quarter was $35.8 million, or 38.1% of sales, as compared to $41.8 million, or 37.2%, of sales for the same period last year.  The increase in gross profit as a percentage of sales was due to higher margin rates across a majority of product categories. 

Selling, general and administrative ("SG&A") expenses decreased 11.9% for the quarter to $32.8 million compared to $37.3 million in the comparable period last year.  The reduction in SG&A expenses was due to fewer stores in operation.  As a percentage of sales, SG&A expenses were 34.9% in the quarter as compared to 33.2% for the same period last year.

Cash on hand at the end of the quarter was $111.3 million, compared to $62.3 million at the end of the first quarter last year.  Inventory was $153.5 million at the end of the quarter, versus $176.2 million at the end of the first quarter last year, a decline of 12.9%. 

Trans World will host a teleconference call today, Thursday, May 23, 2013, at 10:00 AM ET to discuss its financial results. Interested parties can listen to the simultaneous webcast on the Company's corporate website, www.twec.com.

Trans World Entertainment is a leading specialty retailer of entertainment products, including video, music, trend, electronics, video games and related products.  The Company operates retail stores in the United States, the District of Columbia, and Puerto Rico, primarily under the names f.y.e. for your entertainment and Suncoast and on the web at www.fye.com, www.wherehouse.com, and www.secondspin.com.

Certain statements in this release set forth management's intentions, plans, beliefs, expectations or predictions of the future based on current facts and analyses.  Actual results may differ materially from those indicated in such statements.  Additional information on factors that may affect the business and financial results of the Company can be found in filings of the Company with the Securities and Exchange Commission.

-- table to follow --

 

TRANS WORLD ENTERTAINMENT CORPORATION

Financial Results











STATEMENTS OF OPERATIONS:





(in thousands, except per share data)






Fiscal Quarter Ended


May 4,

% to

April 28,

% to


2013

Sales

2012

Sales






Net sales

$      93,934


$     112,287







Cost of sales

58,145

61.9%

70,472

62.8%

Gross profit

35,789

38.1%

41,815

37.2%






Selling, general and





   administrative expenses

32,835

34.9%

37,260

33.2%






Depreciation and amortization

824

0.9%

941

0.8%

Income from operations

2,130

2.3%

3,614

3.2%






Interest expense, net

484

0.5%

770

0.7%






Income before income taxes

1,646

1.8%

2,844

2.5%

Income tax expense

48

0.1%

47

0.0%











Net Income

$        1,598

1.7%

$          2,797

2.5%






Basic income per common share:










Basic income per share

$          0.05


$            0.09







Weighted average number of





   common shares outstanding - basic

32,286


31,535







Diluted income per common share:










Diluted income per share

$          0.05


$            0.09







Weighted average number of





   common shares outstanding - diluted

32,571


31,548












SELECTED BALANCE SHEET CAPTIONS:

May 4,


April 28,


(in thousands, except store data)

2013


2012







Cash and cash equivalents

$    111,276


$       62,343


Merchandise inventory

153,519


176,227


Fixed assets, net

8,961


15,681


Accounts payable

51,608


52,163


Borrowings under line of credit

-


-


Long-term debt, less current portion

-


-







Stores in operation

353


379


 

SOURCE Trans World Entertainment Corporation



RELATED LINKS
http://www.twec.com

Featured Video

Journalists and Bloggers

Visit PR Newswire for Journalists for releases, photos, ProfNet experts, and customized feeds just for Media.

View and download archived video content distributed by MultiVu on The Digital Center.

Share with Twitter Share with LinkedIn

Next in Retail News

 

Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

 

 
 

PR Newswire Membership

Fill out a PR Newswire membership form or contact us at (888) 776-0942.

 
 

Learn about PR Newswire services

Request more information about PR Newswire products and services or call us at (888) 776-0942.

 
Area to test

Online Member Center

Not a Member?
Click Here to Join
Login
Search News Releases
Advanced Search
Search
  1. PR Newswire Services
  2. Knowledge Center
  3. Browse News Releases
  4. Contact PR Newswire
  5. Send a News Release